Answers
Using an employee's manager for feedback is very useful because their own success depends so much on their employees' performance. This statement is true.
Why is it crucial for a manager to get regular feedback on how things are going?Feedback gives your team a comprehensive understanding of your condition, helps to encourage good adjustments, and sets new standards for the entire team to achieve. Additionally, feedback enables your staff members to evaluate and enhance their own performance.
Regularly giving employees constructive criticism is a manager's responsibility. Managers provide continuous encouragement, feedback, counseling on performance difficulties, and where necessary, punitive and corrective action to their staff members during the review period.
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Related Questions
Walkrun Inc. is unlevered and has a value of $400 billion. An otherwise identical but levered firm finances 45% of its capital structure with debt at a 6% interest rate. No growth is expected. Assume the corporate tax rate is 25%. Use the MM model with corporate taxes to determine the value of the levered firm
Answers
If an otherwise identical but levered firm finances 45% of its capital structure with debt at a 6% interest rate. No growth is expected. Assume the corporate tax rate is 25%. The value of the levered firm is $425 billion.
How to find the Value of the levered firm?Using this formula to find the value of the levered firm
Value of the levered firm = Value of unlevered firm + tax shield on debt
Now let plug in the formula
Value of the levered firm = $400 billion + $25 billion
Value of the levered firm = $425 billion
Therefore we can conclude that the Value of the levered firm using the MM model is the amount of $425 billion.
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Questions for Critical Thinking
1. Do you think Quirky’s basic business model is sound and fair? If you could suggest any changes, what would they be?
2. To what degree does Quirky’s business reflect the attributes of a sound business idea as described in Chapter 2?
3. In what other product areas would Quirky’s business model work the best?
4. Think of the challenges in your own life that might represent a product idea for Quirky. If you don’t think of something right away, don’t give up. All of us encounter problems and challenges in our everyday lives that might represent the basis of a promising idea. Be prepared to describe to others one of the challenges or problems you encounter and how a solution to the problem could be fashioned into a product idea to submit to Quirky.
Answers
Critical thinking questions1. Do you think Quirky’s basic business model is sound and fair? If you could suggest any changes, what would they be? Quirky’s basic business model is sound and fair because they involve the public in developing products by taking ideas from people and turning them into products, splitting the profits from the product sales with the inventor, and also collaborating with the inventor from the start of the idea to its final product.
However, there are a few changes I would suggest. First, the public could have more control over which product idea is to be developed into a product. Second, the company could offer more compensation to the inventor, especially if the product becomes a commercial success.2.
To what degree does Quirky’s business reflect the attributes of a sound business idea as described in Chapter 2?Quirky’s business idea reflects the attributes of a sound business as described in Chapter 2 of the text, including the following attributes:
Quirky is innovative in its business model, as it involves the public in developing products.Quirky has a good system of assessing the market’s demand for each product idea.
Quirky has a flexible business model, as it is able to adapt to changes in the market.3. In what other product areas would Quirky’s business model work the best?
Quirky’s business model could work well in a number of other product areas, including Home improvement and do-it-yourself (DIY) products;
Fashion and clothing; Outdoor gear and accessories; Personal care and hygiene; Consumer electronics.4. Think of the challenges in your own life that might represent a product idea for Quirky. If you don’t think of something right away, don’t give up.
All of us encounter problems and challenges in our everyday lives that might represent the basis of a promising idea. Be prepared to describe to others one of the challenges or problems you encounter and how a solution to the problem could be fashioned into a product idea to submit to Quirky.
One of the challenges I have encountered is the issue of losing small items such as keys, earrings, and others. A solution to this challenge could be fashioned into a product idea by developing a small, inexpensive device that could be attached to small items.
The device would emit a signal that would be detected by an app on the user’s phone if the item were lost. This could be developed into a product idea and submitted to Quirky for further development.
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In its first month of operations, Crane Company made three purchases of merchandise in the following sequence: (1) 380 units at $7, (2) 480 units at $9, and (3) 580 units at $10. Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Average unit cost In its first month of operations, Crane Company made three purchases of merchandise in the following sequence: (1) 380 units at $7, (2) 480 units at $9, and (3) 580 units at $10. Compute the cost of the ending inventory under the average-cost method, assuming there are 280 units on hand at the end of the period.
Answers
Answer:
average unit cost = $8.875
the cost of the ending inventory = $2,485
Explanation:
average unit cost = Total cost ÷ units available for sale
= $12,780 ÷ 1,440
= $8.875
the cost of the ending inventory = unit cost x ending units
= $8.875 x 280
= $2,485
3. How do British Social Anthropologists place an emphasis on structural-functionalism or the function of social structures?
Answers
Answer: HELLO DO YOU REMEBER ME FRIEND?
Explanation:
Cena Company (CC) manufactures sporting equipment and it provided the following information for its most recent year of operations (all raw materials are used in production as direct materials):
Purchase of raw materials $ 45,000
Direct labor $ 53,000
Manufacturing overhead applied to work in process $ 68,000
Actual manufacturing overhead cost $ 68,000
Inventory balances at the beginning and the end of the year were as follows:
Beginning Ending
Raw materials $ 10,000 $ 22,500
Work in process $ 35,000 $ 69,000
Finished goods $ 0 $ 39,500
The company has asked you to explain the flow of costs within the Schedules of Cost of Goods Manufactured and Cost of Goods Sold to its senior management team. To aid your explanation, you have decided to create visualization that depicts the flow of these costs.
(Note that for all questions below you may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
1a. The conversion costs of $121,000 (shown in item 7) contain which of the following costs?
check all that apply 1
Direct labor + Manufacturing overhead applied to work in process
Direct materials used in production + Direct labor
Direct materials used in production + Manufacturing overhead applied to work in process
Raw material purchases + Manufacturing overhead applied to work in process
1b. Which of the following equations reflects the flow of costs within the three inventory accounts included in the schedules of cost of goods manufactured and cost of goods sold?
check all that apply 2
Beginning balance – Additions – Ending balance = Transferred out
Beginning balance + Additions – Ending balance = Transferred out
Beginning balance – Additions + Ending balance = Transferred out
Beginning balance + Additions + Ending balance = Transferred out
1c. Which of the following statements is true?
check all that apply 3
The cost of goods manufactured transfers out to cost of goods sold.
The cost of goods manufactured transfers out to raw materials inventory.
The cost of goods manufactured transfers out to finished goods inventory.
The cost of goods manufactured transfers out to work in process inventory.
1d. The total amount of product costs included in this visualization that would be recorded as an expense in the income statement would be:
check all that apply 4
$80,000
$32,500
$119,500
$199,500
1e. If the company’s actual manufacturing cost had been $70,000 instead of $68,000, what effect would it have had on the cost of goods manufactured (COGM)?
check all that apply 5
It would increase the beginning balance of work in process inventory by $2,000.
It would decrease the cost of goods manufactured (COGM) by $2,000.
It would increase the cost of goods manufactured (COGM) by $2,000.
It would have no effect on the cost of goods manufactured (COGM).
Answers
Answer:
1a. The conversion costs of $121,000 (shown in item 7) contain Direct labor + Manufacturing overhead applied to work in process.
1b. The equation that reflects the flow of costs within the three inventory accounts included in the schedules of cost of goods manufactured and cost of goods sold is Beginning balance + Additions - Ending balance = Transferred out.
1c. The statement that is true is The cost of goods manufactured transfers out to finished goods inventory.
1d. The total amount of product costs included in this visualization that would be recorded as an expense in the income statement would be $119,500.
1e. If the company’s actual manufacturing cost had been $70,000 instead of $68,000, it would increase the cost of goods manufactured (COGM) by $2,000.
00 For Market failures means that the market has not achieved its optimum production outcome. This means that it has not produced the correct quantity of goods and services. QUESTION 1 Conduct a research to any small business that is manufacturing goods in your community. Make an appointment to interview the owner for the purpose of collecting the information using the questionnaire below. 1.1 General information: ● Name of the firm / business Specify the type of goods or service ● ● Position of the person interviewed ● Date of the interview 1,2 Explain briefly the negative impact the following factors have in your business. (10) Lack of information: ● Price discrimination Immobility of factors of production with special reference to: Physical capital Structural changes ● ● (1) ● (1) (1) (1) [14] QUESTION 2: Interview 3-4 community members that reside near the business you have visited. 2.1 Ask them to name any TWO negative externalities and TWO positive externalities caused by the local business, (2 x 2) (4) 2.2 Request them to list any TWO characteristics of public goods. (2 x 1) (2) 2.3 Use the negative externality and positive externality graphs to explain the impact this business have to the society (10) [16]
Answers
The first step in researching a small business in your neighborhood is to find a suitable nearby manufacturing company.
Once you do, contact the manager or owner to arrange an interview. Gather general information during the interview, such as the name of the company or business, what types of products or services they provide, the interviewer's position, and the time and date of the interview.
Then, focus on the detrimental effects different situations can have on the company. Briefly describe the impact on business of informational gaps, price discrimination, immobility of production variables (with a focus on physical capital), and structural changes.
Interview three to four locals who live close to the establishment you just visited. Ask them to list two unfavorable and two beneficial externalities brought about by the neighborhood business. Ask them to add two properties of public goods to the list as well.
Finally, use the data from the interviews to create graphs showing the positive and negative externalities of business on society. These infographics will graphically describe the costs and benefits that the company's neighborhood has.
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A product enters the maturity phase of the life cycle, during which sales are strong but growth is slowing. What product management activity is most appropriate?
A. Trying to improve the product's performance.
B. Spinning off the product line.
C. Discontinuing sales of the product.
D. Focusing on the other products in the mix.
Answers
Answer: Trying to improve the product’s performance
Explanation:
Answer:
Trying to improve the product's performance.
Explanation:
100%
Prepare Cash Budget For 3 Months Brewster Corporation expects the following cash receipts and disbursements during the first quarter of 2016 (receipts exclude new borrowings and disbursements exclude interest payments on borrowings since January 1, 2016)
January February March
Cash receipts $280,000 $300,000 $270,000
Cash disbursements 260,000 340,000 280,000
The expected cash balance at January 1, 2016, is $62,000. Brewster wants to maintain a cash balance at the end of each month of at least $60,000. Short-term borrowings at 1% interest per month will be used to accomplish this, if necessary. Borrowings (in multiples of $1,000) will be made at the beginning of the month in which they are needed, with interest for that month paid at the end of the month. Prepare a cash budget for the quarter ended March 31, 2016.
Answers
Brewster Corporation's Cash Budget for the three months will be prepared as follows:
Cash Budget
January February March
Beginning balance $62,000 $82,000 $60,810
Cash receipts $280,000 $300,000 $270,000
Borrowings 19,000 10,000
Total cash available $342,000 $401,000 $340,810
Cash disbursements 260,000 340,000 280,000
Interest payment on loan (190) (290)
Ending balance $82,000 $60,810 $60,520
Minimum cash balance $60,000 $60,000 $60,000
Data and Calculations:
January February March
Beginning balance $62,000 $82,000 $60,810
Cash receipts $280,000 $300,000 $270,000
Borrowings in February and March = $19,000 and $10,000
Interest payment on loans (February) = $190 ($19,000 x 1%)
Interest payment on loans (March) = $290 ($29,000 x 1%)
Required minimum monthly cash balance = $60,000
Thus, Brewster Corporation's cash budget for the first quarter of 2016 shows a cash balance of $60,520 with a loan of $29,000.
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True or False: The term “academic training” refers primarily to formal classes taken in school.
Answers
Answer:
False
Explanation:
Entrepreneurs generally think differently about resources than do employee-managers in which of the following ways?
Answers
Managers want larger budgets; entrepreneurs work to do more with less.
How do entrepreneurs approach resources differently from employee-managers?Entrepreneurs have a distinct mindset when it comes to resources compared to employee-managers. While managers often seek larger budgets to accomplish their goals, entrepreneurs tend to focus on doing more with less.
This difference in perspective stems from the inherent nature of entrepreneurship which involves taking calculated risks and maximizing efficiency in resource allocation.
Entrepreneurs understand that resources, such as capital, time, and manpower, are limited and valuable. They recognize that acquiring substantial budgets may not always be feasible, especially in the early stages of a venture.
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Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (10 lbs. $3 per lb. Direct labor (2 hrs. $12 per hr $30 24 During June the company incurred the following actual costs to produce 9,000 units Direct materials (92,000 lbs $2.95 per 1b. 271,400 226,540 Direct labor (18,800 hr. $12.05 per hr AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price AH Actual Hours SH Standard Hours AR Actual Rate SR - Standard Rate
(1) Compute the direct materials price and quantity variances
(2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable
Answers
Answer:
Results are below.
Explanation:
To calculate the direct material price and quantity variance, we need to use the following formulas:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (3 - 2.95)*92,000
Direct material price variance= $4,600 favorable
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (10*9,000 - 92,000)*3
Direct material quantity variance= $6,000 unfavorable
To calculate the direct labor efficiency and rate variance, we need to use the following formulas:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (2*9,000 - 18,800)*12
Direct labor time (efficiency) variance= $9,600 unfavorable
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (12 - 12.05)*18,800
Direct labor rate variance= $940 unfavorable
5. What are the effects of geography, time zones, work days, resources, and natural harbors on global business?
Answers
Geography plays a critical role in global business because it affects the location of resources and the ability to move goods and services.
Resources, such as oil and minerals, are located in specific regions, and businesses must determine whether it is economically feasible to transport these resources to other parts of the world.
The time zones have a significant impact on global business as the exchange of goods and services among countries is hindered when there are time zone variations.
Workdays play a vital role in global business. It’s necessary to determine if the customs and traditions of a country will impact business operations.
Natural harbors are significant for businesses that rely on shipping and transportation.
Transportation costs are higher when the distance between supplier and consumer is greater, which affects pricing and availability. Resources, such as oil and minerals, are located in specific regions, and businesses must determine whether it is economically feasible to transport these resources to other parts of the world.The time zones have a significant impact on global business as the exchange of goods and services among countries is hindered when there are time zone variations.
Due to time zone differences, many companies may be closed when it is necessary to make a call or arrange a meeting. Workdays play a vital role in global business. It’s necessary to determine if the customs and traditions of a country will impact business operations. This includes religious holidays, weekends, and other cultural events. Resources are another important factor in global business.
Businesses must assess the available resources in different countries to determine if there are sufficient resources to support their operations. This includes everything from human resources to natural resources.Finally, natural harbors are significant for businesses that rely on shipping and transportation. These businesses must determine whether the available ports in a country are suitable for their needs and whether the infrastructure is in place to support their operations.
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Besides knowing the amount of sales, what other
information is required to calculate a return on
sales (ROS)?
Answers
Answer:
selling price, variable cost, fix cost
Explanation:
Chapter 3 Problem 3-9 Determining the effects of business transactions on the accounting equation
Answers
Depending on the specifics of the transaction, if a business's total assets decline, the sum of its liabilities and owner equity may or may not also do so.
What are the effects of business transaction?Every business transaction affects the components of accounting in two different ways. The three main components of accounting are capital, liabilities, and assets. The two fold effect states that an equal amount is given for every value received.
By using debits and credits to record each transaction when using the accounting equation, this method of bookkeeping is referred to as double-entry bookkeeping.
Why is it important to analyze the effects of a business transaction?The examination of transactions kicks off the accounting cycle. It is crucial to properly analyze business transactions because it guarantees accurate journal entries.
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Because Toyota's investment eventually increases the level of R&D spending for his given level of sales revenue what would the effect on Toyota's return on invested capital (ROIC)?
Answers
Available Options Are:
a. Increasing ROIC by increasing return on sales
b. Decreasing ROIC by increasing return on sales
c. Decreasing ROIC by decreasing return on sales
d. Increasing ROIC by decreasing return on sales
Answer:
Option C. Decreasing ROIC by decreasing return on sales
Explanation:
The return on sales would be reduced as the research expenses have increased substantially. The implications of increased research expenses on the ROIC can be understood by analyzing the ROIC formula which is given as under:
ROCI = Operating Income (1 - Tax Rate) / Book Value of Invested Capital
As revenue expenditure (Research and Development expenses) of the company has increased, this would decrease the operating income of the company which means that the numenator would be decreased and as a result the ROCI would decrease.
Paul’s grocery received 1,000 pounds of onion at $0.11 per pound. On the average, 3% of the onions will spoil before selling. Find the selling price per pound to obtain a makeup rate of 180% based on cost.
Answers
The selling price per pound for onions to obtain a makeup rate of 180% based on cost is $2.0350.
What is the selling price per pound for onions?Total Cost = Quantity * Cost per pound
Total Cost = 1,000 pounds * $0.11/pound
Total Cost = $110
Spoilage Quantity = 3% of Quantity
Spoilage Quantity = 3% of 1,000 pounds
Spoilage Quantity = 0.03 * 1,000 pounds
Spoilage Quantity = 30 pounds
Effective Quantity = Quantity - Spoilage Quantity
Effective Quantity = 1,000 pounds - 30 pounds
Effective Quantity = 970 pounds
Makeup Rate = 180%
Selling Price per pound:
= (Total Cost * Makeup Rate) / Effective Quantity
= ($110 * 1.80) / 970 pounds
= $2.03505/pound.
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Which statement describes a surplus in a market?
Answers
Answer:
A surplus describes a level of an asset that exceeds the portion used. An inventory surplus occurs when products remain unsold.Budgetary surpluses occur when income earned exceeds expenses paid.A surplus results from a disconnect between supply and demand for a product, or when some people are willing to pay more for a product than other consumers. A surplus causes a market disequilibrium in the supply and demand of a product.Learn more about it
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Answer: a
Explanation:
True or False: Restaurants rarely adjust the amount they purchase of items
Answers
Answer:
false
Explanation:
because in a restaurant you suppose to have a monthly plan
Answer:
B .. false
Explanation:
COMPLETE ANSWER
THE ANSWER TO THE QUESTION IS I'M GOING TO VOTE BRAINLIEST
YOU NEED TO PROVE YOUR ANSWER
Direction: Read each statement carefully. Write True in the blank if the statement is right and False if it is wrong and prove it.
3. Poor corporate image is a strength of the firm.
4. Money is the lifeblood of every business.
5. Customers are the king of the market.
6. Demographic aspects are the characteristics of the people in which the organization can be found.
7. Macro and micro environment are types of internal environment.
8. Technological includes the use of robots and online commerce.
9. Improper plans and policies help the firm to accomplish its objectives.
10. Socio-cultural are the characteristics of the population of a certain place.
Answers
Answer:
true
false
false
true
true
true
false
false
Explanation:
most of the true questions are statements that can be proven so all u have to put is true ,a statement that can be proven and on the false ones just put , they are opinions
According to the video, what are some qualities Tellers need? Check all that apply.
a cheerful, outgoing personality
a dominant, confident presence independence
leadership skills
basic math skills
attention to detail
Answers
Answer:
a e f i did the assment
Explanation:
Answer:
the answer is:
a cheerful, outgoing personality
basic math skills
attention to detail
Explanation:
What is the role of the Federal Reserve System?
Answers
Answer:Supervising and regulating banks and other important financial institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers. Maintaining the stability of the financial system and containing systemic risk that may arise in financial markets.
Explanation:
fill in the blanank. in the sales comparison approach, the appropriateness of the various comparable sales in relationship to the subject is considered in a process known as___, where certain factors may be given more weight.
Answers
In the sales comparison approach, the appropriateness of the various comparable sales in relationship to the subject is considered in a process known as correlation, where certain factors may be given more weight.
Correlation, in the money and venture businesses, is a measurement that actions how much two protections move comparable to one another. Connections are utilized in cutting edge portfolio the board, processed as the relationship coefficient, which has a worth that should fall between - 1.0 and +1.0. Connection shows the strength of a connection between two factors and is communicated mathematically by the relationship coefficient. The connection coefficient's qualities range between - 1.0 and 1.0.
An ideal positive relationship implies that the connection coefficient is precisely 1. This suggests that as one security moves, either up or down, the other security moves in lockstep, in a similar bearing. An ideal negative connection implies that two resources move in inverse headings, while a zero connection suggests no straight relationship by any stretch of the imagination.
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Describe a scenario in which you thought you were making a good decision but there was still a negative outcome.
Answers
Answer:
I was trying to help out a friend by letting her know that her boyfriend was cheating on her but she didn't believe me and got mad at and we weren't friends.
Explanation:
This isn't a real scenario that happened to me but hope this helps.
A scenario in which I thought I was making a good decision but there was still a negative outcome was when:
I was trying to help a friend pay off a debtor who was beginning to turn violent and was a nuisance. Unfortunately, after helping my friend to settle his debts to avoid embarrassment, he refused to pay me back, up till date. That seriously strained our relationshipA good decision is one which a person makes, which seems reasonable and can help someone.
As a result of this, we can see that there can be negative outcomes sometimes, no matter the good decision which is made and the good intentions behind them.
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By comparing subsidiary accounts to schedules of accounts payable, an
accountant can
O A. prove the accounts payable accounts at the end of a period
O B. determine a company's liabilities after assets and equity
O C. indicate which vendors are the most demanding regarding
payment terms
D. identify where the company can save money on vendor goods
Answers
A comparison of the subsidiary accounts to the schedules of accounts payable will help the accountant to A. prove the accounts payable accounts at the end of a period.
What is a Subsidiary Account?A subsidiary account tracks the information of certain transactions in detail. Some of the most important subsidiary accounts include accounts receivable and accounts payable.
Thus, by comparing the subsidiary accounts to the schedules of accounts payable, an accountant proves the existence and completeness of the accounts payable balance at the end of a period.
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IHOP 'N GO
Drag and drop steps in correct order, then Submit.
Deliver order and thank guest
Input the order into the
Collect payment
Repeat order to ensure accuracy
Write down guest name and order
Ask if they need condiments
Answers
Answer:
Write down order
Ask is they would like condiments
Input the order
Collect payment
Deliver order
Explanation:
Answer:1Write Down
2Repeat
3Ask
4Imput
5Collect Pay
6Deliver Order
2020 quantity
cost
PRICE
2021 quantity
cost
PRICE
Brocoli Cauliflowe Carrots
100
200
50
75
1.5
80
120
1.5
75
2
75
225
3
300
500
50
0.1
500
100
0.2
100
325
475
CPI base year 2020
100
146.154
46%
Inflation rate
Answers
The inflation rate can be calculated using the Consumer Price Index (CPI) formula, which measures the change in the price of goods and services over time. In this case, the base year is 2020, and we want to calculate the inflation rate for 2021.
First, we need to calculate the CPI for 2020 and 2021:
CPI 2020 = (1001.5) + (2002) + (503) = 500
CPI 2021 = (751.5) + (1201.5) + (2253) = 975
Next, we can use the formula to calculate the inflation rate:
Inflation rate = ((CPI 2021 - CPI 2020) / CPI 2020) x 100%
Inflation rate = ((975 - 500) / 500) x 100%
Inflation rate = 95%
Therefore, the inflation rate between 2020 and 2021 is 95%.
high-performing teams include members who typically hold which of the following values?
Answers
Answer:
a high need for achievement
Explanation:
A team can be defined as a group of people or set of individuals with various skill set, knowledge and experience coming together to work on a project or task in order to successfully achieve a set goal and objective.
This ultimately implies that, a team comprises of individuals, workers or employees having complementary skills, knowledge and experience needed to execute a project or task successfully. Therefore, workers working as a team usually interact with the other team members and as a result, this enhances performance and strengthen the level of relationship they share.
High-performing teams include members who typically hold a high need for achievement.
Hence, teams that perform exceptionally and excellently are usually made up of members that are keen on adding more feathers to their coat i.e they have a great urge or desire to reach greater heights and milestones.
Preparing your business plan in _______ can result in a better plan.
The introduction should be written _______ so that you can fully convey the most important features.
Your _______ location will be included in your business plan.
Describing your _______ can reveal how well you’ve done your research.
Your mission statement will describe your business _______.
Answers
Preparing your business plan in a structured manner can result in a better plan.
The introduction should be written strategically.
Your physical location will be included in your business plan.
Describing your target market can reveal your research.
Your mission statement will describe your business purpose.
Preparing your business plan in a structured and systematic manner can result in a better plan.
By following a well-defined process and considering key elements, you can ensure that your business plan is comprehensive, well-researched, and effectively communicates your business concept and goals.
The introduction of your business plan should be written strategically and concisely so that you can fully convey the most important features of your business. It should provide a clear overview of your business idea, highlight its unique selling points, and capture the reader's attention.
A well-crafted introduction sets the tone for the rest of the plan and encourages the reader to continue reading with interest.
Your business plan should include your physical or geographical location. This is important for various reasons, such as understanding the local market dynamics, assessing competition, considering logistical factors, and analyzing the potential customer base in your specific area.
Including your location in the plan helps provide context and helps potential investors or stakeholders understand the market landscape in which your business operates.
Describing your target market in your business plan is crucial as it reveals how well you've done your research. A comprehensive analysis of your target market includes identifying your ideal customer profile, understanding their needs and preferences, evaluating market size and potential growth, and assessing competition.
Demonstrating a deep understanding of your target market not only showcases your knowledge but also enhances your credibility and ability to develop effective marketing and sales strategies.
Your mission statement will describe your business's purpose, values, and overall direction. It encapsulates your vision, goals, and the core principles that guide your business decisions and operations.
A well-crafted mission statement communicates your business's identity, its unique value proposition, and the impact it aims to create. It serves as a guiding compass for your business and helps align your team, attract customers, and differentiate your business from competitors.
In summary, preparing your business plan in a structured manner, writing a strategic introduction, including your location, describing your target market thoroughly, and crafting a compelling mission statement are all important elements that contribute to a better business plan.
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. Which one of the following is an example of an economic good? (a) visit to a dentist (b) pair of sneakers (c) lesson taught by your teacher (d) ride on a bus.
Answers
Answer:
b
Explanation:
b :because an enconomic good is something you pay for
An example of an economic good is pair of sneakers. Thus the correct option is B.
What is Economic good?A product or service with a social benefit is referred to as an economic good. It is a good or service that benefits people but it also costs money. It is used to fulfill human needs, which involve an exchange of something.
The economy of any country is determined by the ratio of production and consumption that takes place within a year and evaluates the flow of funds in the market by analyzing the purchasing parity of an individual.
A pair of sneakers is considered an economic good as it reflects an exchange where the seller receives the cash or any form of money whereas the buyer receives the shoes as a product.
Therefore, option B is appropriate.
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While screening and evaluating ideas, a stop-to-market mistake happens when ________. Multiple Choice
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While screening and evaluating ideas, a stop-to-market mistake usually occur as result of : good idea been eliminated during the screening process.
Stop-to-market mistake serves as marketing mistake that cam be made which can affect revenue that a firm suppose to get.At the screening and evaluating ideas stage, if careful decision are not made a good ideal can be eliminated which can affect the whole plan.
Therefore, good decision has to be made when
screening and evaluating ideas.
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