Henry

What is marketing? - The Identification, Satisfaction and revisit of Customer Needs Importance of Marketing - Develop Brand awareness, Gain Market share and Engage Customer loyalty. Product Orientation - An inward-looking approach that focuses on making products that can be made - or have been made for a long time - and then trying to sell them Market Orientation - An outward-looking approach basing product decisions on consumer demand, as established by market research Asset-led marke...

Economies of scale - reduction in average costs as output increases e.g bulk-buying, marketing, financial, technology Diseconomies of scale - rising long-run average costs as a business expands e.g communication, organisation, motivation, morale Internal economies of scale - cost reductions by single business as it grows External economies of scale - cost reductions available to all businesses as industry grows Overtrading - growing too fast run out of cash Merger - when firms join toge...

Capital - The money provided by the owners in a business Capital expenditure - Spending on business resources that can be used repeatedly over a period of time Internal finance - Money generated by the business or its current owners Retained profit - Profit after tax that is 'ploughed back' into the business Revenue expenditure - Spending on business resources that have already been consumed or will be very shortly Sale and leaseback - The practice of selling assets, such as property ...

Privatisation - The action of selling business organisations owned and controlled by the state to investors in the private sector Nationalization - Occurs when privately owned business transfer ownership and control to the state Minimum Wages - Employers are forbidden to pay lower than the determined minimum wage per hour/week/month Monopoly - A market where only one supplier exist Collusion - An agreement between businesses which restricts competitions by fixing prices and sharing c...

When is a receipt not taxable - If the receipt is wholly unexpected and unsolicited What are the badges of trade? - Profit-seeking motive, frequency and number of similar transactions, modification of asset in order to make it more saleable, nature of the asset, connection with existing trade, financing arrangements, length of ownership, existence of a sales organisation, reason for the acquisition/sale Is amortisation an allowable expense? - No, amortisation is not an allowable expense ...

A manager wishes to determine the relationship between the number of miles (in hundreds of miles) the manager's sales representatives travel per month and the amount of sales (in thousands of dollars) per month. Calculate the correlation coefficient, r. - 0.632 Calculate the correlation coefficient, r, for the data below. 4/21 - -0.104 Calculate the correlation coefficient, r, for the data below. 4/-16 - 0.990 Calculate the correlation coefficient, r, for the data below. 4/20 - -0.995 G...

1. A researcher notes that the weight of a male Golden Retriever is approximately normally distributed with a mean of 70 lbs. and a standard deviation of 7.5 lbs. What % of these dogs weigh less than 65%? - 25% Based on the Normal model for yearly snowfall in cm in a certain town N(57,8), how many cm's of snow would represent the 80th percentile approximately? Round to the nearest tenth as needed. - 63.7 cm Adult female Dalmatians weight an average of 50 pounds with a standard deviati...

Business Statistics – 240 / 100% COORECT Answers A small independent organic food store offers a variety of specialty coffees. To determine whether price has an impact on sales, the managers kept track of how many pounds of each variety of coffee were sold last month. Based on the scatterplot shown below, which of the following statements is TRUE? - D : All of the above A supermarket chain gathers data on the amount they spend on promotional material (e.g., coupons, etc.) and sales...

A fast food restaurant just leased a new freezer and food fryer for three years. The service contract for the freezer offers unlimited repairs for a fee of $125 a year plus a $35 service charge for each repair needed. The restaurant's research indicates that during a given year 80% of these freezers need no repairs, 11% needed to be serviced once, 5% twice, 4% three times, and none required more than three repairs. The mean restaurant's annual expense with the service contract for th...

A sample of 33 companies was randomly selected and data collected on the average annual bonus, turnover rate (%), and trust index (measured on a scale of 0-100). According to the output is shown below, what is the estimated multiple regression model? Dependent Variable is Turnover Rate Predictor A. Turnover Rate equals 12.1005 + 0.07149 Trust Index + 0.0007216 Average Bonus B. Turnover Rate equals 0.7826+0.01966 Trust Index +0.0001481 Average Bonus C. Turnover Rate = 0.01966 Trust Ind...