Briefly explain what service firms must do to be successful in the global marketplace
What will be an ideal response?
ANSWER: To be successful in the global marketplace, service firms must first determine the nature of their core product. Then the marketing mix elements (additional services, place, promotion, pricing, distribution) should be designed to take into account each country's cultural, technological, and political environment.
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Which of the following is subtracted from net sales revenue to arrive at gross profit on a multi-step income statement?
A) cost of goods available for sale B) cost of goods sold C) sales discounts and sales returns and allowances D) operating expenses
Valvano Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $440,000, variable manufacturing overhead of $2.20 per machine-hour, and 50,000 machine-hours. The estimated total manufacturing overhead is closest to:
A. $550,000 B. $440,002 C. $110,000 D. $440,000
Value can be defined as:
a. fitness for use. b. quality relative to price. c. least cost benefit. d. conformance to specifications.
Which resource providers lend financial resources to a business with the expectation of repayment with interest?
A. Owners B. Creditors C. Consumers D. Investors