Which of the following statements is true with regard to a percent-of-sales marketing and sales budget?
A) It works by implementing a harvest strategy that requires more than the normal percentage of sales to achieve share and sales objectives.
B) An aggressive growth strategy in this budget slowly reduces marketing and sales expenses as a percentage of sales while market share is harvested over time.
C) The cost of customer acquisition and retention is the primary determinant of the budget and resource allocation under this approach to budgeting.
D) It focuses on previous experience, but it could vary from past experience depending on the nature of the strategic market plan.
E) It specifies each marketing task and the amount needed to accomplish it, given a particular strategic market plan and the task-related marketing mix strategies.
D
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Which one of the following items would be added to the balance per bank statement in a bank reconciliation?
a. Outstanding checks b. Deposits in transit c. Service charge d. Interest on customer note
Which of the following statements is true of the Federal Trade Commission (FTC)?
A. It enforces the disclosure provisions of the warranty act and regulations. B. It does not permit consumers to sue the maker for failure to fulfill the terms of the warranty. C. It applies to all sellers of a "consumer product" that costs less than $5. D. It requires a seller of consumer goods to give a written warranty, either full or limited.
A goal of physical distribution is to reduce ____ or how long it takes to complete a process.
A. time standards B. processing time C. production D. throughput measure E. cycle time
A contract for the purchase of ranch land contained the following provisions: "Condition of Property: Neither Seller nor any Agent makes any representations or warranties regarding the condition of the Property. Except as otherwise stated in this
Contract or addenda, Purchaser accepts the Property in its present 'AS IS' condition." The contract also provided: "NO ORAL STATEMENT, REPRESENTATION, PROMISE, OR INDUCEMENT SHALL HAVE ANY VALIDITY NOR SHALL BE A PART OF THIS AGREEMENT." "DISCLAIMER: The Seller and Purchaser further acknowledge that neither of them have relied upon the representations, covenants, statements, warranties, or advice of any Broker, or agent of any Broker related to the legal and tax consequences of this contract or any other aspect of this contract unless expressly stated herein." After purchasing the property, the purchasers, Jason and Russell, made improvements to the property, which included constructing a lodge beside the lake and constructing two permanent docks on the lake. However, they discovered that the water level in the lake stayed low except for short periods immediately following a heavy rain. When the water level was low, 30 to 40 feet of shoreline was exposed and the permanent docks were above the head of anyone in a boat on the lake. Russell and Jason purchased the property to entertain clients and had intended for the lake to be the "jewel" of the property. The low water levels made the lake an eyesore rather than a jewel. Jason and Russell sued the seller and the real estate broker and agent for various forms of fraud through their misrepresentations that the lake was low due to the drought and that there was no problem with the lake. Discuss the liability of the broker and agent.