Discuss the nature of agency, including the scope of agency purposes
Agency is a consensual relationship between two persons, a principal and an agent, through which the agent is authorized to act for and on behalf of the principal.The agent represents the principal in business dealings with a third person. The agent acts for and in the name and place of the principal, with the result the same as if the principal had dealt directly with the third person. Within the scope of the authority granted by the principal, the agent may negotiate the terms of contracts with others and bind the principal to such contracts. The negligence of an agent who is an employee in conducting the business of the principal exposes the principal to possible tort liability. As a general rule, a person may do through an agent whatever business activity he may accomplish personally. However, a person may not appoint an agent to perform acts so personal that their performance may not be delegated.
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According to BrandAsset® Valuator model, leadership brands show ________
A) high levels of energy, differentiation, relevance, knowledge, and esteem B) higher levels of esteem and knowledge than relevance, whereas both differentiation and energy are lower still C) higher levels of differentiation and energy than relevance, whereas both esteem and knowledge are lower still D) low levels on energy, differentiation, relevance, knowledge, and esteem E) high knowledge — evidence of past performance — a lower level of esteem, and even lower relevance, energy, and differentiation
Consumers have physical products that they possess repaired or altered with _____ services
a. owned-goods b. repair c. rented-goods d. nongoods
According to the Hay Group's sixth annual Best Companies for Leadership Study, the top 20 companies:
a. have excellent leaders at the top who make good decisions without requiring time wasting participation from local leaders b. encourage local leaders to participate in decisions made at headquarters c. use bottom-up leadership exclusively—only ideas generated at the front line are implemented d. use top-down leadership exclusively—only ideas generated at the top are implemented
Which of the following statements describes how brand equity is affected by the increased use of sales promotion?
A. There is strong agreement among marketing professionals that any type of sales promotion activity detracts from brand equity. B. Marketing experts argue that higher spending on sales promotion is at the expense of media advertising, which leads to a decline in brand equity. C. Marketing experts generally agree that advertising plays an important role in building and maintaining a brand's image and position, which are core components of its equity. D. Sales promotions do not contribute to the erosion of brand equity. E. Critics argue that sales promotions generally result in higher brand equity.