Price is the element of the marketing mix that corresponds to what the buyer gives up in the marketing exchange.
<h3 /><h3>What is the marketing mix?</h3>
They are the set of activities performed by marketing to promote a product or service and increase the profitability of a company. The four Ps of marketing are:
- Product
- Price
- Place
- Promotion
Therefore, the objective of the marketing mix is to increase the value of the brand and its positioning through the creation of value for the consumer.
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Complete Question:
Pribuss Engineering prepares its financial statements according to International Financial Reporting Standards. During 2018, the company incurred the following costs related to a new product design:
Research for New Design $2.4M
DVMPT of New Product $1.3M
Patent Filing Fees $52K
The development costs were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed and the new product was patented before the end of the 2018 fiscal year. What amount should Pribuss expense in its 2018 income statement related to the above expenditures?
Answer:
The Research expenses of $2.4M that are written as expense in the Income statement and the Development costs of $1.3M and patent legal fees of $53k are capitalized.
Explanation:
The reason is that the International Standard IAS 38 Intangible Assets says that the expenditure incurred on the research that hasn't entered development phase must be written as expense in the year and the expenditure incurred on the development phase of the research outcomes must be capitalized to the extent it is ready for use. In this case $1.3M is clearly a development cost and patent legal fees of $53k is the expenditure that will prepare the asset and making it ready for use, so it must also be capitalized.
Agency<span> is a </span>relationship<span> between a principal and an </span>agent<span> in which the principal confers his or her rights on the </span>agent<span> to act on principal's behalf. Such a </span>relationship <span>is based on an </span>agency<span> contract. The rights and duties of the </span>agent<span> and principal are in accordance with the express or implied terms of the contract.</span>
Complete Question:
An inventory system is a set of policies and controls that monitors levels of inventory and determines what levels should be maintained, when stock should be replenished, and how large orders should be
Answer:
TRUE
Explanation:
The reason is that the inventory system includes the management of the inventory which includes the decision making related to:
How much to purchase?
What to purchase?
When to Purchase?
When to deliver raw materials and receive the finished goods from the production house?
It also involves the control system designed to control the flow of the inventory and policies in place to maintain and manage the inventory.
So the statement is true.
