An effective marketing mix, which is suitable for the services industry, is the seven P's.
<h3>What is a marketing mix?</h3>
A strategy of different mixes of external and internal factors used by a firm for the purpose of achieving its organizational goals, intended to increase the sales, is known as a marketing mix.
Hence, option B holds true regarding a marketing mix.
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Answer:
- Government legal minimum price $4.50 : Price Floor [Binding]
- Government maximum set price $4.50 : Price Ceiling [Non Binding]
Explanation:
Price Ceiling is the maximum mandated price by the government , at which a commodity can be sold in the market. It is binding if price ceiling is set below the free market equilibrium price level. It is usually set to protect interests of buyers.
Price Floor is the minimum mandated price by the government, at which a commodity can be sold in the market. It is binding if price floor is set above the free market equilibrium price level. It is usually set to protect interest of sellers.
'The government has instituted a <u>legal minimum price</u> of $4.50 per gallon for gasoline' is an example of Price Floor. As floor price 4.50 > equilibrium price 4 , it is binding.
'The government <u>prohibits</u> gas stations from selling gasoline for <u>more than</u> $4.50 per gallon' is an example of Price Ceiling. As price ceil 4.50 > equilibrium price 4 , it is non binding.
Financial accounting provides a historical perspective, whereas management accounting emphasizes (A) the current perspective.
<h3>
What is management accounting?</h3>
- Management accounting can be defined as the provision of financial and non-financial decision-making information to managers.
- In other words, management accounting aids directors in making decisions within an organization.
- This is also referred to as cost accounting.
- This is the method for distinguishing, examining, deciphering, and communicating data to managers in order to help them achieve business objectives.
- The information gathered includes all accounting fields that educate the administration on business tasks associated with the organization's financial expenses and decisions.
- Accountants use plans to assess the overall strategy of an organization's operations.
- Management accounting focuses on the present.
Therefore, financial accounting provides a historical perspective, whereas management accounting emphasizes (A) the current perspective.
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