Define the term freeconomics. Briefly explain the different approaches of freeconomics
What will be an ideal response?
Freeconomics is the leveraging of digital technologies to provide free goods and services to customers as a business strategy for gaining a competitive advantage.
Typically, firms can implement the following approaches for applying freeconomics to various industries:
1. Advertising - In this approach, services are provided free of charge to the customers and the firm is paid by a third party.
2. Freemium - In this approach, the firm provides free basic services to the customers but charges them a premium for special services.
3. Cross subsidies - In this approach, the firm reduces the sale price of one item in order to sell something else of value.
4. Zero marginal cost - In this approach, products are distributed to customers without an appreciable cost to anyone.
5. Labor exchange - In this approach, the firm provides services to the customers. The act of using the services creates value for the company.
6. Gift economy - In this approach, the firm creates an environment that allows people to participate and collaborate to create something of value for everyone.
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Goldman Corp reported the following information for 2015 and 2016. Accounts payable, December 31, 2015 $ 51,000 Accounts payable, December 31, 2016 46,000 Purchases—2016 467,000 How much cash was paid for merchandise purchases during 2016?
a. $421,000 b. $462,000 c. $467,000 d. $472,000
An administered VMS coordinates successive stages of production and distribution through ________
A) an automated central control unit B) single ownership C) the combined efforts of all its members D) the establishment of contractual obligations E) the size and power of one of the members
Consider the following diagram. How will the database relationship between Customers and Sales Orders be implemented?
A. The Customer ID will be included as a primary key in the Customer table. B. The Sales Order ID will be included as a primary key in the Customer table. C. The Customer ID will be included as a foreign key in the Sales Orders table. D. The Sales Order ID will be included as a foreign key in the Customers table.
Adapting your message to the audience involves A) thinking of the right words and tone to use in your message
B) rewriting your message several times to ensure it is clear. C) selecting the best research to incorporate within the message. D) conducting a thorough audience analysis.