Required information Problem 6-10A Correct inventory understatement and calculate gross profit ratio (LO6-7, 6-9) The following information applies to the questions displayed below) Over a four-year period, Jackie Corporation reported the following series of gross profits 2010 2019 2020 2021 Net Sales $60.000 $66,000 $74,000 $90,000 Cost of goods sold 32,000 46.000 28.000 48.000
Gross profit $28,000 20,000 $46.000 $42.000
In 2021, the company performed a comprehensive review of its inventory accounting procedures. Based on this review, company records reveal that ending inventory was understated by $11.00 in 2019 Inventory in all other years is correct Problem 6-10A Part 2 2. Calculate the gross profit ratio for each of the four years based on corrected amounts (Round your answers to the nearest whole percent.)
Gross Profit Ratio 2018 _______ % 2019 _______ % 2020 _______ %
2021 _______ %
Answers
So, the gross profit ratios for the four years are 2018: 47%, 2019: 47%, 2020: 62%, and 2021: 47%.
First, let's correct the inventory understatement before recalculate the gross profit for 2019 by adding $11,000 to the cost of goods sold (COGS) for that year:
2019 COGS (corrected) = 46,000 - 11,000 = 35,000Next, let's recalculate the gross profit for each year, taking into account the corrected 2019 COGS.
2018 Gross Profit: 60,000 - 32,000 = 28,0002019 Gross Profit (corrected): 66,000 - 35,000 = 31,0002020 Gross Profit: 74,000 - 28,000 = 46,0002021 Gross Profit: 90,000 - 48,000 = 42,000Now, let's calculate the gross profit ratio for each year.
2018 Gross Profit Ratio: (28,000 / 60,000) x 100 = 46.67% ≈ 47%2019 Gross Profit Ratio (corrected): (31,000 / 66,000) x 100 = 46.97% ≈ 47%2020 Gross Profit Ratio: (46,000 / 74,000) x 100 = 62.16% ≈ 62%2021 Gross Profit Ratio: (42,000 / 90,000) x 100 = 46.67% ≈ 47%So, the gross profit ratios for the four years are:
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Related Questions
Use the following payoff matrix to answer the questions. Numbers are in billions of dollars.
Boeing Enter Market Boeing Do Not Enter Market
Airbus Enter Market Airbus: -10 Boeing: -10 Airbus: 20 Boeing: 0
Airbus Do Not Enter Market Airbus: 0 Boeing: 20 Airbus: 0 Boeing: 0
(1) What is the minimum subsidy needed to get Boeing to enter the market?
i. $11
ii. $20
iii. $0
iv. $10
(2) In the absence of government intervention, which company/companies has/have a dominant strategy?
i. Both
ii. Boeing
iii. Airbus
iv. Neithe
Answers
(1) The minimum subsidy needed to get Boeing to enter the market is iii. $0. (2) In the absence of government intervention, iii. Airbus has/have a dominant strategy.
(1) To determine the minimum subsidy needed to get Boeing to enter the market, we need to identify the scenario where Boeing's payoff is greater than or equal to zero.
Looking at the payoff matrix:
Boeing Enter Market:
If Airbus enters: Boeing: -10
If Airbus does not enter: Boeing: 20
Boeing Do Not Enter Market:
If Airbus enters: Boeing: -10
If Airbus does not enter: Boeing: 0
From the matrix, we can see that the only scenario where Boeing's payoff is greater than or equal to zero is when Airbus does not enter the market and Boeing enters, resulting in a payoff of 20. Therefore, no subsidy is needed for Boeing to enter the market.
Regarding the dominant strategy, a dominant strategy occurs when a player's best decision remains the same regardless of the other player's actions.
(2) To determine if there is a dominant strategy, we need to compare the payoffs for each company in different scenarios.
Airbus Enter Market:
If Boeing enters: Airbus: -10
If Boeing does not enter: Airbus: 20
Airbus Do Not Enter Market:
If Boeing enters: Airbus: 0
If Boeing does not enter: Airbus: 0
From the matrix, we can see that regardless of Boeing's decision, Airbus's best payoff is achieved by entering the market, resulting in a payoff of 20. Therefore, Airbus has a dominant strategy of entering the market.
In the absence of government intervention, Boeing does not have a dominant strategy since its best decision depends on Airbus's action.
Therefore, the correct option for (1) is iii. $0 and the correct option for (2) is iii. Airbus.
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Beth borrowed $1,500 from the bank at 8 percent interest and will make interest-only
payments until the end of the year when she will pay off the entire amount. How much
will her last payment for the entire amount be?
Answers
The amount which will be paid by Beth as her last payment is; $1510
Interest and PrincipalAccording to the question;
Beth borrowed $1,500 from the bank at 8 percent interest.Hence, the total interest to be paid is;
Interest, I = (8/100) × $1500Interest, I = $120The interest is spread equally over 12 months of the year and hence, the amount to be paid each Month is; $120/12
Monthly interest payment = $10
Hence, at the end of the loan term, Beth's last payment will be;
Last payment = $10 + $1500 = $1510
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PLEASE HURRY!! I'M IN A TEST!!
Juan has a bachelor's degree in science; he has worked in the marketing research industry for five years; and he has two years of experience in the health care industry. He has just gotten a new job with Arrow Research. Juan will be helping define the objectives of marketing research projects in the health care industry, and analyzing and interpreting data. Juan's job is most likely as a _____. (Select all that apply.)
research manager
marketing research analyst
account executive
project director
Answers
He has just gotten a new job with Arrow Research. Juan will be helping define the objectives of marketing research projects in the health care industry, and analyzing and interpreting data. Juan's job is most likely as a Marketing research analyst
Option B is correct
His job responsibilities include defining the objectives of marketing research projects in the health care industry and analyzing and interpreting data.
Marketing research analysts typically have a bachelor's degree and several years of experience in the field. Juan's experience in both marketing research and healthcare industries make him a suitable candidate for this job.
Option B is correct
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what are some common tasks performed by Psychiatrists? (Select four options)
A administering first aid and life support care
B collaborating with other medical professionals
C maintaining patient information and records
D developing diagnostic imaging techniques
E prescribing, directing, or administering psychotherapeutic treatments or medications
F analyzing and evaluating patient data or test findings
Answers
Answer:
B, E and F and explanation I share you other thought about it
Explanation:
Psychiatrists are medical doctors who specialize in the treatment of mental health conditions. Some common tasks performed by psychiatrists include:
Conducting initial evaluations and assessments to diagnose mental health conditionsPrescribing and managing medications to treat mental health conditionsProviding individual, family, or group therapy to help patients manage their mental healthDeveloping and implementing treatment plans for patientsCollaborating with other healthcare providers to coordinate care for patientsProviding crisis intervention and support to patients experiencing mental health emergenciesConducting research to advance the field of psychiatry and improve treatment options for patients.50 points pls give good answer
What do you think you'd like best about working as a hospitality manager?
Answers
Answer:
What I would like best as working as a hospitality manager, is to make sure my establishment/place of work is running smoothly. Whether that requires me to keep up with finances, or just general peace keeping. I would ensure that my customers were 100% satisfied and felt welcome their entire stay.
Explanation:
Explanation:
I Like To Keep My Patients Healthy And Safe..
When a corporation repurchases its bonds from the bondholders, the corporation the bonds.
Answers
These bonds are called retired bonds. The bonds are referred to be retired bonds when a corporation repurchases them from the bondholders. They are called so because they have been repurchased from the investors.
- More about retired bonds :
- Repurchasing previously issued bonds from investors is referred to as retired bonds. At the time of the instruments' scheduled maturity, the issuer retires the bonds. Another method of retirement is for the issuer to repurchase the bonds sooner if the bonds are callable.
- In the case of bonds, it means that the corporation is effectively returning the principal to the investors who purchased loans from them and discharging its debt obligations. Retired securities are those that have undergone this type of purchase back.
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- The complete question is :
When a corporation repurchases its bonds from the bondholders, the bonds are called ____ bonds.
Zubi advertising services, inc. , has worked with american airlines to create advertisements across various media. This ad agency is performing what role in the communication process?.
Answers
Zubi Advertising Services, Inc. has produced advertisements for American Airlines across a variety of media.The advertising agency might be viewed in this context as transmitter roles in the communication process.
What's going on with publicizing office?
A company that creates advertisements for other businesses or organizations is known as an advertising agency.
What does an advertising agency do?
A tailor is like an advertising agency.It designs the advertisements, decides how, when, and where they should be distributed, and then hands them over to the client.The majority of advertising agencies do not rely on any organizations.The clients' product sales are the sole responsibility of these agencies.
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Type the correct answer in the box. Spell all words correctly.
Complete the sentence with the correct word.
Mia likes to write books during her
free time. At present, three of her books have been
published and sold around the world.
The income received
from selling her
books is an example c
income.
Reset
Next
Answers
The income received from selling her books is an example of passive income.
Income is split up into three categories by the IRS in the US: active income, passive income, and portfolio income.
What is passive income?A sort of unearned income known as passive income is one that is automatically acquired and requires little to no work to retain. It frequently goes hand in hand with another revenue stream, like a second job. A taxable acquired income, passive income is derived from capital gains or has a connection to the tax deduction system.Examples of passive income include producing books, recording music, selling digital goods, and generating other items that generate money. Investing. capital gains through asset investments.Investing in dividend stocks is one of the simplest passive income strategies available. When you buy a dividend stock, you support a company's operations while also getting regular returns on your investment. Progressive passive income is described as such when the earner puts minimal effort into increasing the revenue.Learn more about passive income here:
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replying to what you think about this
1
The difference between leader and manager is shown in the names themselves. A manager is someone who sees what needs to be done and hands out responsibilities to their employees. A leader is someone who sees those same things and teaches or even does the task with their employees to make sure that they are learning the correct way. A manager is looking at the improvement of the business alone whereas leaders look at the improvement of the people as well.
One of the most important values as a leader is the ability to teach. If you are in a position that gives you people that you are in charge of you have a responsibility to those people. You can go to school and learn the basics of just about anything. However, almost all jobs or positions are best learned by hands on learning. That is the leader's job to teach what they know and hand down knowledge to the next generation.
I have been in management positions before. It is staggering sometimes to know that you have a team of people counting on you to guide them. I am usually a very hands-on leader. Before the day starts as I am handing out responsibilities I give myself a few tasks to do as well. This lightens the load on my employees and also shows that I am not giving them something that I would not do myself. After I finish a task I usually go around to my employees, watch what they are doing and how they are handling their tasks. If I see someone doing something in a way I would not I stop them and ask why they chose to do it that way and offer the way I would do it and see if that helps them or hurts them. This way, we both learn.
2
The difference between a leader and a manager is the outcome or vision. A leader will provide a sense of priority and guidance to others. Leaders are role models who genuinely contribute to the well-being of the situation. A manager is someone who manages and is there to foresee the overall production. The manager is more in charge of supervising to ensure the business goals are met.
The most important values of a leader are kindness, integrity, accountability, someone who is caring and passionate, and goal-oriented. It is important to have a leader with substance. Someone who is genuine and exemplifies the want to see others as well as the business excel.
I strive to be a leader who cares about the overall growth of my followers and business. A leader is more like a mentor. There are some people who help but don’t want to help as much to have others better than them. I am a genuine person who is all about the success of others. I am a nurturer by nature and thrive from seeing others succeed. I was trained as a shift leader at a beginner’s age, and with the values from my upbringing, I prefer the role of a leader. I am always open to being better and learning.
Managing can be difficult. Working with several personalities may require the manager to be understanding and open to learning about each personality. Everyone is not the same but there are ways to deal accordingly. I will remain positive as a manager and not down-talk anyone. Not only provide others with instructions but also lead by example.
Answers
The first passage emphasizes that a leader actively participates in tasks, teaches and guides employees, and focuses on both business improvement and leadership , while the second passage highlights a manager's role in overseeing production and achieving business goals, with a focus on supervision and priority setting.
How do the two perspectives described in the passages differentiate between a leader and a manager?The two passages provide different perspectives on the difference between a leader and a manager. In the first passage, the focus is on the actions and responsibilities of a leader and a manager. It suggests that while a manager delegates tasks to employees, a leader goes beyond that by actively teaching and even participating in tasks to ensure the correct approach and promote learning. The passage also highlights the leader's concern for the improvement of both the business and the people involved.
In the second passage, the emphasis is on the outcomes and qualities of a leader and a manager. It suggests that a leader provides guidance, prioritizes effectively, and contributes to the well-being of the situation, acting as a role model. On the other hand, a manager's role is described as overseeing production and ensuring the achievement of business goals through supervision.
Overall, both passages highlight the importance of leadership qualities such as teaching, caring, integrity, accountability, and goal-orientation. They also acknowledge the challenges of managing diverse personalities and stress the significance of leading by example.
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Points are calculated in relation to the loan amount. Each point equals one percent of the loan amount. For example, one point on a $100,000 loan would be one percent of the loan amount, or $1,000.
Answers
In the context of loans, points are calculated as a percentage of the loan amount, with each point representing one percent of the loan. For instance, on a $100,000 loan, one point would amount to $1,000.Points are a common financial concept in lending, particularly in mortgage loans.
They are fees paid upfront to the lender and are typically expressed as a percentage of the loan amount. Each point is equal to one percent of the loan amount. For example, if a loan is valued at $100,000, one point on that loan would be calculated as $1,000 (1% of $100,000).
Points serve as a way for borrowers to lower the interest rate on their loan. Lenders offer borrowers the option to pay points upfront in exchange for a reduced interest rate over the life of the loan. The more points a borrower pays, the lower their interest rate will be. This can result in long-term cost savings for the borrower.
By understanding the relationship between points and the loan amount, borrowers can evaluate the trade-off between upfront costs and long-term savings. It allows them to make informed decisions about whether paying points is beneficial based on their financial situation and the duration they expect to hold the loan.
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please show work. i upvote!
In an engine, a piston oscillates with simple harmonic motion so that its position varies according to the expression x = 7.7 cos (12.7 t +-2.8) where x is in centimeters and t is in seconds. What is
Answers
We may compare the supplied expression with the accepted equation of simple harmonic motion to get the angular frequency and phase constant of the motion:
x = A cos(t plus )
The following values can be found in the formula x = 7.7 cos(12.7t 2.8), as given:
Intensity (A) = 7.7 cm
Angle frequency is equal to 12.7 rad/s.
Phase factor () = 2.8
The phase constant () denotes the beginning phase or displacement of the motion, while the angular frequency () denotes the speed at which the piston oscillates.
The piston oscillates in a positive direction because the angular frequency () is positive (12.7). Two possible values for the phase constant () correspond to two different beginning displacements: +2.8 and -2.8.
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Which one of the four factors of copyright is MOST important?
Answers
Answer:
the purpose and character of the use i think
Explanation:
Arrow Industries employs a standard cost system in which direct materials inventory is carried at standard cost. Arrow has established the following standards for the direct costs of one unit of product.
Standard Standard Standard
Quantity Price Cost
Direct materials 8 pounds $1.80 per pound $14.40
Direct labor 0.25 hour $8.00 per hour 2.00
Total $16.40
During May, Arrow purchased 160,000 pounds of direct materials at a total cost of $304,000. The total factory wages for May were $42,000, 90 percent of which were for direct labor. Arrow manufactured 19,000 units of product during May using 142,500 pounds of direct material and 5,000 direct labor hours.
a. Calculate the direct materials price variance for May.
b. Calculate the direct materials quantity variance for May.
c. Calculate the direct labor wage rate variance for May.
d. Calculate the direct labor efficiency variance for May.
Answers
Answer:
the answer is c!!!!
In terms of equity theory, which of the following would be considered inputs?
A) skills
B) recognition
C) experience
D) compensation
Answers
In terms of equity theory, the following would be considered inputs: A) skills and C) experience. Equity theory, developed by John Stacey Adams, posits that individuals assess their job inputs (what they bring to the job) and outcomes (what they receive from the job) in comparison to others in similar positions to determine if they are being treated fairly.
Inputs include factors like skills and experience, which are personal contributions employees bring to their job. Skills refer to the abilities, knowledge, and expertise an individual possesses, while experience refers to the years of practice, exposure, or involvement one has in a particular field or job.
On the other hand, B) recognition and D) compensation are considered outcomes in equity theory. Recognition refers to the acknowledgment, praise, or appreciation an individual receives for their work, and compensation includes the monetary rewards, such as salary and bonuses, that an employee receives in exchange for their work.
In summary, in terms of equity theory, inputs encompass an individual's skills and experience, which they contribute to their job. These are then compared to the outcomes, such as recognition and compensation, to assess whether an individual is being treated fairly compared to their peers.
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zoom in and examine the locations of faults relative to cities housing, businesses, freeways, and development in general. how would you describe the level of seismic hazard in the bay area?
Answers
The Bay Area is located in the seismically active region of California and is prone to earthquakes and other seismic activity.
Understanding the locations of faults relative to cities, housing, businesses, freeways, and development is key to assessing the potential level of seismic hazard in the region.
To provide an accurate assessment of seismic hazard, it is necessary to zoom in and examine the exact locations of the faults and how they are situated relative to the aforementioned structures.
By doing this, one can gain a better understanding of the seismic hazard present in the Bay Area and take the necessary precautions to protect against potential seismic activity.
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A credit card company advertises an APR of 14.7%, compounded daily. What
is the effective interest rate? Round your answer to two decimal places.
Answers
Answer:
16%
Explanation:
Effective interest rate = (1 + i/m)^m - 1
= (1 + 0.147/365)^365 - 1
= 0.1583
= 0.16 = 16%
explain advertisement
Answers
Answer: Advertisement is a marketing communication. It is used to promote businesses and their products. Used to promote more effectiveness in a businesses profit and their sales. May be seen in the form of commercials or billboard announcements in everyday life.
The job _______ results in two written statements: one that specifies the responsibilities, duties and working conditions of the job, and the other setting forth the minimal education and skills required to do the job. specification description analysis assessment
Answers
Answer:
The word "Analysis" would most likely fit the statement.
Explanation:
The job analysis results in two written statements: one that specifies the responsibilities, duties, and working conditions of the job, and the other setting forth the minimal education and skills required to do the job.
The General Ledger shows or
contains which of the following?
A. All of the Above
B. Liabilities
C. Assets
D. Shareholder's Equity
Answers
Answer:
A. All of the above
Explanation:
The General Ledger is the primary accounting record that shows a company's financial transactions. It contains all of the accounts that are used to record transactions, including assets, liabilities, shareholder's equity, revenue, expenses, gains, and losses.
The General Ledger provides a comprehensive view of a company's financial position and is used to produce financial statements such as the balance sheet, income statement, and cash flow statement. The information in the General Ledger is used by management, auditors, and other stakeholders to make informed decisions about the company's financial health and performance.
According to republican thought:___.
a. The business of government was to help, not regulate, business.
b. Upper classes were best qualified to lead governments.
c. Republics failed because citizens lost their virtue.
d. Government involvement in business led to bloated budgets and social engineering.
Answers
Hope it helps
Guys I need help r n
Answers
Answer:
ok what?
Explanation:
pls mark brainilest if i can help
trying to pass the rank ambious
Which statement is an example of inflation?
Answers
Answer:
The price level of many things you buy increases over time.
Explanation:
The question itself was a bit confusing, like there was going to be options, but i did what i could with what i was given, and found you a good example. I hope this helps! Great to be of service to you! ⚔
Relationship marketing involves two activities: customer acquisition and customer retention. The initial sign-on bonus for Chase Sapphire Reserve was 100,000 points. Which relationship marketing activ
Answers
The 100,000 points sign-on bonus for Chase Sapphire Reserve is a customer acquisition activity.
Customer acquisition refers to the process of attracting new customers to a business or brand. In this case, the sign-on bonus of 100,000 points is an incentive offered to potential customers to encourage them to apply for and use the Chase Sapphire Reserve credit card. By providing such a generous sign-on bonus, the credit card company aims to entice new customers to join and become cardholders.
Once customers have signed up, the credit card company will then focus on customer retention strategies to keep these customers engaged and loyal over the long term. The sign-on bonus, in this context, is a key marketing tactic to acquire new customers and establish a relationship with them. Hence, the 100,000 points offered serves the purpose of customer acquisition.
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Here is the complete question:
Relationship marketing involves two activities: customer acquisition and customer retention. The initial sign-on bonus for Chase Sapphire Reserve was 100,000 points. Which relationship marketing activity are the 100,000 points about?
Neither customer acquisition nor customer retention
Customer acquisition
Customer retention
Both customer acquisition and customer retention
In business, a group of people who work together in an attempt to achieve some specific purpose is known as a(n) _____. Multiple choice question. cadre symposium cohort organization
Answers
There are different kinds of firms. In business, a group of people who work together in an attempt to achieve some specific purpose is known as an organization.
What is an organization?An organization is regarded as a combination or a group of people that are said to be working together such as an association, a charity, a union, etc.
The word organization also connote a group or business, or to the process establishing something.
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A container of bouncy ball hold 3 clear, 10 yellow, 3 green, and 4 red ball. A ball i elected at random from the container
Answers
A container containing bouncy balls contains 3 clear balls, 10 yellow balls, 3 green balls, and 4 red balls. If a ball is selected at random from a container, the probability of selecting a certain color can be calculated by dividing the number of colored balls by the total number of balls in the container.
For example, the probability of drawing a clear ball is 3 / (3 + 10 + 3 + 4) = 3 / 20 = 0.15 or 15%. The probability of getting a yellow ball is 10/20 = 0.50 or 50%. The probability of getting a green ball is 3/20 = 0.15 or 15%. The probability of getting a red ball is 4/20 = 0.20 or 20%.
Probability is a branch of mathematics that deals with the probability or chance of an event occurring. It is expressed as a number between 0 and 1, where 0 represents an impossible event and 1 represents a certain event. A probability of 0.5, for example, indicates that an event has an equal chance of happening or not happening. A probability of 0.8 indicates a high probability of an event occurring, while a probability of 0.2 indicates a low probability of an event occurring.
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can anybody help me please i will mark brainlyest
Answers
and electrical light
Explanation:
telephone: it allowed for instant
communication, communication by voice,
and it paved the way for future inovations
in telephone technology.
engine: it was powered by gas and air,
which made it impractical for widespread
public use.
light: Electric lights allowed factories to stay
open longer and produce more goods.
____ refers to the number of people that can share an information asset.
Answers
The term that refers to the number of people that can share an information asset is known as accessibility.An information asset refers to any electronic or physical data that has some value to the organization.
This information can include data that is stored in hard copies, digitally or any other form. In most cases, information assets contain confidential information, such as financial data, intellectual property, and personal information of customers or employees.
The accessibility of information assets refers to who can view and access them. The access control of information assets helps to ensure that they are protected from unauthorized access. The organization implements access controls to information assets through security policies, procedures, and technologies.
The primary goal of implementing access controls is to ensure that only authorized individuals have access to information assets, thus ensuring their confidentiality, integrity, and availability.
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DATA STORES ARE DEPARTMENT ORIENTED ARE SMALLER IN SCOPE, AND ARE MUCH LESS EXPENSIVE
Answers
Yes, that statement is generally true. Data stores that are department oriented tend to be smaller in scope, focused on specific areas of a company's operations.
Because they are more targeted, these data stores require less resources to build and maintain than larger, enterprise-wide data stores. This means they are much less expensive to implement and manage over time.
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Which of the following is an example of a horizontal marketing system?
A.McDonald's restaurants are placed inside Walmart stores.
B.McDonald's sells its franchises to local owner/operators giving those who already are franchisees the first right of refusal to buy other locations.
C.Nike does not own any factories that make athletic shoes but subcontracts with many manufacturers across southeast Asia.
D.Century Twenty One Relators has small offices owned and operated by local residents across America.
E. Apple installs Apple vending machines in malls, department stores, and airports
Answers
An example of a horizontal marketing system is when McDonald's restaurants are placed inside Walmart stores. The correct option is a.
A horizontal marketing system refers to a collaboration or partnership between two or more companies at the same level of the distribution channel to achieve mutual benefits. In this case, McDonald's and Walmart form a horizontal marketing system by placing McDonald's restaurants inside Walmart stores. This strategic alliance allows both companies to leverage each other's customer base and resources. McDonald's benefits from the foot traffic and exposure provided by Walmart's large customer base, while Walmart benefits from having a popular fast food chain within its stores, attracting more customers and increasing sales.
This arrangement enhances the convenience and accessibility for consumers, as they can conveniently grab a meal while shopping at Walmart. Overall, the collaboration between McDonald's and Walmart exemplifies a horizontal marketing system, where two companies join forces to enhance their market presence and customer experience.
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State two advantages of advertising in a newspaper compared to radio advertising.
Answers
Answer:
Radio advertising is come and gone once it plays so people can miss it.
Newspaper advertising is cheaper.
Explanation: