Proj598-Week-3-Quiz1 Essay

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Companies find opportunities in product innovation by providing new products and services to customers. This keeps current customers interested in doing business with the company and has the potential to attract new customers. Sometimes this is done by creating new products, greatly changing an existing product or by just changing the way the current product is presented. Another form of product innovation is branding. By creating a more positive brand image a company can keep the interest of consumers.

What is the probability of rolling a four in the gambling dice game of craps (given two six sided dice)? 3/36 or 8.33%. What is the probability that a player can roll a four 3 times in a row (assume that rolling the dice each time does not affect the outcome of the next roll)? 3/36 x 3/36 x 3/36 = 27/46656 = 3/5184

| a) Crash cost of A = (600-300)/(5-3) = $150; Crash Cost of B = (450-250)/(3-2) = $200; Crash Cost of C = (500-400)/(6-4) = $50; Crash Cost of D = (400-150)/(5-3) = $125 b) As per the above schedule, the activities on the

•For suppliers: The company does not ask so much money for what they sale and can give more money for what they want.

What was striking about the attitude of the seller. (name 3 attributes of behavior) 3 Points

You are correct that the 5 activities involved in the acquisition and payment cycle are requisition, purchase of goods and services, receipt of, and account for, approval of items for payment and cash distribution.

credit and payment policies as opposed to sales agents who do not purchase the merchandise and

• Strong sales team with the ability to successfully communicate the perceived strengths of the product

The market greatly depends on how powerful buyers are in terms of their willingness to pay certain prices. The following determines the bargaining power of buyers

Bargaining power is a tricky one because it can work both ways. Buyers have a certain level of power in any industry. A buyer may switch suppliers very easily if there are no penalties and it is cost effective for them. If a large firm makes a large purchase of goods from another firm, it may be mutually beneficial and if serviced well, have the potential for repeat business. However, the buyer then has the power to use a substitute or competitor which would negatively affect the seller. Buyers are always the more powerful of the two because some buyers have the ability to put pressure on lower costs from suppliers, while demanding an increase of the quality of products or services provided to them. Also, the bargaining power in industries with high fixed costs like the airline industry can play a big factor. On the other hand, things like jet engines, tires and other key safety devices on aircrafts can cause severe consequences if this equipment malfunctions. For that reason, the buyer has a reduced amount of bargaining power with suppliers in this industry. The bargaining power of buyers is both high and low, so I ranked it medium.

The legal aspect of every contract in business requires critical analysis for every term in accordance to the specifics upon which both parties are involved. The reason for analyzing such terms carefully is because it can become a crucial part in determining the decision making when addressing any business problem. This is generally more important from the perspective of the company management because some situations can result in high intensity and significance for the company. Analyzing the terms of a contract will help avoid any inappropriate or insufficient conclusions when presenting a final resolution in times of a dispute.

Whether the supplier can effectively push the buyer to accept higher price, earlier payment time or more reliable payment method.

Once the choice to offer has been created, the entrepreneur should be conscious of the wide range of possible company customers. Just as little company itself has become more innovative, the people enthusiastic about purchasing them have also become more divergent and complicated. The following are some of the present most effective groups of company buyers:

Agents might be exclusive, semi-exclusive and non-exclusive. Exclusive agents have specified area for sales, semi-exclusive handle companies goods with other companies non-competing goods, and non-exclusive handle other companies’ goods which might contain competing goods in term of