How do sellers benefit from the use of brand names and brand marks?
What will be an ideal response?
Sellers benefit from branding because each company's brands identify its products, which makes repeat purchasing easier for customers. Branding helps a firm to introduce a new product that carries the name of one or more of its existing products because buyers are already familiar with the firm's existing brands. It facilitates promotional efforts because the promotion of each branded product indirectly promotes all other similarly branded products. Branding also fosters brand loyalty. To the extent that buyers become loyal to a specific brand, the company's market share for that product achieves a certain level of stability, allowing the firm to use its resources more efficiently. Once a firm develops some degree of customer loyalty for a brand, it can maintain a fairly consistent price rather than continually cutting the price to attract customers.
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Under the perpetual inventory system
A) the cost of each item is recorded in the Merchandise Inventory account when it is purchased. B) when an inventory item is sold, its cost is transferred to the Sales Revenue account. C) the balance of the Merchandise Inventory account is only accurate on the balance sheet date. D) All of these choices.
F. W. Taylor is associated with which school of management thought?
a. Human relations b. Scientific management c. Critical management d. Postmodernism
Which of the following statements is true about the input of operations managers to strategy?
a. Till recently, operations managers had little input into a company’s corporate strategy. b. Till recently, operations managers mostly focused on the company’s business strategies. c. Operations managers are increasingly focused on the company’s divisional strategies. d. Operations managers generally ignore functional strategy.
In 1842, the Massachusetts Supreme Court ruled in Commonwealth v. Hunt that union actions are conspiratorial and therefore illegal, thus making labor unions unlawful conspiracies.
Answer the following statement true (T) or false (F)