The commodification of recreational activities is the shift from people making their own fun to people purchasing it as goods and services.
<h3>What is commodification?</h3>
This is when values are assigned to objects or things which are previously meant for fun. Commodification occurs when something that used to have intrinsic value gradually develops a monetary value like water, or sunshine, or knowledge as an example.
Here, human and socio cultural value are converted into market value which also applies to goods, services, ideas, and other forms and products.
Commodification provides benefit to a business environment which includes opportunities for developing new products and services inorder to meet ever changing customer needs and demand.
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<span>The three principla forms of business organization are corporations, proprietorship and partnerships. Corporations have certain advantages like indefinite life, limited liability and eas of ownership transfers as well as easy access to capital markets. Corporations also have disadvantages like their earnings are subjected to double taxes, they must file federal reports for registration and state reports as well which are incredibly time consuiming and difficult. Proprietorships are unincorporated businesses that are owned by a single person. This single person is responsible for bearing all the losses as well as managing all the business, but they also get to take all the profits. This type of business is easy and cheap to form and has few federal regulatiosn. The income from it is not subjected to corporate tax but on personal taxes. It is harder to raise capital for this type of business, and the life of the business is limited to the life of the founder. Finally, partnerships are two or more people running and managing a business where the goal is to turn a profit. It sadvantages are that it is easy and inexpensive to buil, has few government regulations, and the income is only taxable at the partners personal level, not as a corporate tax rate. The disadvantages are that there is an unlimited liability to the partners and they are responsible for the extent of the business, it is difficult to transfer ownership and all partners must always agree on how they ahndle their interests as well as growth and raising capital.</span>
Answer:
Promotion
Explanation:
A marketing rep must also contemplate where and how his concept is delivered to consumers. This phenomenon is known as product promotion.
This concept refers to the spread of information regarding the product to the targeted buyers with the intent that it would increase the sales.
It also triggers the demand in the customers or creates a need that might not exists before, which would eventually increase the overall sales of the product.
It can be very effective because it involved <span>interpersonal interactions.
</span><span>interpersonal interactions on business context refers to a communication between employees and customers that revolved around understanding customer's situation/point of view. Buy understanding this, the sales person could formulate a right move/strategy to match the customers with the most suitable company's product</span>
Income elasticity of demand or price elasticity of demand shows how responsive the demand of an item is to price changes. Now -3.00 is elastic, because an elasticity that is greater than 1 means that it is elastic. But what does the negative mean?
The negative sign indicates that price and demand are inversely proportional. That means that as the price goes up, the demand goes down. Vice versa, as the price goes down the demand goes up.
