John Little is known for his queueing theory which is basically a theory on the probability of a customer waiting in the same line. This is applicable in every establishment that does first come, first serve basis. The probability of a person staying in line, and not changing to other lines, is expressed by the so-called Little law. It states that the average number of customers in the waiting line is equal to the average effective arrival ate multiplied with the average time that the customer spends in the waiting line. This law is very useful and valid because it does not count into factors the miscellaneous things like process distribution, service distribution, service order, etc.
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1. Why is it important for a restaurant to identify a specific target market?
- Restaurants operate on a monopolistically competitive market, that means that a lot suppliers offer differentiated products to a lot of consumers. Therefore, it is important to identify your target market in order to know who you are going to cater in your menus, and marketing activities.
2. How has the Internet made restaurant marketing cheaper and more convenient?
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Before restaurants used to print fliers and advertise on newspapers or other mass media outlets which is really expensive. Now with the internet, marketing activities (e.g. emails) are much cheaper and faster to carry out.
3. Why are specials and promotions such effective marketing tools in today's economy?
- Competition has increased a lot in the past in every single industry, including restaurants, since people worry more about how they spend there money and more information is available about the different prices of restaurant menus.
4. Explain the difference between primary market research and secondary market research.
- Primary market data is information a company obtains by itself through some type of research study, e.g. surveys, focus groups, etc. While secondary data is information obtained by other sources, e.g. census, world atlas, etc.
5. Explain why a public relations campaign is necessary.
- Public relations campaigns are necessary in order to keep a positive and high reputation, so that the restaurant gets positive press. Bad things go viral instantly now, and it is really hard to deal with them.
In this particular scenario, the dairies are making an effort to change the way that adults perceive chocolate milk, and they want to reposition it in the minds of their customers.
The term "repositioning" refers to the process of moving a product's position in the mind of the client in relation to the benefits that the product provides. It is a very difficult and nuanced procedure due to the fact that the brand or product needs or requires changing the way in which the market views the product. Repositioning is the process of changing how a product or service is understood or perceived by a particular market. This can be done to attract new customers or retain existing ones.
The positioning of a product is determined by the customers' perceptions of the product's qualities and their judgments of the product in respect to competing products. Consequently, repositioning requires making significant adjustments to the way the target market perceives the product. Repositioning is not always easy, especially for companies that have established names and faces within their customer base.
To learn more about Repositioning, please see the following link: brainly.com/question/28940273
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Game testing
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My answer is obvious with the explanation ^^^
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Since the options were granted at an exercise price of $15 when the market value of the shares was $20, total compensation under the intrinsic method would be $5 per share on 1,000 shares or $5,000. Since the options are exercisable on 1/2/X2, the $5,000 in compensation would all be recognized n 20X1.
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