A principal is bound by contracts that an agent enters into with authority. Discuss the various types of contractual authority an agent may have
Authority is the legal ability of an agent to bind a principal. The types of authority include: express, implied, and apparent authority. Express Authority is when the principal, by words or conduct reasonably interpreted, actually gives the agent the authority. Implied Authority is the authority to do the things reasonably necessary to carry out the expressly authorized tasks. Apparent Authority arises when the principal does something to make a third party believe that a person has authority to act. Express and implied authority are categories of actual authority. In apparent authority, the principal is liable for the agent's actions even though the agent was not authorized.
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Cycle time is the time it takes from when authorization is made for goods to be produced to when the goods are completed
Indicate whether the statement is true or false
The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and before- and after-sale service at a specific price is called
A. customer value. B. value-based marketing. C. target marketing. D. a customer value proposition. E. benefit proposition.
Customers do not need training to help them perform well because they already know what they want
Indicate whether the statement is true or false
A store's merchandise is categorized and displayed by common end uses in a _____ product grouping
a. functional b. market segment c. purchase motivation d. storability