?Define the term value, and explain how people determine a product's value.
What will be an ideal response?
?Value is defined as a customer's subjective assessment of benefits relative to costs in determining the worth of a product (customer value = customer benefits - customer costs). Consumers develop a concept of value through the integration of their perceptions of product quality and financial sacrifice.
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According to David Whitwam, former CEO of Whirlpool, one must create an organization whose people are:
A) adept at exchanging ideas, processes, and symptoms. B) absolutely free of the "not-invented here" syndrome. C) constantly working together to identify best global opportunities. D) working together to solve the biggest global problems. E) able to adapt to systems across borders.
Answer the following statements true (T) or false (F)
1. One of the strengths of Virgin Group Ltd. is its ability to enter new businesses quickly. 2. Successful large companies are more able than other firms to survive and prosper in an environment of radically innovative change. 3. China and India are changing the way American companies work, in part, through substantial labor savings. 4. Information is rapidly becoming the new competitive advantage.
A company's net sales were $676,600, its cost of goods sold was $236,810 and its net income was $33,750. Its gross margin ratio equals:
A. 285.7%. B. 65%. C. 9.6%. D. 5%. E. 35%.
The amount of seats reserved for each class of American Airlines passengers on a flight is referred to as a ____________
a. field b. row c. column d. bucket e. gamble