Define countertrade and explain its impact on a nation's economy.
What will be an ideal response?
Answers will vary. Countertrade is an international trade that involves the barter of products for products rather than for currency. Companies typically engage in countertrade to meet the needs of customers who don't have access to hard currency or credit, usually in developing countries. Individual countertrade agreements range from simple barter to a complex web of exchanges that end up meeting the needs of multiple parties.Done poorly, countertrading can be a confusing nightmare for all parties involved. But done well, countertrading is a powerful tool for gaining customers and products that would not otherwise be available.Not surprisingly, barter opportunities tend to increase during economic downturns.
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Answer the following statements true (T) or false (F)
1. In the planning/control cycle, managers take corrective action by correcting deviations in the plan being carried out or by improving future plans. 2. Mr. Smith, CEO of an auto dealership, has been working on the two planning steps of the planning/control cycle with his managers. To do this, Mr. Smith and his managers need to make their plan and then carry out the plan. 3. Donna's Restaurant is a popular café that specializes in home-cooked meals, friendly service, and a menu that contains vegan and vegetarian dishes, (menu items that no other restaurant in the area offers). Donna's Restaurant is engaging in strategic positioning by offering the unique menu items of vegan and vegetarian dishes. 4. A and B Office Supply, a small family-owned company, sells high-priced desks, some as expensive as $10,000, to executives in its area. Very few companies have chosen to market this product, and A and B has enjoyed record profits over the last 25 years. A and B Office Supply is an example of a company that would typically not choose to utilize strategic planning.
Answer the following statements true (T) or false (F)
1) A high rate of inventory turnover indicates difficulty in selling inventory. 2) Inventory turnover measures the number of times a company sells its average level of merchandise inventory during a period. 3) Companies try to manage their inventory levels such that they will have just enough inventory to meet customer demand without investing large amounts of money in inventory or having it sit on the shelves gathering dust. 4) Inventory turnover is computed by dividing average merchandise inventory by cost of goods sold.
Archangel Manufacturing calculated a predetermined overhead allocation rate at the beginning of the year based on direct labor costs. The production details for the year are given below:
Calculate the manufacturing overhead allocation rate for the year based on the above data. (Round your final answer to two decimal places.)
A) 44.12%
B) 240.00%
C) 11.33%
D) 27.27%
Which of the following is NOT an element of the marketing mix?
A) place B) purchase C) product D) price E) promotion