Answer:
A current trend in management is to include customers and suppliers in the strategic planning process.
Explanation:
The process of involving the customers is called co-creation and is a popular business practice nowadays. E.G. The use of social media for naming the most recent album of a band.
Answer:
The correct answer is letter "E": mercantilism.
Explanation:
In the 16th to 18th centuries, mercantilism was the dominant economic theory. Governments were controlling their economies to limit imports and increase exports. It was believed that by doing this, the wealth of the nation would increase due to the surplus in the balance of trade.
The kind of motivation at play based on the consumer’s behavior in the given scenario is <u>irrational motive</u>
There are two kinds of motives in consumer behavior which includes:
- Rational motives: This has to do with making a purchasing decision based on the best decision available that would give maximum satisfaction.
- Irrational (emotional) motive has to do with those decisions that a consumer makes based on how he <em>feels </em>about a particular product, without considering utility (satisfaction)
Based on the given scenario, we are told that Lila is going to purchase a couch and she goes to the store to get one. When she gets there, she notes a comfortable cushion, but makes the decision to get a less comfortable for "reasons she cannot explain". This is an example of Irrational (emotional) motive
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Answer:
The answer is A.
Explanation:
Other things remaining equal, the law of demand says that the higher the price, the lower the quantity demanded and the lower the price the higher the quantity demanded.
Suppose a good is being sold at $5 and 20 quantities are being demanded, if the price increases to $6, lesser of that goods should be demanded
Answer: Enterprise resource planning
Explanation: Enterprise resource planning or ERP can be defined as a software that is used by the organisations for collecting, storing and interpreting data from several different business activities such as accounting, financing, marketing etc.
These software are usually made by a third party vendor on a customized basis, which he further rents to the organisation for use.