Answer:
Cognitive dissonance techniques are difficult to implement on a mass scale.
Explanation:
Cognitive dissonance refers to a state of operation of conflicting views and ideas in the mind, at the same moment. Usually those contrasting views are difficult to reconcile.
A marketer targets consumer's state of cognitive dissonance by advertising and touching upon those product attributes which create a dissonance between a consumer's perceived idea of the product and what the advertiser depicts.
This state of perceptible conflict in the ideas leads a consumer towards it's reconciliation and induces a purchase.
For example, a salesperson advertising an expensive watch as, a product only purchased by "royal" social class. Now, the consumer though considers the product to be too expensive. But now, he thinks of the royalty aspect, which may ultimately induce him to buy such a product.
Such techniques can only be implemented to induce sales at individual level or targeted at few customers. Wherein the customers are huge, the conflict or cognitive dissonance gap would be huge, which the marketer will not be able to bridge.
Both Mia and Mario produce only the item in which they have a comparative advantage. Then they trade one pasta for one pizza. Before specialization and trade started, Mia and Mario were each producing 66 dishes of pasta and 66 pizzas an hour. The total gains from trade are ______ dishes of pasta and ______ pizzas an hour.
The total gains from trade are 66 dishes of pasta and 66 pizzas an hour.
Explanation:
A calculation of the net income from trade is the amount of the surplus of the customer and the earnings of the manufacturer or, more generally, the enhanced efficiency of the specialization of production with the subsequent export.
Trade gains can also apply to the net benefits of reducing barriers to trade, such as import tariffs, for a region.
To measure the income, take the price at which you sell the investment and deduct from it the price you originally charged for it. Now that you've got the income, split the income by the original value of the investment. Finally, subtract the response by 100 to adjust the percentage of your investment.
A portfolio business that generates operating cash flows over and above internal requirements, thereby providing financial resources that may be used to finance new acquisitions, fund share buyback programs, or pay dividends is commonly called a _________.
Answer:
cash cow
Explanation:
A cash cow is a business venture or a business strategy that generates income and return more than the market. It is an efficient way to generate returns more than the market. It is the best way to provide financial resources that may help in acquiring new assets and businesses. Cash cow also provides higher dividend and cash flow.
_____ occurs when an advertiser underwrites the total cost of a program.
A. Market aggregation
B. Full-spot participation
C. Sponsorship
D. Narrowcasting
E. Television customization
A foreign company (whose sales will not affect benjamin's market) offers to buy 4,100 units at $7.61 per unit. in addition to variable manufacturing costs, selling these units would increase fixed overhead by $610 and selling and administrative costs by $310. if benjamin accepts the offer, its profits will:
Devon and edmond enter into a contract for the closing of a sale of devon's recording studio. when edmond's schedule conflicts, he asks ferdie to perform his duties at the closing. this transfer of duties is
Answer:
A delegation.
Explanation:
Delegation is the process by which a person transfers the performance of certain duties to other parties. Delegation is usually done to increase efficiency.
For example if a supervisor has 3 urgent tasks to be performed, he can delegate 2 of them to other staff while focusing on 1 of the tasks. This will ensure deadlines are met and work is well done.
In the given instance Edmond delegates to Ferdie because of conflicting schedule. This will ensure the closing of the sale is done while Edmond meets other obligations.
Which way of preparing for a test does not use the Growth Mindset?
I do better when I practice a lot, so I made flashcards a week before the test.
I know that I'm not great at tests, so I'm not going to worry about studying a lot.
I can do better than my last test, so I'm studying what I don't know yet.
I can always get better, so I went to an extra study session during lunch.
Answer: I know that I'm not great at tests, so I'm not going to worry about studying a lot.
Explanation:
The Growth Mindset is a principle that describes the mindset of believing that one can get better. It is the belief that your basic skills can be horned to be better by constantly working towards it.
The person in Option B who said that they won't study because they know they are not very good at tests does NOT have the growth mindset because they are not interested in improving themselves at all. They have made up their mind that they are not very good at something and so will just leave it as it is. This is called a FIXED MINDSET.
Bob claims that Carla breached their contract for tutoring. Carla responds that she never intended to enter into a contract with Bob. The intent to enter into a contract is determined with reference to. the intentional theory of contracts. the objective theory of contracts. the personal theory of contracts. the subjective theory of contracts.
Answer:
the objective theory of contracts
Explanation:
The objective theory of a contract is attached to legal laws and agreements. In the above scenario, Bob claims that Carla breached their contract while Carla explains that she never intended to enter a contract. So, the intention to enter the contract will be explained by the objective theory of a contract, and it will explain who has breached the contract; according to the law and agreement.
Lionel joined the International Council on Hotel, Restaurant and Institutional Education for career guidance. Which profession is he aspiring for? Lionel is aspiring for a profession in hospitality or (blank).
Answer:
Food-service management
Explanation:
The International Council On Hotel, Restaurant & Institutional Education (I-CHRIE) was founded in 1946 as a non-profit organization for schools offering programs in hotel and restaurant management, food service management and culinary arts.
Hence, Lionel haven joined the International Council on Hotel, Restaurant and Institutional Education for career guidance is aspiring for a profession in hospitality or food-service management.
Answer:
tourism (correct for Plato)
Avery, Inc. held 100 shares of its own $10 par value common stock purchased for $15 per share. On December 1, Avery sold 10 shares at $15 per share. The journal entry to record the sale of treasury stock would include a (debit/credit) to Treasury Stock in the amount of $.
Answer:
The journal entry to record the sale of treasury stock would include a credit to Treasury Stock in the amount of $150.
Explanation:
Cost of treasury stock: $15 per share. This would be the cost basis of the future sales of the treasury stocks.
Hence, upon sale of the 10 shares of the treasury stock, we credit the account by:
$15 x 10 shares = $150 credit to the account.
Force Corporation is owned equally by Luke and his sister Leia, each of whom own 200 shares in the company. Force redeemed 100 shares of Luke’s stock in the company on December 31 of this year paying Luke $1,000 per share. Luke’s income tax basis in each share is $500. Force has total E&P of $800,000. What are the tax consequences to Luke as a result of the stock redemption?
Complete question:
Force Corporation is owned equally by Luke and his sister Leia, each of whom own 200 shares in the company. Force redeemed 100 shares of Luke’s stock in the company on December 31 of this year paying Luke $1,000 per share. Luke’s income tax basis in each share is $500. Force has total E&P of $800,000. What are the tax consequences to Luke as a result of the stock redemption?
a)$50,000 capital gain and a tax basis in each of his remaining shares of $500.
b)$50,000 capital gain and a tax basis in each of his remaining shares of $1,000.
c)$100,000 dividend and a tax basis in each of his remaining shares of $500.
d)$100,000 dividend and a tax basis in each of his remaining shares of $1,000.
Answer:
$50,000 capital gain and a tax basis in each of his remaining shares of $500.
Solution:
The sale should be viewed as an swap as Luke decreases the shareholding from 50 per cent (200/400) to 33 per cent (100/300).
Luke is not regarded as the shareholder of any property held by his dad.
Luke records a capital benefit of $50,000, measured as $100,000 – $50,000.
∴ $50,000 capital gain and a tax basis in each of his remaining shares of $500.
Anita is conducting a country market assessment and is focusing on four key elements: distribution channels, transportation systems, communication systems, and commerce. In doing so, Anita is evaluating which component of the market assessment?
Answer:
infrastructure
Explanation:
Based on the scenario being described within the question it can be said that Anita is evaluating the infrastructure component. This component refers to the analyzing all of the physical facilities and systems that will be needed for the business within a certain market. This includes distribution and communication channels as well as the warehouses and facilities for the business' operations.
Carlos took seven years to pay off his loan by making identical quarterly payments. The loan had a principal of $22,375 and 5.49% interest, compounded quarterly. Carlos paid a total of $28,821.67. How much did Carlos pay in service charges
Answer:
$1,721.274
Explanation:
The amount paid as service charge is the difference between the total amount paid by Carlos on the loan and the total installment due.
Service charge = Amount paid - Total installment payment
The quarterly installment payment from the loan can be determined as follows:
Quarterly equal installment = Loan amount/Annuity factor
Quarterly interest rate = 5.49%/4 =1.3725%
Annuity factor = 1- (1+r)^(-n)/r
r =1.3725%,
n = 4×7 there are four quarters in a year
Annuity factor = (1- (1.013725)^(-4×7) )/0.01327)
= 23.1177
Quarterly installment payment interest
= 22,375/23.1177
= 967.87
Total amount paid in installment
= 967.871× 7 × 4
= 27,100.39518
Service charge = Amount paid - Total installment payment
$28,821.67 - 27,100.395
=$1721.274
Less popular open source products are not likely to attract the community of users and contributors necessary to help improve these products over time. This situation reiterates the belief that _____ are a key to success.
A. proprietary products
B. brand strategies
C. network effects
D. technology expenses
E. advertising campaigns
Answer:
C. network effects
Explanation:
The network effect is a phenomenon that explains that the number of users can increase or decrease the value of a system. The best example of the network effect is the internet and E-commerce websites. At first, there were hardly any clients yet with time, the estimation of web expanded because of increase in several clients.
To increase living standards, public policy should a. ensure a greater degree of equality, taking all income-earners into account. b. move workers into jobs directly from high school. c. ensure that workers are well educated and have the necessary tools and technology. d. make unemployment benefits more generous.
To increase living standards, public policy could focus on income equality, early employment, education, technological accessibility, or generous unemployment benefits. Each strategy has pros and cons. Of the options presented, providing education and access to tools and technology is perhaps the best balance.
Explanation:To increase living standards, public policy might deploy a variety of strategies, each of which has potential advantages and drawbacks. Let's address each option:
Ensuring more income equality might raise the standards for the lower-income earners but might disincentivize the high-income earners if their income is substantially reduced.Moving workers into jobs straight from high school could result in an increase in employment rates. However, the quality of the work could be compromised due to the lack of higher education and skills.Education and access to tools and technology can enhance productivity, sparking economic growth and subsequently enhancing living standards. This option seems to strike a reasonable balance between equality, opportunity, and economic efficiency.Generous unemployment benefits can provide a safety net for individuals temporarily out of work, but if too generous, they may discourage job-seeking.Learn more about Public Policy and Living Standards here:https://brainly.com/question/34208689
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Public policy that promotes equality, education, and technology can effectively improve living standards. Public education is an example as it redistributes wealth and contributes to future workforce. Policies should balance mitigating inequality and supporting market economy.
Explanation:To increase living standards, public policy should ensure greater degrees of equality among all income earners, and ensure that workers are both well educated and equipped with necessary tools and technology. It is not the only responsibility of labor markets to determine workers' pay as it does not usually take into consideration factors such as basic needs of families like food, shelter, and health care. Hence, public policies should be focused on reducing income inequality.
The value of these policies is seen when, for instance, the provision of free public education is considered. This policy actually results in a form of distribution of wealth, since low-income families acquire education, a valuable resource, at a rate higher than what they contribute in taxes. This well-educated population in turn becomes a potential workforce that can help in the economic growth and expansion of a country.
Lastly, it is also crucial to note that while policies for diminishing inequality should be prioritized, they should also be implemented with a goal to sustain political support for a market economy. A balanced approach will not only ensure a steady economy but also a fair society.
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When deciding to accept a one time only special order from a wholesaler, management should ________. A. determine whether excess capacity is available B. verify past design costs for the product C. consider the sunk costs and opportunity costs D. not consider the special order's impact on future prices of their products
Answer:
A
Explanation:
As supplying for a wholesaler means providing a large amount of products.
Particularly, a -one-time-only special order often involve in extrmely large quantity with low price. In addition, the quantity and quality of products are always the most important factors considered of an order.
So that determining the capacity so as to meet the needs of the wholesaler is what the management should do to assure the the numbers and the quality of products to supply.
Harper Company lends Hewell Company $28,800 on March 1, accepting a four-month, 12% interest note. Harper Company prepares financial statements on March 31. What adjusting entry should be made before the financial statements can be prepared
Answer:
Dr Interest income accrued $288
Cr Interest income revenue $288
Explanation:
When preparing financial statements at the end of March,there is a need to recognize the interest income of one month,that is the interest accrued from 1st March to the end of March in the books of Harper Company,which is computed thus:
$28,800*12%*1/12=$288
The accrued interest income should be debited to accrued income and credit interest income,since an increase in income is naturally a credit in the income account and accrued interest is an asset that should be debited.
Question help fifty dash fourfifty-four wild bears were anesthetized, and then their weights and chest sizes were measured and listed in a data set. results are shown in the accompanying display. is there sufficient evidence to support the claim that there is a linear correlation between the weights of bears and their chest sizes
Answer:
Answer: Yes, There is a linear correlation between the weights of the bears and their chest sizes because the absolute value of the test statistics 0.961 exceeds the critical value
Explanation:
Claim: There is a linear correlation between the weights of the bears and their chest sizes
Null hypothesis, H₀ : p=0 (there is no significant correlation)
Alternative hypothesis, H₁ : p ≠0 (there is no significant correlation)
Level of significance, α = 0.05
Decision rule: Reject H₀ if robserved ≥ rcritical
Sample correlation coefficient r = robserved = 0.961
Yes, There is a linear correlation between the weights of the bears and their chest sizes because the absolute value of the test statistics 0.961 exceeds the critical value
It can be inferred that there is a linear correlation between the weights of bears and their chest sizes. Therefore, it's logically correct.
From the information given, it should be noted that the null hypothesis states that there's is no significant relationship between the variables.
On the other hand, the alternative hypothesis implies that there's a significant relationship. From the data set, there's a linear correlation between the weights of bears and their chest sizes.
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15. A market decline of 23% on a day when there is no significant macroeconomic event ______ consistent with the EMH because ________. a. would be, it was a clear response to macroeconomic news b. would be, it was not a clear response to macroeconomic news c. would not be, it was a clear response to macroeconomic news d. would not be, it was not a clear response to macroeconomic news e. None of these are correct.
Answer:Option c
Explanation:
Some of the macro economic event such as interest rates, unemployment, economic growth and inflation affects the stock markets . If any of these events occur then market has its effect on it. EMH is the efficient market hypothesis that the asset prices reflect the market situation.
When the macroeconomic event has not taken place but there is market decline then EMH is not consistent with the event or the macro economic news.Market prices also reflect due to the latest information if any.
Final answer:
A market decline of 23% on a day when there is no significant macroeconomic event would not be consistent with the EMH because it was not a clear response to macroeconomic news.
Explanation:
The correct answer is option d. A market decline of 23% on a day when there is no significant macroeconomic event would not be consistent with the EMH because it was not a clear response to macroeconomic news.
The Efficient Market Hypothesis (EMH) states that financial markets are efficient and that prices fully reflect all available information. According to the EMH, market prices should adjust quickly and accurately to new information. If the market decline of 23% was not a clear response to macroeconomic news, it suggests that the market was not efficiently incorporating all available information, therefore contradicting the EMH.
For example, if the decline was due to other factors like investor sentiment or technical trading patterns, it would indicate that the market was not behaving in a way that aligns with the EMH.
In Axel Island, GDP is $15 trillion, consumption is $10 trillion, and government spending is $2.5 trillion. Taxes are $1 trillion, and the net capital inflow is $0.5 trillion. National savings in Axel Island is $_____ trillion. Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices 1
Answer: $3 trillion
Explanation:
GIVEN the following ;
Gross domestic product = $15 trillion
Consumption = $10 trillion
Government spending = $2.5 trillion
Taxes = $1 trillion
Net capital inflow = 0.5 trillion
National savings =?
National savings = Gross Domestic product - (Consumption + Government spending)
National savings = $15 trillion - ( $10 trillion + 2.5 trillion)
National savings = $15 trillion - $12.5 trillion = $2.5 trillion
Total savings = National saving + net capital inflow
Total savings = $2.5 trillion + $0.5 trillion = $3 trillion
Answer:
$1.5 trillion
Explanation:
The national savings of a country include both household savings and savings gotten from nation’s businesses and government.Total national saving is measured by the national income in form of consumption and taxes and is the same as national investment. Thus, in national income accounts, saving is always equal to investment.
Total savings = national savings (in form of taxes) + net capital inflow = $1 trillion + $0.5 trillion = $1.5 trillion
Best Brands Foods, a company that manufactures and sells breakfast cereals, customizes its cereal flavors to suit different lifestyles, personal tastes, and age groups. For example, it makes organic cereals for its health-conscious customers and colorful cereals with cartoon characters for children. Which market segment approach is Best Brands Foods using in this scenario?
Answer: Multi segment approach
Explanation:
The best brand foods tries to get customers from more than one segment using the same product can be called as multi segment approach. It makes the same cereals to suit the customers of different lifestyle, personal tastes and age groups. Best brands has identified their unique needs and has made products to suit their needs.
The same cereals are modified with colors, designs, flavors to suit the taste and preference of different consumers. The markets are segmented based on the ages, personal tastses and age groups after research by Best brand foods.
Prime Inc. has come up with a new product development project for which the project manager forms a team. The team includes Cam, Demarco, Tamara, and Aisha from accounting, marketing, manufacturing, and sales divisions respectively. On completion of the project, the team disperses and the four return to their original departments. However, each week, the four meet after work on Thursdays to play darts at a local pub. The type of team formed by the project manager is an example of a(n) _____ team.
The team formed by the project manager is a cross-functional team, typically found in matrix organizations, which is temporary and disbands after the completion of a specific project.
The type of team formed by the project manager is an example of a cross-functional team. This is evident as the team consists of members from various departments within Prime Inc., specifically accounting, marketing, manufacturing, and sales divisions. They come together to achieve a common goal, which is the development of a new product, sharing their unique perspectives and expertise. These temporary teams operate with a clear purpose and disperse once their project goals have been met.
Matrix organizations often utilize cross-functional teams, comprising individuals from different parts of the organizations, on either a temporary or a long-term basis, to address specific business objectives, challenges, or projects. In this case, the formation of the team for new product development reflects the temporary aspect of such teams, designed specifically to accomplish a distinct project or task.
When a firm incorporates more stages of the value chain and those stages bring the firm closer to the final customer, what is it engaging in? A. Value chain B. Forward vertical integration C. Backward vertical integration D. Corporate strategy E. Vertical integration
Answer:
c backward vertical integration.
Why is it a good idea to make interest payments for those loans that accrue interest during a grace period?
Answer:
Because during the grace period interest will accrue and it is added to the principal which also accrues interest, increasing your total debt.
Explanation:
A grace period refers to a period of time in which you are not obligated to make payments. However, some loans provide a grace period but interest accrue which increases the amount you owe. Because of that, it is a good idea to make interest payments on those loans to save money by avoiding that the interest is added to your principal raising your total debt.
Tim and Sally are taking out a personal loan to pay for their wedding expenses. The loan is for $9,000 and comes with an interest rate of 9.5% compounded monthly. The couple wants to pay the loan off as quickly as possible, keeping the monthly payments below $250. The lender offers repayment plans in 12 month increments. How long of a loan should they request?
Tim and sally should take a loan for 48 months that is for 4 years. As the number of compounding years has to be in multiples of 12, therefore n will be equal to 48 months which is 4 years.
What is the meaning of tenure in an annuity?An amount that is required to be paid at the end of a positive duration to reach a required sum or to pay a loan is called as an annuity. Tenure of the duration wherein the amount received is paid. we have the overall components to discover any of the missing values.
To calculate the N,
[tex]\rm\,P = PMT\times [1 -\frac{\frac{1}{(1+r)^{n} } }{r}]\\[/tex]
Here, P that is principal: $9,000
PMT that is payment is equal to $250
I is interest that is 9.5%, in this case as the payment will be given monthly, therefore i = 9.5/12 = 0.7916%
n is the number of compounding years that has to be calculated in this case.
[tex]\rm\,9,000 = 250\times [1 -\frac{\frac{1}{(1+0.007917)^{n} } }{0.007917}]\\\\\\(0.992145)^n = 1- 0.285012 = 0.714988\\\\\\n = 43.4[/tex]
Thus, As the number of compounding years has to be in multiples of 12, therefore n will be equal to 48 months which is 4 years.
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Hannah likes to frequent Citrus, a fine dining restaurant, as she loves the beef lasagna there and orders it every time she visits the restaurant. However, during her recent visit, the lasagna she was served was undercooked. When she informed the manager about it, she learned that the food was cooked by a replacement chef as the usual chef was on leave. In this scenario, which of the following characteristics of services is responsible for the lack of consistency and quality of the food at Citrus?
a. ​Inseparabilityb. ​Intangibilityc. ​Perishabilityd. ​Heterogeneity
Answer:
D.Heterogeneity
Explanation:
There are different characteristics of service which includes
1. Inseparability
2. Variability
3. Intangibility
4. Heterogeneity
5. Perishability
Heterogeneity is the characteristics of service which is responsible for the lack of consistency in the quality of of the food at citrus.
Heterogeneity of service is the inability of the same service to give the same level of satisfaction at different periods to the same Customer.
Hannah is experiencing the heterogeneity characteristics of service. That is why the once perfectly cooked lasagna that she loves has now become undercooked.
A competitive firm has been selling its output for $10 per unit and has been maximizing its profit. Then, the price rises to $14, and the firm makes whatever adjustments are necessary to maximize its profit at the now-higher price. Once the firm has adjusted, its
a. marginal revenue is lower than it was previously.
b. marginal cost is lower than it was previously.
c. quantity of output is higher than it was previously
d. All of the above are correct.
Answer:
a. marginal revenue is lower than it was previously.
Explanation:
According to the Law of Supply states, when the price of a product or service increases, all other factors are equal, the quantity of products or services offered by the suppliers increases, and vice versa. In other words, if a good price goes up, suppliers will try to increase their profits by offering more goods.so correct option is a. marginal revenue is lower than it was previously.
Final answer:
When the market price increases, a perfectly competitive firm's marginal revenue increases, prompting the firm to adjust output. The firm will increase production to where the new higher price equals marginal cost, usually resulting in a higher quantity of output than before. Option C
Explanation:
For a perfectly competitive firm, changes in the market price can significantly affect its profit-maximizing behavior. When the price at which the firm sells its output increases, the firm's marginal revenue (MR) also increases since MR in perfect competition is equal to the price of the product.
To maximize profits, the firm will adjust its output quantity to the point where this new higher price (increased MR) equals the marginal cost (MC) of production, which is the cost of producing one more unit. This usually results in higher production until MR equals MC again.
Given the scenario in the question where the price per unit increases from $10 to $14, the perfectly competitive firm will make adjustments to maximize profit at the new price level. As a result, the firm's quantity of output is expected to be higher than it was previously since the higher price makes more units profit-maximizing.
Find the compounded amount. Assume 3.5% interest compounded daily.$2,750 deposited June 12 and withdrawn August 30
Answer:
June is 30 days
30-12=18 days
July is 31 days
August is 30 days
Time=18+31+30=79 days
A=2,750×(1+0.035÷365)^(79)
A=2,770.91
Interest earned
I=A-p
I=2770.91-2750
I==20.91
The shareholders’ equity of Tru Corporation includes $540,000 of $1 par common stock and $1,140,000 par of 7% cumulative preferred stock. The board of directors of Tru declared cash dividends of $144,000 in 2018 after paying $54,000 cash dividends in each of 2017 and 2016.
What is the amount of dividends common shareholders will receive in 2018?
Answer:
$12,600
Explanation:
Annual Dividend to preferred stock = $1,140,000 × 7%
= $79,800
A schedule of preferred stock dividend in Arrears is as follows :
Dividend Paid Arrears
2016 $79,800 $54,000 $25,800
2017 $79,800 $54,000 $51,600
2018 $79,800 $131,400 0
Dividends of $131,400 has to be paid in 2018 to cover all the arrears.
Principle : Preference dividends (and their arrears if cumulative) are paid first before dividends distribution to common stock holders.
Common Stock Holders receive the remaining amount of dividends of $12,600 ($144,000 - $131,400)
Commercial sports are most likely to grow and prosper in societies with
Answer: Capital, Good Market Economy and Massive Urban Centres
Explanation:
Commercial sports are most likely to grow and prosper in societies with enough capital because for every buying and selling process, capital must be involved to set up marketable products. So, a commercial sport would require capital to have nice viewing areas, infrastructure and manpower.
Also, sports is incomplete without a massive urban center. A society with massive urban centres has a profitable potential for commercializing its sporting activities.
Lastly, a society with a good market economy that has its investment and production decisions dependent on supply and demand is a good spot for commercial sports.
Answer: Commercial sports are most likely to grow and prosper in societies with very active and energized people .
Chris Smith owns a store that sells all-terrain vehicles (ATVs). In the past, Chris just sold one version of each of the ATVs he sold in his showroom, but to increase sales, Chris now sells a low-end, a medium-priced, and a high-end version of each of the ATVs he sells. Chris's new strategy is called a(n) ________ strategy.
Answer:
product line extension strategy.
Explanation:
A product line extension strategy is an approach to developing new products for your existing customers or for prospects who do not currently buy from you. Extending a product line involves adding new features to existing products, rather than developing completely new products. This can reduce the cost of product development as well as increase opportunities to grow your revenue.