As the company recently changed its business model from just selling explosives to managing an entire blast in a quarry. This customer-solution-based approach to the sale of explosives is an example of systems selling.
<h3><u>
What is a Business Model?</u></h3>
- The strategy a business uses to turn a profit is referred to as its business model. It lists any estimated costs as well as the goods or services the company intends to sell, as well as its chosen target clientele.
- Both new and established businesses need strong business models. They aid young, developing businesses in luring capital, hiring talent, and inspiring management and personnel.
- Established companies should change their business strategies on a regular basis to account for emerging trends and difficulties. Investors use business plans to assess potential investments.
- A business model is a comprehensive strategy for running a company profitably in a particular industry. The value proposition is a key part of the company model.
Systems selling is the practice of offering linked products or services as a unit rather than individually or independently. Products that are combined under systems selling are typically complementary products.
Therefore, This customer-solution-based approach to the sale of explosives is an example of systems selling.
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Even though the United States has an absolute advantage in producing both refrigerators and shoes, it makes economic sense for it to specialize in the good for which it has a comparative advantage. The United States will export refrigerators and in return import shoes.
<h3>Do all countries have an absolute advantage in production?</h3>
In the production of at least one good or service, almost every nation enjoys an absolute competitive advantage. The key to absolute advantage is low-cost production. For instance, because they can benefit from low labor costs, China and other Asian nations are known to have a distinct advantage in the manufacturing sector.
<h3>What determines a nation's choice to specialize in a particular good?</h3>
When resources are scarce, a country's decision to focus on producing a specific good is also heavily influenced by its comparative advantage. Comparative advantage is based on the idea of opportunity cost, whereas absolute advantage refers to the superior production capabilities of one nation over another.
Does Japan have an absolute advantage in the auto industry?
Japan is said to have a clear advantage in the auto industry if it can produce cars just as well as the United States, but more quickly and with higher quality. The kinds of goods a nation decides to produce are greatly influenced by its absolute advantage or disadvantage in a given industry.
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Answer:
Break-even Sales revenue =$220,600
Explanation:
<em>B</em><em>reakeven point is the level of activity that equates the total cost to the total revenue.</em>
<em>At the break-even point the business makes no profit and no loss</em>.
Break-even point = Total fixed cost for the period / Contribution margin ratio
<em>Contribution margin = total contribution/ total sales</em>
<em>Contribution = Fixed cost + profit</em>
Contribution = $42,028 + $83,828
= $125,856.00
<em>Contribution to sales ratio</em>
= (125,856.00 /331, 200) × 100
= 38%
Break-even sales revenue = $83,828/0.38
=$220,600
Answer:
D) Offering different prices to different customers for the same product
Explanation:
A price discrimination strategy refers to selling the same product or service to different customers at different prices. Companies will try to charge each customer the highest price he/she is willing to pay for the product or service. Theoretically, if a company is able to carry out a successful price discrimination strategy, consumer surplus would be eliminated because the company would charge every customer the highest possible price.
