Answer:
The answer is A) invest more resources at the front end of the value chain in research and development and design to produce a superior product.
Explanation:
Total quality management is a management approach to long-term success through customer satisfaction. In a TQM effort, all members of an organization participate in improving processes, products, services, and the culture in which they work.
When a company chooses to market a product in certain parts of the country but not in others because consumer preferences of one region differ from another region, it is known as geographic segmentation.
<h3>What are consumer preferences?</h3>
The products or commodities, which are demanded by consumers in a specific quantity at a given price due to the utility it brings to an individual consumer, is known as a consumer preference.
Hence, option A holds true regarding consumer preference.
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Answer:
Economic models often vary greatly in assumptions and simplifications.
Explanation:
Most models in Classical Economics are based on a lot of generalizations and simplifications, that intend to model the behavior of the situations of the real world but often fail to encompass all the intricacies and complications that even most straightforward situations present. These simplifications help the Economists figure out the mathematical laws that are governing the real world economic systems. Therefore making the economic modeling a simpler process.
Classic economics implies three basic assumptions:
1- People behave rationally in any situation.
2- Firms and individual want to maximize profit and utility
3- People act independently based on available information.
C. expected profit margins
the mission statement provides information about the company as to who, why and how they plan to operate
Answer:
1. Cost of the old X-ray machine - SC
2. The salary of the head of the Radiology Department - None
3. The salary of the head of the Pediatrics Department - None
4. Cost of the new laser printer - DC
5. Rent on the space occupied by Radiology - None
6. The cost of maintaining the old machine - DC
7. Benefits from a new DNA analyzer - OC
8. Cost of electricity to run the X-ray machines - DC
Where,
SC - Sunk cost
DC - Differential cost
OC - Opportunity cost
