One of the biggest non-monetary costs for hospitality customers is time.
<h3>What is non-monetary costs?</h3>
- When a buyer purchases a product, he not only spends money, but also other resources.
- These are referred to as non-monetary expenses, and they include time, convenience, effort, and psychological costs.
- Economists have recently come to understand that consumers make other trade-offs in order to receive goods and services in addition to paying a monetary price.
- As a result, demand is influenced by other expenses in addition to the monetary price.
- The idea of non-monetary expenses has grown in significance in social marketing.
- Non-monetary costs are another type of sacrifice that customers feel when they purchase and use a service.
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It should be noted that one of the reasons service failures need to be addressed quickly is to avoid negative word of mouth from upset customers.
According to the question, we are to discuss reasons service failures need to be addressed quickly and what the failure to do so can bring.
As a result of this we can see that doing this can avoid negative word of mouth from upset customers, which directly prevent the potential customer from not patronizing.
Therefore, avoiding negative word of mouth from upset customers serves as the reasons service failures need to be addressed quickly.
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Answer and Explanation:
The traditional adversarial relationship with suppliers would change when a firm makes a decision to move to the new suppliers. The firm would focus more on the channels that provides more growth prospects.
Firms seek to build long term relationships with the few suppliers. Such long run relationship makes it more likely to recognize the specific objectives of the acquiring firm and the end customer.
Answer:
Empowerment.
Explanation:
Empowerment: It an authority or power been given to an individual or group of people to perform certain tasks with complete determination. This power has been given so that tasks been performed diligently and smoothly.
In corporate, individuals been empowered to hold responsibility for certain tasks and prove profitable for the organization.
Similarly, In the given case David has empowered his employee to resolve customer complaints by itself without getting escalated, however, he has limited the power by $200 to resolve any customer complaint.
Answer:
March 1, purchased securities from Benton Corporation:
Dr Investment in securities 500,000
Cr Cash 500,000
May 1, sold half of securities plus accrued interest:
Dr Cash 248,550
Dr Loss on investment in securities 5,000
Dr Brokerage fees 200
Cr Investment in securities 250,000
Cr Interest revenue 3,750
Securities were sold at 98 or $250,000 x 98% = $245,000, which means that the company lost $5,000 with that investment.
