It is TRUE that companies use their external databases for purposes of direct marketing and to strengthen relationships with customers.
What is customer relationship marketing ?
Customer loyalty and client relationships are the foundation of the customer relationship marketing (CRM) strategy. Companies using this marketing tactic build enduring relationships with customers and increase laser-focused brand recognition by using customer data and feedback.
What is the importance of customer relationship marketing?
Relationship marketing aids in long-term client retention, which leads to consumer loyalty as opposed to one-time or infrequent buyers. The capacity of relationship marketing to maintain close contact with clients is crucial.
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which of the following is true of conventional distribution channels? channel members have complete control over each other. channel members seek to maximize their own profits. channel conflict is governed by formal mechanisms. channel members are assigned roles according to a clearly defined framework. channel members work exclusively for the good of the organization.
The truth that we have here about the conventional distribution channels is that Channel members seek to maximize their own profits.
What is meant by the conventional distribution channels?This is the term that is used to refer to the chain of distribution that we are used to as the most common way of distribution.
That is, this is the chain that has to do with the producers, the wholesales, the retailers and all that would make up the distribution process in all of the ways that they are able to act independently.
It has to do with the way that goods would have to move from the producer to the retailers then to the consumers.
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which of the following combinations of policies is designed to decrease inflation? which of the following combinations of policies is designed to decrease inflation? a decrease in government spending and an open-market sale of government securties an increase in taxes and an open-market purchase of government securities an increase in government spending and a decrease in the discount rate an decrease in taxes and an open-market purchase of government securities an increase in taxes and a decrease in the reserve requirement
A decrease in government spending and an open market sale of government securities is designed to decrease inflation.
In the field of economics, inflation refers to an overall rise in the cost of goods and services throughout a nation. Each unit of currency may purchase fewer products and services as the general price level rises, hence inflation is associated with a decline in the purchasing power of money.
Deflation, a continuous drop in the general level of prices for goods and services, is the reverse of inflation.
A fiscal policy must include both government revenue and expenditures. To boost revenue or control spending effectively, the government can alter tax rates. When the demand exceeds the supply, an inflationary gap results. There are two ways the government can approach this.
One is to cut back on transfer payments and overall government spending. Two, raising tax rates causes a decline in consumer demand and the money supply in the economy.
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granite stone creamery sold ice cream equipment for $13,600. granite stone originally purchased the equipment for $84,000, and depreciation through the date of sale totaled $68,000. what was the gain or loss on the sale of the equipment?
Ice cream-making supplies were sold by granite stone creamery for $13,600. Granite Stone paid $84,000 for the equipment initially, and $68,000 in depreciation up until the date of sale., then $3,400 was lost when the equipment was sold.
We first determine the equipment's book value.
Asset cost: $84,000
Depreciation over time equals $68,000.
Cost of the asset - accumulated depreciation is a formula for book value,
$84,000 - $68,000= $16,000
Therefore, Gain or Loss on the Asset: Equipment Sale Value = $13,600
The equipment has a book value of $16,000.
Equipment loss = sale value - book value,
$13,600 -$16,000 = - $3,400. Here, a -ve sign indicates a loss
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according to the vals framework, why different consumer groups exhibit different behaviors or why different consumer groups exhibit the same behaviors for different reasons is based on
The reasons why different consumer groups exhibit different behaviors based on the vals framework is motivations and resources. The motivations from each customer can make different behavior.
VALS framework can be defined as a proprietary research methodology used for psychographic market segmentation. To guide some companies in tailoring their services and product in order to appeal to the people most likely to purchase them, it is need to make a market segmentation.Vals framework is based on two factors, first is primary motivation that including ideals, achievement, and self-expression and the second is resources that including energy, self-confidence, intellectualism, novelty seeking, innovativeness, impulsiveness, leadership, and vanity.
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stephanie's bridal shoppe sells wedding dresses. the average selling price of each dress is $1,000, variable costs are $400, and fixed costs are $90,000. how many dresses must the bridal shoppe sell to yield after-tax net income of $18,000, assuming the tax rate is 40%?
For the purpose of establishing production budgets or predicting sales, a corporation may use CVP analysis (Cost-Volume-Profit) to examine the data it has. The target profit analysis enables a business to ascertain what production levels are required at a specific sales price to achieve a specific rate of return.
The target after-tax net income is $19,000, which is equal to 60% of the pre-tax net income (100% - 40%). The target profit is determined by dividing the net income after taxes.
19 000 /0.6 = 31 ,666.67
We use the following as our target profit and utilize the formula for target profit:
Target Sales = Target Profit + Fixed Cost / Contribution Margin.
31 , 666.67 + 110 , 000 /1 , 000 − 400 = 237
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13. choose the option to correctly complete the following sentence. schmidt industries received cash from a customer for a product to be delivered next month. according to the realization concept this revenue has been earned but not realized. realized but not earned. earned and realized. neither earned nor realized
According to the realization concept this revenue has been realized but not earned.(OPTION B)
Realization Concept: According to the realization principle, revenue cannot be recognized until the underlying items or services have been delivered or provided, respectively. So, only when it has been earned, can revenue be recognized.
Example of the realization principle:
The consumer pays when the item ships, but the sale cannot be recorded as income until the customer receives the shoes and the transaction is complete. The revenue can then be recognized, and the amount can be entered into your client's ledger.
Realization concept would apply when goods are delivered to customer.
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Which is the purpose of a protective tariff? question 8 options: earn money for the government help domestic producers engage in a trade war limit unhealthy behavior
The purpose of a protective tariff is to earn money for the government help domestic producers engage in a trade war limit unhealthy behavior.
Protective tariffs are tariffs imposed to protect domestic industries. They aim to make imported goods more expensive than their domestically manufactured counterparts, thereby increasing sales of locally manufactured goods and supporting local industries.
Protective tariffs are intended to protect domestic production from foreign competition by increasing the price of imported goods. Revenue tariffs are designed to generate revenue, not restrict imports. Of course, these two goals are not mutually exclusive.
An example of a protective tariff would be the US raising tariffs on British clothing to ensure that British clothing is significantly more expensive than domestically produced clothing.
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it is found that a test designed to measure management ability is a very good predictor of how well an individual will function as a manager. this test is said to be
Valid test refers to how directly a system measures what it's intended to measure. However, that means it produces results that correspond to real parcels, characteristics, If exploration has high validity.
What Test validity ?Validity is the most important issue in opting a test. Validity refers to what characteristic the test measures and how well the test measures that characteristic.
Validity tells you if the characteristic being measured by a test is related to job qualifications and conditions.
Validity gives meaning to the test scores. Validity substantiation indicates that there's relation between test performance and job-performance
Validity also describes the degree to which you can make specific conclusions or prognostications about people grounded on their test scores
a valid test can be conducted on basis of:
Validity substantiation
Job similarity
Fairness substantiation
Other significant variables
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if the fixed costs of opening an internet specialty sporting goods business are $10,000, price is $60 and variable cost per unit of $20, the break-even point is:
The point at which there are no losses or gains for your small business is known as the break-even point. This point is reached when total costs and revenue are equal.
To put it another way, you have reached the point where a product's revenues and costs of production are equal.
How is the break-even point determined?The break-even point in accounting is determined by dividing the price per unit by the fixed costs of production minus the variable costs of production. The point at which a product's production costs and revenues are equal is known as the break-even point.
Fixed Costs = $10,000
Price = $60
Variable Costs = $20
$10000 ÷ ($60 - $20)
= $10000 ÷ ($40)
= $240
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there are several close substitutes for bayer aspirin but fewer substitutes for a complete medical examination. therefore, you would expect the demand for:
Therefore, we would expect Bayer's demand for aspirin to be more price elastic. It is because price elasticity of demand is the responsiveness of quantity demand.
Demand is the amount of goods and services that consumers are willing and able to buy to meet their needs at various price levels and at certain times in the market. Usually, the high demand will affect the price. Conversely, low demand will also make prices lower. The law of demand is a law that explains the existence of a negative relationship between the price level and the quantity of goods demanded. If the price increases, the quantity demanded will decrease, and if the price is low, the quantity demanded will increase. The law of demand is not absolute but has absolute properties under conditions of ceteris paribus (other factors are considered constant).
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the university of iowa runs a series of ads throughout the midwest on how friendly and helpful its faculty, staff, and students are as well as how outstanding its academic programs are. this type of promotion would best be characterized as
This type of promotion would best be characterized as institutional advertising. Rather than advertising a specific product or service, institutional advertising promotes the university.
Rather than advertising a specific product or service, institutional advertising promotes an institution, business, or kind of item so that people have a favorable opinion of it. It is a type of promotion.
Institutional advertising can increase brand awareness by increasing brand exposure. The greater your brand awareness, the more people will be acquainted with your product and brand.
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a written contract to sell timber rights is performed by both parties. six months later, the seller has second thoughts and wants to reclaim the rights under regulation z. what is the likelihood that the seller will succeed?
Any agreement reached by two parties, whether in writing or verbally, may be upheld in court. A signed document is crucial because it demonstrates that both parties agreed to the same terms and serves as evidence that an agreement actually exists.
Both parties adhere to the terms of a documented agreement to sell timber rights. The seller changes their mind after six months and wishes to retrieve the rights under Regulation Z. How likely is it that the seller will be successful?
Solution: If the seller feels he was taken advantage of, slightly.
A real estate contract must include a legal purpose, legally capable parties, agreement by offer and acceptance, consideration, and consent in order to be deemed valid.
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Answer Slight, if the the seller feels like he was taken advantage of.
Good, because Regulation Z requires the contract be in writing.
Nonexistent, since this contract has nothing to do with a violation or, or compliance with, Regulation Z.
Excellent, because landowners are not allowed to sell timber rights under Regulation Z.:
a
Explanation:
sofia and her partner have been discussing purchasing property, but this will take some financial sacrifices over the next few years. sofia tells her partner she's unable to make a decision right now and needs to take a break. a week later when her partner asks whether she's come to a decision, sofia is surprised that she has made up her mind. what subconscious process took place over the past week?
Incubation subconscious process took place over the past week with sofia.
In psychology, incubation refers back to the unconscious processing of problems, whilst they're set apart for a period of time, that can result in insights.
It become initially proposed by way of Graham Wallas in 1926 as certainly one of his four stages of the innovative manner: guidance, incubation, illumination, and verification.
Contamination generally takes place in 5 levels. The incubation stage occurs proper after exposure and before symptoms increase. This stage can variety from hours for some infections to days, weeks, or maybe years for other infections.
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once karen and anika identify the fixed and variable costs of their business, they must then determine the number of service sales they need to make in order to produce a profit. they would do this by
Once Karen and Anika identify the fixed and variable costs of their business, they must then determine the number of service sales they need to make in order to produce a profit. They would do this by conducting a break-even analysis.
A company is defined as an organization or company engaged in commercial, industrial, or professional activity. A company can be either a commercial entity or a non-profit entity. Company types range from limited liability companies to sole proprietors, corporations, and partnerships. The purpose of a business is to provide value (through products and/or services) to customers who pay cash or equivalent. The money received should at least cover the costs of running the business and cover the living needs of the owner.
Business plays an important role in our lives. First, they produce goods and services that meet our needs and desires. It also recruits households as a labor force and provides rewards such as wages, salaries, and benefits. Therefore, it becomes a source of income that they can use to sustain their livelihoods.
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on which dimension of quality doe dittenhoefer's compete? how are these dimensions being threatened by the problems in the manufacturing and customer service areas?
On the following quality aspects, the Dittenhoefers compete: Performance, Reliability, Durability, Aesthetics, Perceptions.
Performance -Every firm competes on its capacity to provide outcomes.Dittenhoefer's performance has been inadequate ever since the
advent of the new polymer-coating machinery.
Service to Customers-
By failing to keep up with performance, customer service isn't
helping the problem.
They are not promptly giving their clients the information they
require, and they are not monitoring their orders to make sure their
clients are happy.
Reliability: Before they began using the new polymer-coatingequipment, the organization had a stellar reputation for
dependability. More errors are now being shipped with the goods.
Customer service – They are disappointing their clients by having all
of these problems.
Orders are lost due to wrong pricing.
A change in the delivery date was not communicated to the
customers.
Durability: The new goods' durability hasn't raised many, if any,questions. As long as the product continues to be enjoyable,
durability won't be a problem.
Customer service – Their longevity has nothing to do with the client
service they provide.
Aesthetics: Aesthetics is the study of beauty, or the way things look.The new machine has added problems, yet aesthetics have been
preserved despite this. For Dittenhoefer's Fine China, this is
perhaps one of the most important factors. The firm bought the new
machinery so they could expand their current range of goods to
include a new aesthetic product.
Customer service –
Customer service has little discernible influence, good or bad, on
how appealing a product is to consumers.
Perception- Every company's perception is highly important.The way people view a firm may make or ruin it.
even when the product itself is top-notch.
The company has a good reputation, but if product problems
continue, it might lose some of it.
Customer service – Regardless of how wonderful a product is, it will
start to have a bad reputation if the customer service is poor.
People will start to associate the quality of the product with the
degree of service they get.
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after test driving three different cars, you have decided to buy a honda. now you must find a honda dealer within reasonable distance of your home, and preferably one with a full-service department. you are in which stage of the consumer decision process?
I am in purchase decision and purchase act stage of consumer decision process.
Five fundamental steps make up the consumer decision-making process. Consumers use this method to assess whether to make a purchase. The five processes include problem identification, information search, examination of alternative options, purchase choice, and post-purchase analysis.
5 steps in the decision-making process for consumers
Identifying the issue: acknowledges the need for a good or serviceSearch for information: collects information Alternatives assessment: compares options and weighs the pros and cons of eachMaking a purchase: really buys anythingEvaluation following purchase: considers the acquisition they madeAlthough the decision-making process for consumers can appear mysterious, all buyers follow the same fundamental processes to decide which goods and services will best suit their needs.
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the accountants hired by forever fitness have determined total fixed cost to be $75,000, total variable cost to be $130,000, and total revenue to be $125,000. because of this information, in the short run, forever fitness should
In the short run, forever fitness should shut down because staying open would be more expensive.
Why should a firm shut down?A firm should shut down in the short run, if its total variable cost is greater than its total revenue. In the long run, a firm should exit the market, if its fixed cost is greater than its total revenue.
The short run is the period where all of the factors of production are fixed. Variable cost is the cost that varies with the level of output. Fixed cost is the cost that remains constant regardless of the level of output.
In this question, the total variable cost is greater than the total revenue, thus in the short run, the firm should shut down because it is to expensive to run the business in the short run.
Here are the options:
a. stay open because shutting down would be more expensive.
b. shut down because staying open would be more expensive.
c. lower their prices to increase their profits.
d. stay open because the firm is making an economic profit.
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A ________ occurs when a speculative attack on the exchange value of a currency results in a sharp depreciation in the value of the currency or forces authorities to expend large volumes of international currency reserves and sharply increase interest rates to defend the prevailing exchange rate.
A currency crisis is described as a speculative assault on a currency's foreign exchange value that causes a severe depreciation or compels the government to sell foreign exchange reserves and hike interest rates at home to defend the currency. included in 2013's The Evidence and Impact of Financial Globalization.
How does a monetary crisis unfold?Currency crises have occurred frequently in recent history. These include a sudden and significant devaluation of a country's currency, along with erratic markets and a lack of confidence in the economy. Even though currency crises are frequently abrupt, they can occasionally be predicted.The value of each unit of currency decreases as production falls more quickly than the amount of money available. The most prevalent monetary phenomenon, inflation, is created the other way around when the money supply increases more quickly than output.The term "currency of issue" refers to the currency in which a Series of securities issue terms indicate that the issuer will pay all principal, premium (if any), and/or interest (if any) payments.The dollar's demise is still incredibly unlikely. Only the likelihood of greater inflation seems credible among the elements required to precipitate a collapse.To Learn more About currency crisis refer to:
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What is mobile banking
Answer:
Mobile banking is the act of making financial transactions on a mobile device.
Explanation:
This activity can be as simple as a bank sending fraud or usage activity to a client's cell phone or as complex as a client paying bills or sending money abroad.
assume that a market is in equilibrium. if the demand curve shifts to the right and a new equilibrium is reached: multiple choice consumer surplus may increase or decrease. producer surplus will decrease. producer surplus will increase. none of these options are correct. total surplus will decrease
Market failure occurs when there is a misalignment between the desired outcomes of market participants and the results of a free market. Market equilibrium occurs when supply and demand are balanced, there is no tendency for the price to change, and the quantity exchanged is the equilibrium quantity.
What is Market equilibrium?
Equilibrium is the situation in which marketplace demand and supply balance each other, resulting in stable pricing. In general, an oversupply of services or goods causes prices to fall, resulting in increased demand, whereas an undersupply or shortage leads prices to rise, resulting in decreased demand. The balancing impact of supply side results in an equilibrium condition. The market equilibrium is the point at which the supply of commodities equals the demand for them. When a key index experiences a phase of consolidation or sideways motion, the forces of demand and supply are said to be relatively equal and the market is said to be in a condition of equilibrium. Prices, according to economists, tend to fluctuate about the equilibrium levels.
If the price is below the equilibrium price, we know that quantity demanded will be greater than quantity supplied. If the price is above the equilibrium price, we know that quantity demanded will be less than quantity supplied. The equilibrium quantity is the quantity at which the quantity demanded equals the quantity supplied. The equilibrium price is the price at which the quantity demanded equals the quantity supplied.
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homer is considering a project with cash inflows of $950 a year for years 1 to 4, respectively. the project has a required discount rate of 11 percent and an initial cost of $2,100. what is the discounted payback period? a) 3.05 years b) 2.68 years c) 3.39 years d) 2.21 years e) never group of answer choices
The discounted payback period for the project is 2.68 years.
What is discounted payback period?The discounted payback period (DPB), also known as the time it takes to break even on an investment, is the number of years it will take for the project's initial cost to equal the discounted value of its predicted cash flows. When a project's cumulative net present value reaches zero, that time period is known as the zero period.
The cumulative discounted cash flows will start out with a negative value because of the investment's initial cost, but as money is made after the initial investment, the discounted cash flows for those years will be positive, and the cumulative discounted cash flows will move in a positive direction toward zero. DPB happens when the discounted cash flows that have been cumulatively negative turn positive or rebound.
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abbey co. sold merchandise to gomez co. on account, $28,500, terms n/45. the cost of the goods sold was $19,950. abbey co. issued a credit memo to gomez co. for $2,200 for merchandise returned that originally cost $1,500. gomez co. paid the invoice within the credit period. what amount of gross profit is earned by abbey co. on these transactions?
The gross profit earned by Gomez Company on these transactions is $11,897.
A company's gross profit is calculated by deducting its entire sales from its total cost of products sold. All products sold by the business are included in the overall sales. All of the variable costs related to sales are added together to form the overall cost of the products sold.
Net sales are the total of a company's gross sales less any discounts, returns, and allowances. Net sales calculations are not always clear from the outside. When determining top-line revenues that are shown on the income statement, they are typically taken into consideration.
Net sales = sales - sales return - sales discount
Sales = $28,600 - $3,400 = $25,200
Sales Discount = $25,200 x 2%
Sales Discount = $504
Net Sales = $ 25,200 - $504 = $24,696
Cost of Goods Sold = $ 13,818 - $1,019
Net cost of goods sold = $ 12,799
Gross profit = net sales - net cost of goods sold
Gross profit = $ 24,696 - $ 12,799
Gross profit = $ 11,897
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has three different insurance policies. he has been injured in an accident and has incurred $30,000 in medical bills. there is a provision in all of his insurance contracts that ensures the total benefits he receives from all sources is limited to 100 percent of allowable medical expenses. what is this provision called?
This provision is called the coordination of benefits provision.
What is provision?
A provision is an account in financial accounting that records an entity's present liability under the International Financial Reporting Standards (IFRS). The liability recorded on the balance sheet is matched to an appropriate expense account on the income statement. A provision is an expense under US Generally Accepted Accounting Standards (US GAAP). Thus, "Provision for Income Taxes" is a liability in IFRS but an expense in US GAAP. the provision or supply of something, particularly food or other essentials Prior arrangement or preparation, such as for doing something, meeting needs, providing means, etc.
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the price of grapes used to make grape juice has decreased. at the same time, the price of orange juice, a substitute good, has decreased. given these two effects, what can we say about the equilibrium price and quantity of grape juice?
The option is true, as when the price of grape juice decreases and the price of orange juice remains unchanged the demand for orange juice will fall.
What could cause the price of orange juice to increase?
Orange juice has already been subject to increasing prices since earlier this year, when a pandemic-induced increase in demand for vitamin C products ran into decreased orange supplies from a poor harvest, most recent updates. Due to a projected dramatic decline in Florida's orange juice supply as a result of a fungus illness, orange juice prices have already increased this year. The majority of the sugarcane grown in the United States is also grown in Florida, but the crops are closer to the west of the storm's course.
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oligopoly is a market structure characterized by: a regulated natural monopolies. b independence in decision making. c strategic behavior between rival firms. d a large number of small firms. e substantial diseconomies of scale.
Oligopoly is a market structure characterized by: C. strategic behavior between rival firms.
What is an oligopoly?An oligopoly can be defined as a type of market structure which comprises a small number of business firms or sellers that are offering identical or similar products to their consumers, in such a way that none of them can limit the significant influence of the other.
The characteristics of oligopoly.Generally, an oligopoly is a market structure that is distinguished by several characteristics and these include the following:
Mutual interdependence between business firms. The market is controlled by many small business firms.Strategic behavior between competitors (rival firms).Difficult entry to new business firms.Substantial economies of scale.Dependence in decision making.In this context, we can reasonably infer and logically deduce that business organizations or sellers that are operating in an oligopoly are characterized by making strategic behavior between competitors (rival firms).
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which of the following describe values of an organization? group of answer choices what is our product or service? who is our customer? what is our strategic purpose for operating? who are we? who will we become? what do we stand for and believe in? what standards can be used to evaluate us and judge us?
Who are we? Who will we become? describe values of an organization.
An organization or agency, is an entity—along with a agency, an group, or an association—comprising one or greater humans and having a specific motive. The word is derived from the Greek phrase organon, which means device or device, musical device, and organ.
An employer is an official group of people, as an instance a political birthday celebration, a commercial enterprise, a charity, or a membership. most of these specialised colleges are supplied by using voluntary corporations. ... a file via the international Labour employer. Synonyms: group, agency, party, body extra Synonyms of company.
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which of the following is not a factor specified in u.s. copyright law for determining fair use? the amount and significance of the portion used the effect on the market for the copyrighted work the for-profit or non-profit status of the copyright holder the purpose and nature of the use
The for-profit or non-profit status of the copyright holder is not a factor that is specified in the US copyright law for determining fair use.
What is copyright?Copyright is described as a means of protecting intellectual property. It is important to mention that the original author of intellectual property only has the right to the work.
Under the US copyright law, the nature and the purpose of the users take more prominence. If the copyrighted material is used only for educational purposes and not for profit, then such usage is allowed by copyright law. However, if the usage is for profit, then such usage is not allowed or permitted by law.
It can be concluded that the for-profit or non-profit status of the copyright holder is not a factor that is specified in the US copyright law for determining fair use.
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shimray is convinced that he can predict a job applicant's future performance better through a 5-minute meeting than through evaluating pre-employment test scores or reference checks. what basis is shimray using to make hiring decisions?
Shimray is convinced that he can predict a job applicant's future performance better through a 5-minute meeting than through evaluating pre-employment test scores or reference checks. Shimray is using intuition as a basis of making his hiring decisions.
Pre-employment screening involves gathering all of the information required to make an amazing rent. This includes figuring out applicants that meet predetermined job qualifications and verifying the statistics they offer. The pre-employment screening manner spans from application evaluation to the very last hiring selection.
A pre-screening interview, or pre-employment screening, is a series of questions that lets you learn some fundamental qualification statistics approximately candidates, prior to conducting a greater substantial interview.
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ceo, jack yates oversees the operations of johnson company, a public corporation with 1,200 employees. yates reports to the company's board of directors. who ultimately owns johnson company?
The Board of directors ultimately owns Johnson company.
This is because a board of directors (BoD) is the governing body of a company, elected by shareholders, who then further appoints the managers etc. for the company.
What is relationship between Board of Director and CEO?
Both board of directors (BoD) and CEOs make important and high level decisions.
Even a strong CEO cannot genuinely succeed alone. Having a positive relationship with the board is crucial because CEOs receive guidance from the board and provide feedback. Although board of directors (BoD) members are busy, it might be worthwhile to meet candidates for the position of CEO.
The CEO of a firm is in charge and has the final say when it comes to management decisions. Nevertheless, the board of directors(BoD), which stands in for the owners and stockholders, is the CEO's superior. The board of directors (BoD) manages the business and sets long-term objectives. It has the authority to oust the CEO and choose a successor.
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after many years of relative stability in marketing research methods, the industry is undergoing great change due to: new uses of traditional research tools. expanded focus on qualitative methods. reluctance of clients to adopt new research methods. new sources of data and technology.
The industry is undergoing great change due to new data and technology sources.
New data sources can boost operational effectiveness. Interactions with consumers and their insightful feedback enable the firm to gather a wealth of priceless customer data. Analytics can then uncover significant trends in the data to produce products that are unique to the customer. The data tools can automate repetitive processes and tasks to provide employees more time to work on activities demanding cognitive skills.
More information is now available than ever on customers, their habits, and their preferences thanks to the development of the internet, smartphones, and data collection methods. These behavioural data sources are utilized and their worth is unlocked by tech-driven market research. Now, businesses can get around the fundamental problems with market research thanks to the mix of new data sources and data science methodologies in tech-driven market research.
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