Answer:
Herbert Simon:
B) believed that firms always maximize profits even if they have less than perfect information.
Explanation:
Herbert Simon was born in 1916 and died in 2001. He was a renowned economists and political scientists having received numerous awards and Prizes for his contribution in economics, particularly business economics and administrative research. Some of the awards and prizes he received due to his input in economics are; Nobel Memorial Prize in Economics, U.S. National Medal of Science, and the A.M. Turing Award for his contribution in the field of Artificial Intelligence.
Simon also authored numerous books during his time including; "Administrative Behavior", "The Sciences of the Artificial", and "Models of Bounded Rationality". He is mostly known for his theory about bounded rationality. Simon challenged conventional economic thinking based on the ideas of rational thinking and economic man. Previously, economists believed that people made economic decisions based on careful analysis of all available information to arrive at rational conclusions. Simon contradicted this idea by stating that people could not possibly have access to all information and they were somehow limited in coming up with rational outcomes. He argued that since it was impossible to obtain and process all information, most people would utilize the available information to come out with a result that is satisfactory or one that is simply good enough.
In conclusion he outlined that firms always utilize the information available to them to maximize profits even if the information is less than perfect.
Answer:
Letter A is correct. <u>Providing rigid policies, procedures, standards and guidelines.</u>
Explanation:
A steering team or leadership team is a group formed by experts or stakeholders who will provide assistance and guidance in managing a project. Like for example:
- Budgets;
- Marketing strategies;
- New endeavors and
- Company policies.
Stakeholders have the main objective of ensuring that the project is carried out in accordance with the company's strategic objectives, and managing the team to ensure compliance with the project's goals and deadlines.
The entire set of actions of the steering team or leadership team will ensure that the team achieves the final results expected for the project.
Answer:
The correct option is A,devoting resources to researching and developing new products that will be more durable than competitors'
Explanation:
Creating sustainable advantage means that the company is able to do something very difficult for competitors to copy.
Sustainable advantage is not about cost reductions,is about a perceived value added to products or services not seen anywhere else.
If customers upload their designs for the company to produce, it does not necessarily mean the product is fit for purpose, as the company does not have full control over it.
Answer: The same as the industry's demand curve
Explanation:
The demand curve faced by a non discriminating pure monopoly is same as the industry demand curve as, the monopoly facing the demand curve of the industry in the form of the downward sloping demand curve so that the monopolist increased its output demand. A non discriminating monopolist determined the demand curved and ultimately determined the price which are willing for pay.
It is mostly the women between 25 and 54 years of age who watch the lifestyle channels owned by Scripps Networks Interactive, and the advertisements run on these channels are essentially aimed at them. These women are the company's <u>Target audience</u>
Explanation:
In the question above the women between the age of 25-54 years are the Target Audience because the interactives and the advertisement on the Scripps network are aimed at these women's.
Now evaluating the other options
A )<u>Strategic Window</u> refers to a time duration during which the particular strategy adopted will work .In this case no time duration is discussed.So its is not a correct answer.
B)<u>Advertising medium
:</u>The medium using which a message is communicated to the targeted audience(like TV,radio,newspaper)
<u>C)Consumer jury
</u>:In this method the consumer play the role of a jury and they are asked to rank an advertisement
So we can say that These women are the company's <u>Target audience</u>