Consumer rationality Samenvattingen, Aantekeningen en Examens

Revenue Management Final Verified Solution 2023 What is the term used to identify a management philosophy that places customer gain ahead of short-term revenue maximization in revenue management decision making? - ANS->>customer-centric revenue management What is the term used to describe the potential customers to whom a business's marketing activities and messages are directed? - ANS->>the target market Understanding the barter system is critical because it helps us under...

3 views on globalization Globalization is when you do business internationally New, Evolutionary, and Pendulum "New" view on globalization A force sweeping through the world in recent times. Which view claims that the phenomenon of globalization was initially driven by the desire of Western economies to exploit their power through multinational enterprises? "Evolutionary" view on globalization A long-run historical evolution since the dawn of human history "Pendulum...

Bounded Rationality - Answer-When the consumer is functional only up to a certain point after which his/her choices are constrained or bound by limed knowledge and understanding of the available choices. Free Market Basic Assumption - Answer-Rational consumers will make informed decisions about value, quality, and price Moral Hazzard - Answer-Consumer will spend someone else's money different than their own Transparency on cost & quality (Market forces) - Answer-helps patients be mor...

Revenue Management Exam with 100% Correct Answers | Verified | Latest Update 2024 What is the name for the net value achieved by both parties in a business transaction? - Profit RevPash - Total period revenue/ number of available seats * Hours of seat availability According to the most recent Hospitality Sales & Marketing Association International(HSMAI) survey, to whom do the largest percentage of hotel revenue managers report? - Hotel's General Manager Formula to calculate an owner's ROI...

CEBS GBA Exam 2: Questions and answers, rated A+ What is the basic assumption underlying concept of a free market and how is it challenged by the theory of "bounded rationality?" (Mod 1.1) - Assumption that rational customers will make informed decisions about value, quality and price, while producers who meet consumer's demands will be rewarded with market share and profit. However this is challenged by the consumer's "bounded rationality" - rational consumer is only functional...

Behavioral Economics Detailed Final Exam Review with Q&A 2024. Definition behavioural economics - attempt to increase the explanatory and predictive power of economic theory by providing it with more psychologically plausible foundations - can be traced to coginitve psychology -> direct opposite to behaviourism - influenced by psychology, with additional imputs form sociology, anthropology etc. Connected fields Economics, Politics, Ethics, Marketing, Social psychology, Consumer p...

Econ-102-PSU-Exam-1 (2023/2024) Already Passed Incentives rewards or penalties for engaging in a particular activity Economics The study of how people allocate their limited resources to satisfy their unlimited wants Resources things used to produce goods and services to satisfy people's wants Wants what people would buy if their incomes were unlimited Microeconomics the study of decision making undertaken by individuals and by firms Macroeconomics the study of the behavior of the economy ...

Absolute Advantage The economic advantage one nation enjoys that is absolutely superior to other nations. Accounting Profit Total revenue minus total explicit cost Acquisition a wholly owned subsidiary is created through direct foreign investment. Administrative Policy Bureaucratic rules that make it harder to import foreign goods. Agglomeration Clustering of economic activities in certain locations. Beyond geographic advantages, location-specific advantages also arise f...

which view claims that the phenomenon of globalization was initially driven by the Western economies to exploit their Powers through Multinational Enterprises "New" force view economic gaines from international trade because one countries exported Goods, services or other items are unique, valuable and difficult to duplicate to the important countries. which view does this statement portray? resource-based View what is the aggregation of importing and exporting that leads to th...

Which view claims that the phenomenon of globalization was initially driven by the desire of Western economies to exploit their power through multinational enterprises? The new force view Economic gains come from international trade because one country's exported goods, services or other items are unique, valuable, and difficult to duplicate to importing country Resource-based view What is the aggregation of importing and exporting that leads to the country-level trade surplus o...