Answer the following statements true (T) or false (F)
Accounting-based ratios have not been very useful in discriminating between firms that subsequently went bankrupt and those that did not.
ANSWER: F
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Ritz-Carlton HotelsCesar Ritz, the founder of the original Ritz-Carlton, Boston, was known as the "king of hoteliers and the hotelier to kings." Today, there are more than 70 Ritz-Carlton hotels spanning 24 countries with 38,000 employees. These are not typical employees, though. They are described as "Ladies and Gentlemen serving Ladies and Gentlemen." Each employee participates in an intensive orientation program and recertification programs throughout their careers with the company, and many are allowed $2,000 to fix a guest's problem on the spot without managerial approval. So renowned is the Ritz way of doing business that the company offers a Leadership Center for executives and managers of other companies to learn and implement the Ritz way of customer service. It
doesn't stop with employees, though. Ritz-Carlton hotels recently launched "Give Back Getaways" in 2008 that allow guests to volunteer in locales where they are vacationing. The hotel also offers "Vow to Help Others" which is a program that donates a portion of a wedding couple's reception costs to those in need. The chief operating officer's words sum up Ritz-Carlton's philosophy best when he stated, "If we really do our job, we really don't need sales anymore. Satisfied guests are your advertising."Refer to Ritz-Carlton Hotels. Ritz-Carlton embodies an organization-wide commitment in service and support so that customers attain benefits relative to the price they pay for this service. Which element of an organization's focus is this commitment satisfying? A. empowerment B. customer value C. customer acquisition D. creativity E. primary goal making