Bus MHR 2292 Learning Assessment 1 Questions and Answers New (2024/2025) Solved 100% Correct
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Course
Bus MHR 2292
Institution
Bus MHR 2292
mercenaries - ️️are satisfied customers, but they switch between brands. They are
usually price sensitive, looking for bargains and best offers, buying on impulse, pursuing
fashion trends. They don't feel any attachment to particular brands. They usually
expensive to acquire and difficult to...
Bus MHR 2292 Learning Assessment 1
mercenaries - ✔️✔️are satisfied customers, but they switch between brands. They are
usually price sensitive, looking for bargains and best offers, buying on impulse, pursuing
fashion trends. They don't feel any attachment to particular brands. They usually
expensive to acquire and difficult to keep.
virtuous cycle - ✔️✔️economy expands, unemployment is low, incomes rise,
consumers buy more products, businesses increase production
defectors - ✔️✔️are probably the biggest nuisance to your company. They are neither
satisfied nor loyal and very often spread negative word-of-mouth about your brand,
ruining your reputation.
SWOT analysis - ✔️✔️Strengths, Weaknesses, Opportunities, Threats
the pattern of decisions in a company that determines and reveals its objectives,
purposes, or goals, produces the principal policies and plans for achieving those goals,
and defines the range of business the company is to pursue
economics - ✔️✔️the study of the production, distribution, and consumption of goods
and services
economic system - ✔️✔️The means by which countries and governments distribute
resources and trade goods and services.
perfect competition - ✔️✔️Many consumers and sellers, standardized products, no one
is big enough to influence price and everyone accepts the going price.
monopolistic competition - ✔️✔️Many sellers sell differentiated products and have
limited control over pricing.
oligopoly - ✔️✔️Several powerful players in the market with barriers to entry. They
have more control over price, yet must keep their competitors in mind.
monopoly - ✔️✔️Single seller in the market, controls price.
natural monopoly - ✔️✔️utilities
legal monopoly - ✔️✔️patents
, planned economy - ✔️✔️a system in which the government decides how the factors of
production are used
market economy - ✔️✔️a system in which people decide how to utilize the factors of
production
mixed economic system - ✔️✔️a combination of both systems
measure the health of an economy by - ✔️✔️GDP, unemployment
business stakeholders - ✔️✔️a person or entity with an interest in the economic
performance and well-being of a company
trash talkers - ✔️✔️doesn't use a product/service and talks bad about the
product/service to other people
hostages - ✔️✔️are not satisfied, but they keep repurchasing from your company.
Why? They are usually stuck with a company because of monopoly situation on the
market or high switching costs. They may easily turn into defectors.
loyalists - ✔️✔️this group is made up of customers who are satisfied or completely
satisfied. They also buys product from you repeatedly and stay loyal. They are one of
the most valuable assets you can earn, as not only they guarantee your company gets
regular revenues, but also they spread a positive word about your brand, giving you free
and genuine advertisement.
apostles - ✔️✔️are extremely satisfied and extremely loyal; they are repeat purchasers
and happily spread the good word to friends and family. These customers have an
emotional connection to the brand.
mission - ✔️✔️why we exist
values - ✔️✔️what we believe in and how we will behave
vision - ✔️✔️what we want to be
strategy - ✔️✔️what we want our competitive game plan to be
objective, scope, advantage
balanced scorecard - ✔️✔️how we will monitor and implement our strategy
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