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Likurg_2 [28]
3 years ago
8

The following exercise will help you identify how business owners function within the different stages of retailing. The wheel o

f retailing describes how new forms of retail outlets enter the market. Usually, they enter as low-status, low- margin stores such as a drive-in hamburger stand with no indoor seating and a limited menu. Gradually, these outlets add fixtures and more embellishments to their stores (in-store seating, plants, and chicken sandwiches, as well as hamburgers) to increase the attractiveness for customers. With these additions, prices and status rise. As time passes, these outlets add still more services and their prices and status increase even further. These retail outlets now face some new form of retail outlet that again appears as a low-status, low-margin operator and the wheel of retailing to as the cycle starts to repeat itself.
As defined by the Wheel of Retailing, rank the following items in their positions on the wheel as time passes.
a) Rank the options below. Haute Mexican-To serve the customers seeking a fine dining experience, Maria opens an upscale, stand-alone, expensive restaurant serving haute cuisine.
b) Joe's Burrito Box-Recognizing an opportunity to sell low-price, no-frills lunches, Joe's Burrito Box sells boxed burrito lunches out of a mobile cart on Main Street.
c) Maria's Taco Stand-First to introduce Mexican food to the market, Maria opens a no-frills taco stand offering budget meals.
d) Maria's Mexican Restaurant-As Maria's Mexican food grows in popularity, Maria opens a restaurant in the local mall. The restaurant offers a wider menu, sit-down dining, and higher prices.
Business
1 answer:
ra1l [238]3 years ago
7 0

Answer:

a) Haute Mexican-To serve the customers seeking a fine dining experience, Maria opens an upscale, stand-alone, expensive restaurant serving haute cuisine.  STAGE 3 - MATURITY PHASE (STRONGLY ESTABLISHED, HIGH PRICE)

b) Joe's Burrito Box-Recognizing an opportunity to sell low-price, no-frills lunches, Joe's Burrito Box sells boxed burrito lunches out of a mobile cart on Main Street.  STAGE 1 - ENTRY PHASE (PENETRATIVE WITH LOW MARGINS)

c) Maria's Taco Stand-First to introduce Mexican food to the market, Maria opens a no-frills taco stand offering budget meals.  STAGE 1 - ENTRY PHASE (PENETRATIVE WITH LOW MARGINS)

d) Maria's Mexican Restaurant-As Maria's Mexican food grows in popularity, Maria opens a restaurant in the local mall. The restaurant offers a wider menu, sit-down dining, and higher prices. STAGE 2 - GROWTH PHASE (SOMEWHAT ESTABLISHED, HIGHER MARGINS)

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United Machining's margin was 2% and turnover was 3.0 on sales of $60 million for the year. On the basis on this information____
Hunter-Best [27]

Answer:

B, net income for the year was $1,200,000, average assets were $20 million, ROI was 6%

Explanation:

net income is calculated by multiplying the percentage margin by the sales. We have,

(2 ÷ 100) × $60,000,000

= 0.02 × $60,000,000

= $1,200,000

To calculate the average assets, sales is divided by the turnover.

we have, ($60,000,000 ÷ 3.0)

= $20,000,000.

To calculate the ROI, margin and turnover are multiplied.

we have,

(2% × 3.0) = 6%

Cheers.

3 0
3 years ago
Opinion: You have an opportunity to attend a four-year college for free. However, you are required to major in a career area tha
juin [17]

Answer:

I would go ahead and avail this opportunity. Although it is a wide spread phenomenon that one should only acquire a degree in a field which is at a boom and is possibly going to be successful in the future. But times keep changing. Fields and phenomenon which did not have a chance in the past have now become most successful with unfulfilled potential.

On the other hand, acquiring college education is a luxury. 4 years without paying for it is a chance that nobody should miss. You can come up with creative ideas to make that degree work. Besides, people do not actually get the jobs according to their degrees. So there is a possibility that I would land a job.

7 0
3 years ago
Internal information provides an understanding of factors outside of the organization
svp [43]

Answer:

false

Explanation:

Internal information is the information developed from activities that occur within the organization.

Definition

4 0
3 years ago
A ________ is a retail firm owned by its customers. Members contribute money to open their own store, vote on its policies, elec
myrzilka [38]

Answer:

A consumer co-operative

Explanation:

A consumer co-operative is a type of retail business owned by an association of consumers. The consumers who form the venture manage it and share in its profits. The main objective of starting a consumer co-operative is to eliminate intermediaries.

A consumer co-operative has the benefit of economies of scale as it purchases in bulk. It can afford to offer its members more competitive prices. Members of the co-operative share profits in the ratio of capital contribution. Their liability is limited to share contribution. Membership is voluntary, and they usually transact on a cash basis.

3 0
3 years ago
SHAPE magazine is targeted at young women seeking healthier lifestyles. At a price of $3 per copy, 1.25 million copies are sold.
Lerok [7]

Answer:

A. $ 3,750,000

Explanation:

Given that

At lower price

A copy is $3

Copies sold = 1.25 million

Recall that

Total revenue = Price of good × quantity of goods sold.

That is, the total amount of money a seller obtains by selling goods or/and services to a buyer(s)

Thus

Total revenue at low cost

= 3 × 1.25 million

= 3.75 million

= $3,750,000

3 0
3 years ago
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