Answer: c. Strategy
Explanation:
Strategy refers to the means a person hopes to use in order to get something done. A company's strategy therefore will tell how the company will attempt to reach its goals.
It will tell the plan of action that the company will use and how resources will be allocated to satisfy the requirements of the plan. It will also tell how the company hopes to market its goods so as to gain an advantage in the market and generally everything else that the company needs to meets its goals.
Answer:
Customer Relationship Management (CRM)
Explanation:
The customer relationship management deals with managing the relationship with the customers so that the company satisfies its customer to a large extent. The motive of CRM is to gain maximum customer satisfaction so that it can retain its customers for longer time. It can be done in the following ways
1. Deliver the goods at pre-decided time and location
2. Providing them excellent services and offering them great discounts so that the company can achieve its sales target which helps the company to achieve its goals in a specified time period.
Answer:
Option (a) is correct.
Explanation:
Average of quantity supplied:
= (70,000 + 30,000) ÷ 2
= 50,000
Percentage change in quantity supplied:
= (70,000 - 30,000) ÷ 50,000
= 0.8
Average of price change:
= (8 + 4) ÷ 2
= 6
Percentage change in price:
= (8 - 4) ÷ 6
= 0.667
Therefore,
Elasticity of supply in the market for gadgets:
= Percentage change in quantity supplied ÷ Percentage change in price
= 0.8 ÷ 0.667
= 1.2
