Let’s consider the economics of waiting. The economic cost of waiting can be viewed from two perspectives. For the company Apple, consider the cost of keeping an employee (i.e., an internal customer) waiting can be measured by unproductive wages. For external customers, the cost of waiting is the forgone alternative use of that time. In a competitive market, excessive waiting can lead to lost sales (Bordoloi, p. 95). Sometimes the perception of waiting is more important to the customer than the actual time spent waiting, suggesting that innovative ways should be found to reduce the negative aspects of waiting. Describe what this looks like within Apple's organization. What can be done today to reduce or eliminate this waiting, whether it is physical waiting or the perception of waiting? Also, consider waiting times for different access points for Apple: considering the website, calling Apple, emailing Apple, social media, and other access points. How will you address waiting in each of these areas?
Let’s consider the economics of waiting. The economic cost of waiting can be viewed from two perspectives. For the company Apple, consider the cost of keeping an employee (i.e., an internal customer) waiting can be measured by unproductive wages. For external customers, the cost of waiting is the forgone alternative use of that time. In a competitive market, excessive waiting can lead to lost sales (Bordoloi, p. 95). Sometimes the perception of waiting is more important to the customer than the actual time spent waiting, suggesting that innovative ways should be found to reduce the negative aspects of waiting. Describe what this looks like within Apple's organization. What can be done today to reduce or eliminate this waiting, whether it is physical waiting or the perception of waiting? Also, consider waiting times for different access points for Apple: considering the website, calling Apple, emailing Apple, social media, and other access points. How will you address waiting in each of these areas?
Chapter12: The Partial Equilibrium Competitive Model
Section: Chapter Questions
Problem 12.14P
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Let’s consider the economics of waiting. The economic cost of waiting can be viewed from two perspectives. For the company Apple, consider the cost of keeping an employee (i.e., an internal customer) waiting can be measured by unproductive wages. For external customers, the cost of waiting is the forgone alternative use of that time. In a competitive market, excessive waiting can lead to lost sales (Bordoloi, p. 95). Sometimes the perception of waiting is more important to the customer than the actual time spent waiting, suggesting that innovative ways should be found to reduce the negative aspects of waiting. Describe what this looks like within Apple's organization. What can be done today to reduce or eliminate this waiting, whether it is physical waiting or the perception of waiting? Also, consider waiting times for different access points for Apple: considering the website, calling Apple, emailing Apple, social media, and other access points. How will you address waiting in each of these areas?
Transcribed Image Text:Let's consider the economics of waiting. The economic cost of waiting can be viewed from two perspectives. For the
company Apple, consider the cost of keeping an employee (i.e., an internal customer) waiting can be measured by
unproductive wages. For external customers, the cost of waiting is the forgone alternative use of that time. In a competitive
market, excessive waiting can lead to lost sales (Bordoloi, p. 95). Sometimes the perception of waiting is more important to
the customer than the actual time spent waiting, suggesting that innovative ways should be found to reduce the negative
aspects of waiting. Describe what this looks like within Apple's organization. What can be done today to reduce or eliminate
this waiting, whether it is physical waiting or the perception of waiting? Also, consider waiting times for different access
points for Apple: considering the website, calling Apple, emailing Apple, social media, and other access points. How will you
address waiting in each of these areas?
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