What factors should be considered before a firm allocates
resources towards improving its customer satisfaction ratings?
Answers
Before a firm allocates resources towards improving its customer satisfaction ratings, factors that should be considered are identifying the specific areas of customer dissatisfaction, analyzing competitors' performance, etc.
Improving customer satisfaction ratings requires a systematic approach that takes into account various factors. First and foremost, the firm should identify the specific areas where customers are dissatisfied. This can be done through surveys, feedback mechanisms, and analysis of customer complaints. Understanding the root causes of dissatisfaction helps in targeting resources effectively and addressing the most pressing issues.
Additionally, the potential impact on the firm's reputation and profitability should be carefully evaluated. Negative customer experiences can lead to a tarnished brand image, decreased customer loyalty, and ultimately, reduced profitability. On the other hand, enhancing customer satisfaction can result in positive word-of-mouth, increased customer referrals, and a stronger market position.
The feasibility and cost-effectiveness of improvement initiatives should also be considered. It is important to assess the resources required for implementing changes, such as technology upgrades, employee training, or process improvements. A cost-benefit analysis can help determine whether the expected gains in customer satisfaction outweigh the investment required.
Furthermore, analyzing competitors' performance is crucial. Benchmarking customer satisfaction ratings against industry peers provides insights into the firm's relative position and highlights areas where improvement is necessary to stay competitive. It also allows for learning from best practices and innovative approaches adopted by successful competitors.
Finally, long-term customer retention and loyalty should be taken into account. Improving customer satisfaction is not just about addressing immediate concerns; it should be viewed as a strategic investment in building lasting relationships with customers. Satisfied customers are more likely to stay loyal, repeat their purchases, and become advocates for the brand, leading to sustained business growth.
Considering these factors before allocating resources towards improving customer satisfaction ratings ensures a comprehensive and informed approach. It enables the firm to prioritize actions, allocate resources effectively, and drive meaningful improvements that positively impact customer experiences and overall business performance.
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Related Questions
The study of the characteristics of human populations such as size, density, age, race, gender, and income is known as.
Answers
The study of the characteristics of human populations such as size, density, age, race, gender, and income is known as Standard of living.
What is standard of living?Standard of living refers toincome, comfort, out put or goods, population, gender, race and necessities of certain classes in some areas or characteristics of quality of life in a place.
The standard of living is measured by Gross domestic product per capital. That is GDP divided by population.
Gross domestic product(GDP) is the total number of goods produced in a nation per year.
Therefore, The study of the characteristics of human populations such as size, density, age, race, gender, and income is known as Standard of living.
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suppose the canadian government has decided to place an excise tax of $20 per tire on producers of automobile tires. excise taxes are also called sales or commodity taxes. previously, there was no excise tax on automobile tires. as a result of the excise tax, producers of tires, such as bridgestone and michelin, are going to alter their tire prices. the graph illustrates the demand and supply curves for automobile tires before the excise tax. please shift the appropriate curve or curves on the graph to demonstrate the new equilibrium.
Answers
In order to determine the effect of the tax on the demand and supply graph, please check the attached image.
A tax is a form of transfer to wealth from businesses to the government. Taxes increase the price of goods and services. As a result of the tax levied on the producers of automobile tires, the cost of making tires would increase. This would make producing tires more expensive.
As a result of the increase in the cost of making tires, the production of tires would fall. As a result, there would be a leftward shift of the supply curve. This would lead to a rise in equilibrium price and a decrease in equilibrium quantity.
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The expen Accounting changes are often made and the monetary impact is reflected in the financial statements of a company even though, in theory, this may be a violation of the accounting concept of se recognition principle states that expenses should be matched with revenues. Another way of stating the principle is to say that:
Answers
Another way of saying the above is that d. efforts should be matched with accomplishments.
The Matching Principle in Accounting falls under the Accrual basis which means that expenses should be matched to the period they were incurred and revenue should be matched to the period it was received for.
This ensures that the expenses match the revenue. Another way to say this is that efforts should be matched with their accomplishments because the business incurred expenses as efforts in a period in order to be able to get revenue as accomplishments in that same period.
For example, a business paying salespeople $30,000 in a year are doing so because they hope those salespeople will sell more than that $30,000 in that same year.
In conclusion, matching expenses to revenue is like matching efforts to accomplishments.
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China Set to Topple U.S. As Biggest Economy Sooner After Virus" Bloomberg (January 14, 2021). Such a comparison of the size of economies is based on_________.
Answers
Answer:
the GDP.
Explanation:
The GDP (gross domestic product) is the sum of all goods and services produced within an economy, excluding the value of the goods and services used up in production. There are three methods for measuring an economy's GDP. They are the income method, the expenditure method, and the production(output) method. The income method calculates the gross income for all the factors of production (rent, wages, interest, and profit). The expenditure method calculates the GDP to be equal to consumption + government spending + Investment + net exports. The production or output method uses the product value-added approach to compute the GDP.
You need $81,263 in 9 years. Required: If you can earn 0.55 percent per month, how much will you have to deposit today? (Do not include the dollar sign ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)
Answers
The deposit required today is $60,548.41, which is the answer.
How to find?Amount required in 9 years = $81,263
Rate of Interest per month = 0.55%
Solution:
We can use the formula for future value of an ordinary annuity to solve this problem.
FV = PMT * [(1 + r)n - 1] / r
Where,
FV = Future Value
PMT = Payment per period
r = rate of interest per period
n = number of periods
The present value of an ordinary annuity is given as:
PMT * [(1 - (1 + r)-n)/r].
Therefore, in this case, the present value of an annuity that pays $81,263 in 9 years will be equal to the amount required to deposit today.
This is given as:
PMT * [(1 - (1 + r)-n)/r] = PV.
Where, PV = Present Value
Also, PMT = FV * r / [(1 + r)n - 1]PMT = 81263 * 0.0055 / [(1 + 0.0055)9 - 1]
PMT = 81263 * 0.0055 / 0.05775182072
PMT = $775.52 (rounded to 2 decimal places).
Therefore, the deposit required today is given as follows:
PV = PMT * [(1 - (1 + r)-n)/r]PV
= $775.52 * [(1 - (1 + 0.0055)-108)/0.0055]
PV = $60,548.41 (rounded to 2 decimal places).
Hence, the deposit required today is $60,548.41.
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In Citation when you use the exact words from a source, you are ______________________.
Answers
Answer:
Quoting
Explanation:
or something along those lines
1. Economic growth results from a/an A. decrease in quality of resources. B. decrease in quantity of resources. C. increase in capital depreciation. D. increase in volume of innovations
Answers
Answer:
D. increase in volume of innovations.
Explanation:
A convenience store is open seven days a week and remains open on holidays. the store provides its customers with _________ utility.
Answers
A convenience store is open seven days a week and remains open on holidays. the store provides its customers with time utility.
While a wholesaler sells merchandise to agencies, the ones agencies purchase merchandise in order to resell them.
A retailer, on the alternative hand, sells items to the very last consumer.These commercial enterprise systems function certainly considered one among the important marketing channel intermediaries on this way.What is an instance of a wholesaler?
In the deliver chain, a wholesaler serves as an middleman or middleman.The maximum ordinary instance of a wholesaler is a commercial enterprise that buys completed items from manufacturers after which distributes them to retailers, who then marketplace the products in smaller portions to consumers.What does a comfort save means?
A retail establishment that gives a small choice of vital items, inclusive of packaged ingredients and medicines, and is open overdue to house customers.
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Select the correct answer.
Elite Inc. has the following balances: Cash ($1,000), Equipment ($10,000), Salaries payable ($5,000), Building ($15,000), Land ($50,000), Equity ($50,000), and Loan payable ($10,000). An accountant prepares a Trial Balance, and it does not tally due to an unknown error. Which amount would the accountant record in a suspense account?
A.$12,000
B.$11,000
C.$13,000
D.$9,000
E.$10,500
Answers
Answer:
I went with c
Explanation:
Answer:
B. $11000 | Equipment
Explanation:
Equipment + Cash
The additional income from
selling one more unit of a good
O increasing marginal returns
O diminishing marginal returns
O marginal revenue
O marginal product of labor
O marginal cost
Answers
C, marginal revenue
Explanation: Marginal revenue is the additional income from selling one more unit of a good. It is usually equal to the price.
Happy to help, have a great day! :)
What is your idea of success?
Answers
Answer:
my idea of success is accomplishing all of one's goals.
The indirect approach to organizing negative messages opens with the reasons behind the bad news before presenting the bad news itself.
question 8 options:
true
false
Answers
It is a true statement that an indirect approach to organizing negative messages opens with the reasons behind the bad news before presenting the bad news itself.
What is an negative messages?This refers to a kind of letter, memo, news that conveys negative information which will likely to disappoint, upset or anger the reader, listener etc
However, the indirect approach of organizing these negative messages opens with the reasons behind the bad news before presenting the bad news itself.
Therefore, it is a true statement.
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credit risk that is related to pervasive, economy-wide factors, would be termed: a.off-balance-sheet risk b.country risk c.systematic risk d.firm specific risk e.reinvestment risk
Answers
Credit risk that is related to pervasive, economy-wide factors, would be termed c. systematic risk.
Systematic risk- Systemic risk in finance refers to the possibility of an entire market or financial system collapsing, as opposed to the risk associated with any one specific entity, group, or component of a system that may be managed within that system without causing harm to the entire system.
The term "systemic risk" describes the possibility of a systemic failure as opposed to the failure of a single component. In a financial context, it refers to the possibility of a catastrophic economic slump brought on by a cascading financial sector failure brought on by connections inside the financial system.
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What is one good fact about USA??
Answers
A deductible is
a) The discount you deduct from your premium
b) The amount you pay when you file an insurance claim
c) The amount that is deducted when you buy a policy
d) The discount received by a health care provider
Answers
Answer:B
Explanation:
A deductible is the amount you owe before insurance pays. Example: If your car insurance has a $500 deductible and you have a fender bender (wreck) let’s say it will cost $2,000 to fix your car. You will pay the $500 deductible and your car insurance company will pay the remaining $1,500
Morning light does not enter the swamp. Even the sunrise is dark. Still, time progresses, night into day
A picture of bayou country is deceiving Slow streams converge under mud to make the appearance of land that is actually water. One net of moss hangs from one hundred trees. Lightning strikes the
same stump many times.
People pass the swamp's fringes in trains, on tracks that cling to the last solid ground. Out of their windows are landscapes that take the earth's colors to every periphery, Bright orange sunsets
surround people like sky on an airplane. On gray foggy mornings they ride through a dream that has no beginning or end. But time has its limits, these people know. They are expected places--Memphis
by midnight, New Orleans by dawn
Deep in the swamp, animals keep the only appointments Birds gather at high places in trees. Raccoons make their last noisy passes for food across someone's back porch before he awakes. Fish all
around splash up, although they cannot see the morning coming to clean the picture of day like clothes bleaching in a galvanized tub from dark gray to light gray
Joan looked out from the porch to the swamp she had known all her life. Ahead of her in the veiled light were the outlines of many trees. Below and around her were the crisp sounds of nature
awakening Cupped in both hands, perched on her knees was a warm mug of coffee.
Which of the following can the reader infer from the passage above?
O Travelers sleep throughout the journey.
O The ride is for airplane passengers to see the sky.
O Travelers lose their sense of the outside world.
Answers
Answer:
Travelers lose their sense of the outside world.
Explanation:
Study Island
A system in which people trade goods they don't want to consume for goods they do want to consume is called O A. a commodity money system. В. a barter system. C. an indirect exchange economy. D. a fiat money system.
Answers
A system in which people trade goods they don't want to consume for goods they do want to consume is called a barter system. Barter system is a method of exchange that involves the direct exchange of goods and services without the use of money as a medium of exchange.
In a barter system, the goods or services are traded without the involvement of money. Goods and services are exchanged for other goods and services directly. Barter system was in use for more than 100 years before the invention of money.
There are several disadvantages to a barter system that led to the introduction of currency, such as difficulty in finding a person to exchange with, difficulty in determining the value of goods and services, and lack of durability. Money was introduced as a medium of exchange to address these shortcomings. It is a commodity that is universally recognized as valuable, making it easier to exchange goods and services.
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Describe the strengths and weaknesses of a specific negotiation
position and when it might be appropriate to take that negotiation
position.
Answers
Negotiation is a process of communication between two or more parties with conflicting interests, who seek to reach an agreement on issues such as exchanging goods or services, resolving disputes, or forming relationships. In the course of negotiating, parties may take different positions depending on their interests, values, and power resources.
One of the strengths of negotiation is that it allows parties to achieve mutually beneficial outcomes through cooperation, creativity, and compromise. In contrast, one of the weaknesses of negotiation is that it can lead to power imbalances, competition, and deception, especially when parties have incompatible goals or limited trust in each other. Hence, it is essential to choose the right negotiation position that matches the situation and objectives. One specific negotiation position is called the integrative bargaining, which aims to maximize joint gains by expanding the size of the pie and claiming a fair share of it. For example, in a labor-management negotiation, integrative bargaining may be useful when the union seeks higher wages, better benefits, and more training opportunities, while the employer seeks higher productivity, lower costs, and better quality. By finding creative solutions to address these issues, such as introducing flexible work schedules, improving training programs, and sharing productivity gains, parties can increase their mutual satisfaction and cooperation. However, integrative bargaining may not be suitable when parties have distributive interests, incompatible goals, and low trust. In such cases, a more competitive position, such as distributive bargaining, may be more appropriate to claim as much value as possible from a fixed pool. For instance, in a price negotiation between a buyer and a seller, distributive bargaining may be useful when the buyer seeks a lower price, while the seller seeks a higher price.
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Due to increased corporate responsibilities, the manager of a sporting goods store has asked the assistant manager to take responsibility for screening and hiring new sales associates. The manager is allowing the assistant to make the decisions independently, but has scheduled weekly meetings for the two to discuss any issues of concern and to provide insight, if needed. The manager is demonstrating which desirable retailing attribute?
A. Prioritizing
B. Leadership
C. Creativity
D. Laziness
Answers
Answer:
B. Leadership
Explanation:
Leadership is the art for encouraging the people towards attaining a common goal. In this, it give directions to the workers & colleagues in order to meet out the needs of the company by having a strategy.
Since in the question it is mentioned that manager permit the assitant to make the decision but also scheduled the weekly meeting
So here the manager represent the leadership attribute
I need help I don’t get this
Answers
The friest answer bc she said budget
Answer:
it's C, because when you budget you are trying to save money.
Explanation:
Suppose that any number of identical boats can fish along the North Carolina coast. The value of fishing (V) per boat as a function of the number of boats (N) is defined as V = 10 - 2N. The marginal value (MV) to the fishery of an additional boat is defined as MV = 10 - 4N. For each boat, the costs of fishing (C) are $2. What is the socially efficient number of boats in the fishery?
Answers
The socially efficient number of boats in the fishery can be determined by equating the marginal value (MV) to the costs of fishing (C).
MV = C
10 - 4N = 2
Simplifying the equation, we have:
4N = 8
N = 2
Therefore, the socially efficient number of boats in the fishery is 2. This means that to achieve social efficiency, there should be two boats fishing along the North Carolina coast. At this number of boats, the marginal value to the fishery (MV) is equal to the costs of fishing (C), ensuring that the benefits derived from fishing are maximized and costs are minimized for society as a whole.
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Daniel has been working hard all year and just received a bonus check from his employer. Rather than spend
it now, Daniel stores all his money in a high-yield savings account because he is planning to buy a boat in
the future. Daniel is using money as a
a: store of value
b: medium of exchange
c: source of inflation
d: unit of account
Answers
Answer:
Store of Value.
Explanation:
Money will successfully function as a store of value when it’s easy to store and it can reliably hold its value over time.
the average propensity to consume and the average propensity to save together equal. True/False?
Answers
The average propensity to consume and the average propensity to save together equal 1.
What is relationship between APC and APS?Two key macroeconomic concepts—the average propensity to consume (APC) and average propensity to save (APS)—help to explain how people and households divide their income between spending and saving. The APC measures how much of gross income is spent on consumption. Total consumption divided by total income is used to calculate it. The APS, on the other hand, represents the percentage of gross income that is saved. By dividing total savings by total income, it is determined. The APC and APS have a complementary relationship, which calls for them to sum to 1 (or 100%). To put it another way, the APS decreases as the APC rises and vice versa.
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An index is a listing of the names or titles used in a filing system.
a. True
b. False
Answers
The names or titles used in a file system are included in an index. It's accurate to say this.
Which filing method calls for an index?
Records are arranged by number in numerical filing systems. Because information must be retrieved from a file index, the system only allows indirect access.
What is a filing index?
With the help of an index, a user can enter a piece of information (such a person's name) and view all additional details about the relevant file, like the case number or date. For instance, case files are frequently organized numerically (1-100).
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the realized rate of return, or holding period return, is equal to the holding period dollar gain divided by the price at the beginning of the period.
Answers
The realized rate of return, or holding period return, is equal to the holding period dollar gain divided by the price at the beginning of the period is true.
A holding period is the quantity of time the funding is held via an investor or the duration of the purchase and sale of a security. In an extended function, the preserving duration refers back to the time between an asset's buy and its sale.
Personal equity investments are historically lengthy-term investments with standard preserving durations ranging between 3 and 5 years. Inside this described time period, the fund manager specializes in growing the value of the portfolio organization as a way to promote it at a profit and distribute the proceeds to buyers.
In making an investment, a holding period refers to the time between the purchase of an asset or investment and its sale. Preserving periods be counted because they decide whether or not an investor can pay the short-term or lengthy-time period capital profits tax rate once they promote an investment for a profit.
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Which organization should a high school hospitality student consider joining to develop leadership skills and business knowledge?
American Culinary Federation
American Hotel & Lodging Association
Future Business Leaders of America
Resort Hotel Association
Answers
High school students can gain practical experience in entrepreneurship, business, and marketing through DECA. Its objective is to provide upcoming leaders with the skills necessary for careers in lucrative industries including marketing, management, hospitality, and finance. There are presently 177,000 DECA members in secondary schools.
Should I enlist in DECA?You can gain an advantage over your rivals with the use of DECA's resources, expertise, and talents. A little bit of ease has been added to applying for internships, scholarships, jobs, and colleges. The fact that you are a member of DECA demonstrates that you are motivated, academically competent, community-minded, and career-focused—ready to take on your future.
In high school, is DECA a good idea?One of the most well-known groups for high school students is DECA, which has more than 3,200 participating schools. Numerous graduates of its successful programs enjoy a stellar reputation.
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A demand curve enables a firm to examine prices Blank _____. Multiple choice question. in terms of quantity sold relative to the costs to produce the product in terms of supply relative to its profits
Answers
The purpose of the demand curve is to allow a firm to examine prices in terms of quantity sold.
What does the Demand Curve show?The Demand curve shows the price at which various quantities of goods and services are bought and sold in the market.
A firm can therefore use a demand curve to see which prices they can sell their goods and at what quantity.
In conclusion, option A is correct.
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Answer: in terms of demand and the firm's objectives
Explanation: A demand curve enables a firm to examine prices based on the number of buyers who want the product.
Suppose that Symantec is a small firm that has developed anti-virus computer software. Symantec currently earns $3 million per year in profits from selling its software. Dell informs Symantec that it is considering installing the software on every new computer it sells. Dell currently earns profits of $30 million but expects to sell more computers at a higher price if it can install Symantec software. Dell first chooses whether to offer Symantec $30 or $20 for each copy of its software, and then Symantec responds by either accepting or rejecting the offer. The strategies and corresponding profits (in millions) for Dell (D) and Symantec (S) are depicted in the decision tree to the right. What is the Nash equilibrium of the game
Answers
Answer:
Dell will offer Symantec $20 per copy of the software in which Symantec will accept the offer
Explanation:
Based on the information given NASH EQUILIBRIUM of the game between Dell and Symantec is that Dell strategy is to achieved the desired result he wanted by offering Symantec $20 per copy of the software instead of $30 per copy of the software in which Symantec will accept the offer because Dell want to sell more of their computers at high price when they install Symantec's software.
1. What's the main reason our culture has normalized credit cards over the past 60 years? What can we do to change the normalization of debt in the future?
Answers
Our culture has become accustomed to debt mainly because the capitalist system in which we find ourselves favors the management of loans for the acquisition of goods and services.
These, due to their cost, are difficult or impossible to access through cash payments without any type of installment or ease of payment.
Therefore, credit cards are ways of acquiring debt to finance certain consumption, which is why they have become a financial tool that is totally socially accepted.
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1. What action should the Federal Open Market Committee (FOMC) take if it
sees signs of inflation rising above 2% and believes inflation will continue to
rise if it takes no action?
2. Explain how the action you suggest will work to control inflation.
Answers
Answer: Governments can use wage and price controls to fight inflation, but that can cause recession and job losses
Explanation: Governments can also employ a contractionary monetary policy to fight inflation by reducing the money supply within an economy via decreased bond prices and increased interest rates.