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finlep [7]
3 years ago
6

TeaForMe is a tea company that considered branching out into the snack food business. The TeaForMe team offered many new ideas s

uch as flavored chips or paleo cookies. After much discussion, the team eliminated the chips and the cookies because they were inconsistent with the organization's new-product strategy, which was to develop new flavors of tea. In the new-product development process, the TeaForMe company is in the _______ stage.
Business
1 answer:
musickatia [10]3 years ago
5 0

Answer:

In the new-product development process, the TeaForMe company is in the idea screening stage

Explanation:

The new-product development process has 8 stages that are:

-Idea generation: is when the company looks for new ideas.

-Idea screening: the company evaluates the ideas and filters them to drop the bad ones and pick the good ones.

-Concept development and testing: is when the company develops and evaluates the product concept.

-Marketing strategy: the company creates the marketing strategy to introduce the product to the market.

-Business analysis: the company evaluates if the idea is a good business.

-Product development: is when the concept is developed into a physical product.

-Test marketing: the company evaluates the product and the marketing strategy in the market.

-Commercialisation: this refers to launching the product to the market.

According  to this, the answer is that in the new-product development process, the TeaForMe company is in the idea screening stage because they generated a new idea an then, evaluated that idea and decided to drop it because it was inconsistent with the organization's new-product strategy.

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Mr. Isaac is lending Gh₵20000 to Mr. Hayford, to be repaid over five years. Mr. Isaac would like to effect a policy on Mr. Hayfo
Alla [95]

Question:

Mr. Isaac is lending Gh₵20000 to Mr Hayford, to be repaid over five years. Mr Isaac would like to effect a policy on Mr Hayford’s life to cover the loan should Mr Hayford die. Mr Hayford would like to insure Mr Isaac’s life just in case he dies and the beneficiaries of his will insist that the loan be repaid early.

(a)​ What is the extent of insurable interest in each case?

(b) ​Consider any necessary action if the loan was later repaid earlier than anticipated what happens to the policy?

Answer:

To answer the question (a), one must first understand the concept of <em>Insurable Interest.</em>

A policyholder is said to have an insurable interest in a subject matter whenever the subject matter of a contract provides some financial gain to them and would lead to a financial loss if damaged, destroyed, stolen or lost.

For example, if I purchase a car for my use for $10,000, theft of or damage to that car will translate to financial loss to me. Therefore, I have an insurance interest in the car. This qualified me to Insure the car against loss arising from any form of insurable damage, or theft.

In question (a) there are two cases.

<em>Case I - Mr Isaac would like to effect a policy on Mr Hayford’s life to cover the loan should Mr Hayford die.</em>

Mr Isaac, in this case, has full insurable interest on Mr Hayfords life. If Mr Hayford dies,  Mr Isaac will be put in a financial loss to the tune of Gh₵20000.

<em>Case II - Mr Hayford would like to insure Mr Isaac’s life just in case he dies and the beneficiaries of his will insist that the loan be repaid early. </em>

Mr Hayford does an insurable interest on Mr Isaac's life. This insurable interest arises due to the possibility (as given in the question) that Isaacs family have the power to request for the loan earlier than it ought to have been paid.

The insurable interest arises because paying back the loan earlier than anticipated, may put Mr Hayford in financial distress and may lead to financial and economic loss. If the loan is meant for the running of his business, the business may fold up, and he may forfeit all the assets of the business.

In a real-life scenario, this can all be prevented by ensuring that the terms of the loan are documented in a contract which must be ratified by both parties. In this contract, clauses preventing the lender from cutting short the tenure of the loan can be inserted. This is less expensive and easier to administer.

(b) In each of the cases above, if the loan is paid back earlier than anticipated:

i. Under duress from the family: The provision of the policy protecting the interest of Mr. Hayford kicks in and makes good the loss to mitigate it and terminates afterwards.

ii. By volition by Mr Hayford: The policy terminates immediately as the insurable interest he has on Mr Isaac's life becomes extinct.

Cheers!

6 0
3 years ago
tone Company produces carrying cases for CDs. It has compiled the following information for the month of June: Physical UnitsPer
Svetlanka [38]

Answer:

TOTAL 258,000

TOTAL 258,000

Explanation:

Calculation to reconcile the number of physical units Using the FIFO method

PHYSICAL UNITS

Beginning Inventory 74,000

Units Started 184,000

TOTAL 258,000

PHYSICAL UNITS

Units Completed 164,000

(258,000-94,000)

Ending Inventory 94,000

TOTAL 258,000

Therefore Using the FIFO method to reconcile the number of physical units will give us 258,000 and 258,000

4 0
2 years ago
In order to make sure it is possible to clean the floors under shelving units in food establishments, the shelves must be at lea
pogonyaev
The shelves must be at least 15 centimeters or 6 inches above the floor.

Hopefully this helps :)
6 0
3 years ago
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In the study of geomorphology, processes like weathering and erosion are key to how the rocks will be sculpted by natural forces to produce interesting landforms like buttes and mesas for example. The distribution of geomorphological features like say the Amazon River by latitude is important but the process that shaped the landforms is more important as to how it got its present configuration.
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3 years ago
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