The price of a notebook is $7, while the price of a t-shirt is $12, during a student government fundraiser. If 60 products were sold for a total of $540, 36 notebooks were sold.
Explain about the Sales?A sale is a transaction in which commodities or services are exchanged for cash along with additional considerations. In other words, a sale is any action that involves giving the buyer ownership of a product in exchange for cash.
Sales refer to any transactions where money or value is exchanged for the right to own a good or access to a service, as utilised in regular company operations. In the context of accounting, sales refer to the revenue a business generates from the sale of goods or services (net sales).
Your sales team can complete a sales cycle by adhering to a series of critical steps known as a sales process.
Let x represent the quantity of sold notebooks and y represent the quantity of sold t-shirts. The following equations are then present:
x + y = 60 I ( i )
7x + 12y = 540 (ii)
Using the elimination procedure, we can find the values of x and y.
In order to remove x, we can multiply the first equation, x+ y =60, by -7and then add it to the second equation:
-7x - 7y = - 420
7x + 12y = 540
——————————-
0x +5y = 120
Next, multiply both sides by 6 to obtain y:
y = 120/ 5
y = 24
In order to obtain x, we can now enter y = 10 into the first equation:
x +24 =60
x = 60- 24
x = 36
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What are the 5 trends changing the world of work?
The 5 trends changing the world of work are automation and artificial intelligence, flexible working, the gig economy, the rise of co-working spaces, the future of HR.
What is trends?
Trends are the direction in which a particular idea, style, or activity is heading. Trends can be seen in a variety of contexts such as fashion, entertainment, technology, politics, and culture. Trends are created by a variety of factors, such as new technologies, consumer preferences, changes in the economy, and cultural changes. Trends are often identified through data analysis and research, and can be used to inform decisions and strategies across many different industries. Trends can be short-term or long-term, and it is important to keep up to date with the latest trends in order to remain competitive and relevant.
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Which of the following characterizes an exchange? Multiple choice question. A buyer and seller trade things of value, leaving each better off than before. A buyer maneuvers a seller into providing maximum value for the lowest price. A buyer and seller work together to neither increase nor decrease net satisfaction. A seller determines the best way to maximize profit while minimizing buyer value.
A buyer and seller trade things of value, leaving each better off than before characterizes an exchange.
A market where tradable securities, commodities, foreign exchange, futures, and options contracts are purchased and sold is known as an exchange, trading exchange, or trading venue.
Receiving something that is desired more than what is given up to achieve it is the goal of a commercial exchange. It involves a return greater than the expense, in other words.
To make their valuable item available, the parties involved in the exchange must be able to speak with one another. Exchange is the process of getting something you want from someone by giving them something in exchange. Hence, it can be defined as exchange.
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Output in 2019 Quantity Produced in 2019 Prices in 2019 Cheese 12,000 pounds $2.00 per pound Chocolate 15,000,000 bars $1.00 per bar Watches 10,000 $50.00 per watch Gasoline 15,000,000 gallons $4.00 per gallon Refer to Table 1. Compute nominal GDP. ________ 1. Nominal GDP for 2019 equals to: A. $57 B. $57,000,000 C. 75,524,000 pounds D. $621,524,500 E. $1,711,254,000 F. $30,022,000 G. 30,022,000 pounds H. $75,524,00
The nominal GDP for 2019 equals $30,022,000.
Gross domestic product (GDP) that hasn't been adjusted for inflation is referred to as nominal GDP. By reflecting the values of all the products and services created during the current reporting period, current price estimations of GDP are created.
Nominal GDP represents the raw data in current dollars without taking inflation into account. Real GDP eliminates any distortion brought on by deflation or inflation by adjusting the statistics by fixing the value of the currency.
It is the Output computed using the most recent prices on the market. When calculating GDP, it takes into account elements like inflation, price fluctuations, fluctuating borrowing costs, and money supply. The equation can be used to determine nominal GDP: GDP equals C + I + G + (X – M).
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Need answer ASAP
20- This provides a blueprint for translating a business strategy into a plan for IS.
Group of answer choices
SOA
IS infrastructure
Centralized architecture
ERP systems
IS architecture
IS Infrastructure provides a blueprint for translating a business strategy into a plan for IS.
Hence, Option B is correct
What do you mean by IS Infrastructure?
Public and private physical constructions including roads, trains, bridges, tunnels, water supplies, sewage systems, electrical grids, and telephones are all considered to be part of infrastructure (including Internet connectivity and broadband access).Information technology infrastructure is widely described as a collection of information technology (IT) components that constitute the basis of an IT service; these components are typically physical (such as computer and networking hardware and facilities), but they can also include other software and network components.Infrastructure is the framework or foundation that supports a system or organization. In computing, information technology infrastructure is made up of physical and virtual resources that facilitate data transmission, storage, processing, and analysis.To know more about Infrastructure here
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What are the 4 types of ownership?
1. Sole Proprietor: This type of business is owned and operated by one person and the owner is responsible for all liabilities and debts. This means that the owner is personally liable for any losses caused by the business.
2. Partnership: This type of business is jointly owned and operated by two or more people. Each partner is personally liable for the debts and obligations of the business, as well as his own share of the profits.
3. Corporation: This type of business is owned by shareholders who have limited liability for the debts and obligations of the business. The shareholders elect the board of directors, which oversees the operation of the company.
4. Limited Liability Company (LLC): This type of business allows for limited liability of the owners as well as deferred taxation. LLCs are often used for small businesses. LLC owners are called members and have the ability to manage the business or appoint a manager.
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Which of these issues is a problem associated with the conversion to a lean production system?
A.
Lean systems require considerable specialization and emphasize each worker retaining one specific job assignment.
B.
Workers can become bored when the current layout is retained and remains fixed.
C.
There is a decrease in the level of trust in a plant once all of the processes have been automated.
D.
Workers can feel pushed and stressed since the safety net of inventory has been removed.
Among these issues, Workers can feel pushed and stressed since the safety net of inventory has been removed is a problem associated with the conversion to a lean production system.
What is production system?
A production system is a set of interrelated components and processes used to produce and distribute goods and services. It comprises of resources such as land, labor, capital, technology, and human resources and processes such as planning, organizing, leading, and controlling to achieve a goal. The goal could be to maximize profits through efficient utilization of resources, or to provide quality products and services. A production system is also known as a system of production, production process, and production cycle. It is used by businesses to produce and deliver products in an efficient and cost-effective manner. The production system consists of several steps such as raw material procurement, production, inventory management, quality control, and distribution.
So, The correct option is D.
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if the price level increased from 120 to 130, then what was the inflation rate?
The inflation rate is the percentage change in the price level of goods and services over a certain period in this case, the increase in the level from 120 to 130 indicates an inflation rate of 8.33%.
This is calculated by taking the difference between the two numbers (in this case, 10) and dividing it by the original number (120), and then multiplying by 100.
130-120/120=10/120
1/12×100=8.33
Inflation is an important economic concept, as it can have a significant impact on the cost of living. When prices increase too rapidly, it can cause economic hardship for households and businesses, as they are forced to pay more for goods and services.
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What are the 6 economic social goals?
The six economic and social goals are economic growth, full employment, price stability, equitable distribution of income, the balance of payments equilibrium, and economic stability.
1. Economic growth: This is the goal of increasing a nation's production of goods and services over time. This is usually achieved through the use of fiscal and monetary policies, such as lowering taxes, increasing government spending, and manipulating interest rates.
2. Full employment: This is the goal of having everyone who is willing and able to work employed. This can be achieved through the use of fiscal and monetary policies, such as increasing government spending and reducing taxes.
3. Price stability: This is the goal of ensuring that prices remain stable over time. This is usually achieved through the use of monetary policy, such as manipulating interest rates and increasing the money supply.
4. Equitable distribution of income: This is the goal of ensuring that income is distributed in an equitable manner. This can be achieved through the use of fiscal policy, such as increasing taxes on the wealthy and providing social welfare programs.
5. Balance of payments equilibrium: This is the goal of achieving a balance of payments between a country and its trading partners. This can be achieved through the use of both fiscal.
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Worker's compensation insurance premiums: Multiple Choice Are the same amount for all employees of a company, regardless of employee task. Are remitted in full at the end of the year to ensure accuracy. Are governed by state laws and vary according to worker job classification. Are mandated by the Fair Labor Standards Act.
Depending on the worker's compensation classification, and are governed by state law.
What does workmen's compensation insurance cover?The Workmen's Compensation policy offers payment for monetary damages to Employees or their dependents in the event of an employee accident or injury at work (including certain occupational diseases) that results in disability or death. Employees who sustain an injury at work are compensated under the policy. This policy also includes coverage for illnesses and fatalities related to the workplace. Employers can also benefit financially from this sort of insurance since it can cover the costs of litigation when workers file claims. Even if they are citizens of another nation, employees of Indian enterprises are covered by the WC Insurance Policy. Only Indian citizens are eligible to use the ESIC Insurance Policy.
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You are working with a client who wants to use fewer accounts on his chart of accounts but still needs to see purchases broken out by service type. How should he enter these on purchase transactions
Answer:
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By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to stimulate supply chain management cooperation. a. increase the perceived value of its products. b. encourage consumers to participate in product redesign. c. influence social norms regarding sexuality. d. demonstrate social responsibility.
Increase the perceived value of its products By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to stimulate supply chain management cooperation.
Hence Option A is correct
Perceived value is a customer's perception of the worthiness or desirability of a product or service, particularly in comparison to a competitor's product. The price the general public is willing to pay for a good or service is used to calculate perceived value. Customer perceived value is simply total customer value less total customer cost. Total customer benefit refers to the total monetary benefit of the product, whereas total customer cost refers to the total monetary costs the customer expects to incur in evaluating, obtaining, and using the product. Customer perceived value is important because it allows marketing professionals to predict how a consumer will perceive a product. When an item's perceived value rises, the business or company can raise its price.To know more about product here
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A buy limit order for 200 shares of XYZ is entered on the designated market maker's book at 21. XYZ trades ex-dividend after the order is entered. The dividend is $1.32. The order will now appear on the designated market maker's book at what price?
[A] $19.50
[B] $19.68
[C] $19.75
[D] $22.32
XYZ trades ex-dividend following the entry of the order that designated market manufacturer's book will now show the order at $19.68.
Why has trading been halted?There are a variety of causes for suspended trading, including: absence of up-to-date, accurate, or sufficient information about a corporation, as in the case of late filing for periodic reports. There are concerns over the veracity of publicly available material, especially the information in recently released news releases.
What significance do dividends have?Stocks that pay dividends give investors a method to get paid during uncertain market times when capital gains are challenging to realise. They might offer some protection from inflation, particularly if they continue to expand over time. A reporting organization should credit dividends payable on the declaration date and debit retained earnings (or any other suitable capital account from which the dividend will be paid) to record a dividend.
As a result of the dividend of $1.32, the maximum price of 21 will be changed to $19.68 (21 less $1.32).
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Which of the following is not a recommended way to manage innovation and change?
1. poor timing
2. Prevent failure at all cost.
3. recognize problems and opportunities.
4. Innovation can be systematized.
Prevent failure at all cost is not a recommended way to manage innovation and change
What does Prevent Failure means?
Prevent Failure is a term used to describe efforts to prevent something from failing. It is a proactive approach that focuses on identifying potential risks and taking steps to mitigate or eliminate those risks. This can include making changes to processes, implementing new systems or procedures, training staff, and creating management systems to monitor and prevent issues before they become problems. It is an important practice for any organization that wants to be successful.
What does Managing Inovation mean?
Managing Inovation is the process of managing and directing the flow of innovation and creativity within an organization. This includes the identification and implementation of new ideas and processes, as well as the use of data and analytics to understand the impact of innovation and how it can be used to improve business performance. It also involves the development of strategies to effectively and efficiently implement new ideas, processes, and products.
Therfore the correct option is 2. Prevent failure at all cost.
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In a basic sense, the financial success of an organization is ultimately dependent on
A. revenues
B. sales
C. profits
D. expenses
E. A and B are correct.
Option (c) is correct because profit ultimately determines an organization's financial success.
What is profit?The money you have left over after paying for business expenses is called profit. Profit comes in three main forms: operating profit, net profit, and gross profit. The largest is gross profit. It shows how much money was left over after the goods and services were paid for. Next is operating profit. It shows what's left over after paying for rent, electricity, phones, and sometimes staff as operating expenses.
Net profit is the last one. You can keep your net profit.
The three profits are fundamental indicators of a company's success:
Operating profit demonstrates that it is making money,
net profit and
demonstration of how much money it is making after taxes.
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Which of the following statements regarding limited partnerships that are not being disposed of in a taxable transaction is CORRECT?
Losses from a master limited partnership (MLP) may only be used to offset income from the same MLP.
Losses from a nonpublicly traded limited partnership may only be used to offset income from another nonpublicly traded limited partnership.
A)
I only
B)
II only
C)
Neither I nor II
D)
I and II
The correct option is (D), i.e., I and II. Investors admit duty-sheltered distributions from the MLP. MLPs are considered low-threat, long-term investments, furnishing a slow but steady income sluice.
For limited hookups and master limited hookups, the simplest way to explain the difference between the two business structures is that the ultimate is intimately traded while offering the duty benefits of limited cooperation.
Since MLP distributions are a return on capital, they're substantially duty-remitted. But when you vend, you'll pay levies based on the difference between the deal's price and your acclimated base.
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What are the 3 types of ownership?
The 3 types of ownership are Sole Proprietorship, Partnership and Corporation
1. Sole Proprietorship: A sole proprietorship is an unincorporated business owned and operated by one individual. The owner is entitled to all profits and is responsible for all losses, debts, and liabilities.
2. Partnership: A partnership is an unincorporated business with two or more individuals who share ownership and management. The owners share in the profits and losses and are jointly responsible for the debts of the business.
3. Corporation: A corporation is a legal entity created by a state and separate from its owners. It has the authority to enter into contracts, borrow money, pay taxes, and sue and be sued. The owners of a corporation are shareholders and their liability is limited to the amount of their investment in the company.
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What happens when economy is closed?
An unrestricted frugality generally refers to a country that doesn't trade or engage in other fiscal exchanges with any other country.
That means no significance comes into the country, and no exports leave it. It has no trading exertion outside the country's borders. In unrestricted frugality, consumers are needed to consume domestic products without anticipating the import of goods from foreign countries.
Open frugality has several advantages. Consumers can pierce colorful foreign goods and services that are unapproachable in domestic request. Directors get some raw accouterments and capital goods unapproachable in the domestic request. Investors can also diversify their investments in transnational fiscal exchanges.
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A financial institution sends a communication to its clients indicating an action the institution plans to change. The communication states that this change will take place in 45 days and any client wishing to opt-out must notify the institution before the end of that period. This is known as
A negative response letter is a communication in which the suggested action is approved unless the receiver reacts negatively. Certain disclosures, such as differing pricing or features, must be included in the letter. Hence, the correct answer is a negative response letter.
What is the definition of a negative response letter?A negative confirmation letter or document requests that the receiver only reacts to the sender if there is an issue with the contents of the communication or if the recipient wishes to opt out of the event described in the letter.
Negative confirmation letters are commonly utilized in the financial services industry and can be used in a variety of business settings. The communication's goal is to limit the number of inbound replies that a business receives in response to a letter addressed to its customer base. In a negative confirmation or negative consent communication situation, the corporation or entity providing the message receives just "no" votes as opposed to answers from everyone, regardless of their views.
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The amount of interest income a taxpayer recognizes when he redeems a U.S. savings bond is:
A) the excess of the taxpayer's basis in the bonds over the bond proceeds.
B) the bond proceeds.
C) the excess of the bond proceeds over the taxpayer's basis in the bonds.
D) the taxpayer's basis in the bonds.
E) None of the choices are correct.
When a taxpayer redeems a U.S. savings bond, the amount of interest income that is recognized is: A) the difference between the taxpayer's basis in the bonds and the bond's face value
Are U.S. Savings Bonds a good investment
Consumers and corporations can get a guaranteed interest rate on their investments with U.S. Savings Bonds. With durations of up to 30 years, these bonds aid in funding government expenditures. Currently, the U.S. government sells two different types of savings bonds online through its Treasury Direct website: Series EE and Series I. Although there are only two varieties of U.S. Savings Bonds, each one might be a good investment depending on the circumstance.
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·
Question Mode Multiple Choice Question How is retailing in the United States different when compared to the European Union, China and India
The US retail sector has the highest concentration of large retail companies and the highest retail density.
How has the retail industry changed throughout time?The development of urban covered markets, specialized stores, and department stores during the 18th and 19th centuries marked the beginning of retail as an organized sector. In the late 1800s, catalogs offered consumers for the first time the chance to shop without leaving their homes.
What are the two most important environmental factors in the retail industry?The danger of supply chain disruption and the environmental impact of using raw materials are the two key factors that have an impact on retail. Every use of natural resources has some negative effects on the environment, and more people are concerned about reducing those effects.
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The US retail sector has the highest concentration of large retail companies and the highest retail density.
How has the retail industry changed throughout time?The development of urban covered markets, specialized stores, and department stores during the 18th and 19th centuries marked the beginning of retail as an organized sector. In the late 1800s, catalogs offered consumers for the first time the chance to shop without leaving their homes.
What are the two most important environmental factors in the retail industry?The danger of supply chain disruption and the environmental impact of using raw materials are the two key factors that have an impact on retail. Every use of natural resources has some negative effects on the environment, and more people are concerned about reducing those effects.
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The key economic concept that serves as the basis for the study of economics is
The key economic idea that fills in as a reason for the investigation of economics is: Scarcity. As a result of the issue of scarcity: People need to pursue decisions from among options.
Four critical economic ideas — scarcity, supply and demand, costs and advantages, and impetuses — can assist with making sense of numerous choices that people make.
Scarcity makes sense of the fundamental economic issue that the world has restricted — or scant — assets to meet apparently limitless needs, and this reality powers individuals to settle on conclusions about how to assign assets in the most effective manner.
Because of scant assets, people are continually pursuing decisions not entirely settled by their costs and advantages and the motivating forces presented by various strategies.
Financial analysts address these three inquiries: (1) What labor and products ought to be delivered to address purchaser issues? (2) How might they be created, and who ought to deliver them? (3) Who ought to get labor and products?
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Marketing issues such as advertising, image, and promotion are important to quality because:
A. the intangible attributes of a product (including any accompanying service) may not be defined by the consumer.
B. they make the product seem more valuable than it really is.
C. they raise expenses and therefore decrease profitability.
D. they define for consumers the tangible elements of a service.
E. they educate consumers on how to use the product.
(A.) the intangible attributes of a product (including any accompanying service) may not be defined by the consumer. Because OPTION A, marketing concerns including promotion, advertising are crucial to quality
Advertising refers to the methods used to draw attention to a good or service. In order to attract consumers' attention, advertising seeks to highlight a good or service. It is often used to market a particular product or service, although there are many other applications as well, with commercial advertising being the most popular. Through "branding," which links a product name or image with particular traits in customers' minds, commercial advertising frequently aim to boost consumption of their goods or services. Direct-response advertising, on the other hand, is the term used to describe advertisements that aim to prompt a quick sale. Political parties and interest groups are examples of non-commercial organizations that market more than goods or services for consumers.
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Which of the following is an example of a positive externality (additional social benefit)? Multiple Choice
O falling property values in a neighborhood where a disreputable nightclub is operating O the higher price you pay when you buy a heavily advertised product O the costs paid by a company to build an automated factory . O an increase in the value of land you own when a nearby development is completed
An increase in the value of land you own when a nearby development is completed is an example of a positive externality (additional social benefit).
A third party experiences a positive externality when another party chooses to consume or produce a good or service. Positive externality can also convert to private benefit, which is the instance of an individual or single business organisation obtaining the advantage, albeit this results in a bigger social benefit because the benefits are typically more widespread than a single individual. The production or consuming sides of a transaction involving a good or service can experience positive externality.
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How long will it take P6700 to accumulate to P7604.50 if the money is invested at 9% simple interest?
Answer: The answer is 1.5 years or about 1 year and 6 months.
Explanation: The formula used to solve the problem is
t = I / Pr
which is derived from the formula of Simple Interest (SI)
SI = Prt
where, P is the principal amount, r is the rate of interest and t is the time period.
Solving the sum step by step,
First, converting R percent to r a decimal
r = R/100 = 9%/100 = 0.09 per year,
to find out amount of SI we use,
SI = Final value - Principal amount = 7604.5-6700 = 904.5
then, we substitute the values that are known to us in the equation provided,
t = 904.5 / ( 6700 × 0.09 ) = 1.5
t = 1.5 years
Therefore, the time required to accumulate simple interest of 904.50
from a principal of 6,700 at an interest rate of 9% per year
is 1.5 years or 1 year and 6 months.
Driving would be more pleasant if we didn't have to put up with the bad habits of other drivers. A newspaper reported the results of a valvoline oil company survey of 500 drivers in which the drivers marked their complaints about other drivers. The top complaints turned out to be tailgating, marked by 24% of the respondents; not using turn signals, marked by 19%; being cut off, marked by 15%; other drivers driving too slowly, marked by 12%; and other drivers being inconsiderate marked by 5%
Bar graphs are what a Pareto chart is. The bars are organized with the longest on the left and the shortest to the right, and their lengths stand either frequency or cost (time or money).
What is Pareto chart ?The chart shows which circumstances are more important in this way through visual representation.
On the chart's left, the categories are the largest, and as you travel to the right, they get smaller.
As you add each kind, the cumulative line shows the overall percentage. In order to determine the most prevalent issues, reading a Pareto includes evaluating the cumulative line.
To create the Pareto chart, adhere to Minitab's instructions:
1. Fill out the Minitab worksheet with the provided dataset.
2. Select Pareto chart under Stat > Quality Tool.
3. Choose Top complaints in the attribute or defect data.
4. In the frequencies column, choose frequency.
5. Type 95 into After this percentage, combine the remaining problems into one category.
6. Press OK.
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What are the 2 goals of marketing?
The two main goals of marketing are to acquire new customers and to retain existing customers.
Acquiring new customers involves introducing your product or service to potential customers and convincing them to purchase. This can be done through various marketing tactics, such as advertising, search engine optimization, content marketing, public relations, and direct mail.
Retaining existing customers involves creating meaningful relationships with them to ensure they keep coming back to purchase from you. This can be done through customer loyalty programs, personalized promotions, and customer service initiatives. Both of these goals are essential for businesses to achieve success and growth.
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How do banks make money from the loans they give?
The annual interest that banks charge on the money they borrow from consumers. The banks lend out the borrowed cash to individuals while earning interest each year.
Why do banks create money when they make loans?Their source of income is what they refer to as the spread, which is the difference between the interest rates they pay on deposits and the interest rates they get on loans they make. They receive interest payments on the securities they own.
People who lend money to banks are paid interest every year. The banks gain annual interest for lending out the borrowed money to individuals. The interest on that loan should be greater than the interest on the borrowing.
Since all modern money is simply credit, banks are able to literally generate money out of thin air by issuing loans. This misunderstanding might have its roots in the ostensibly miraculous simultaneous creation of entries on both the liability and asset sides of a bank's balance sheet whenever it initiates a new loan.
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In 2019, 10 million people did not have a job but were actively looking for employment, and 85 million people had either a full-time or a part-time job. The unemployment rate in 2019 was ____ %
A) 10 B) 9.5 C) 10.5 D) 8.5
The correct answer is B) 9.5%.
The unemployment rate in 2019 was 9.5%.
The rate is calculated by dividing the number of unemployed individuals who are actively looking for employment by the total labor force, including both employed and unemployed individuals. In this case, the calculation would be 10 million unemployed individuals divided by a total labor force of 95 million individuals (10 million unemployed + 85 million employed).
However, it's important to note that this rate doesn't take into account individuals who are not actively looking for employment, such as those who have given up looking or are unable to work. Therefore, it's important to consider other labor market indicators as well to get a more accurate picture of the labor market.
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Aling paring started to deposit php 2000 quarterly in a found that pays 5.5% compounded quarterly.how much will be in the fund after 6 years?
Aling Paring began depositing PHP 2000 on a quarterly basis into a fund that earns 5.5% compounded. Consequently, the fund is valued at $56,413.75 after six years.
Future worth of a regular annuity provided by,
F.V. = P [(1 + r) n - 1] / r, equation (1)
F.V. = P [(1 + r) n - 1] / r, equation (1)
periodic interest rate = r
The number of payments is n.
Here,
P = 2,000
r = 5.5% / 4 = 0.01375
for the number of payments (n),
which is 4 payments in a year and 24 payments
so in a six-year period (i.e., n = 24 payments).
the value above in equation 1
so
F.V. = 2000 [(1+ 0.01375) 24 - 1] / 0.01375
F.V. = 56,413.75
P = $56,413.75 will therefore be in the fund after six years.
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FedEx developed a 12-item statistical Service Quality Indicator to measure customer satisfaction and service quality. The index is comprised of customer-defined performance standards such as number of missed pick-ups, number of lost packages, and number of late deliveries. Each of the performance standards is weighted based on the relative importance of each standard to customers. By developing a Service Quality Indicator that incorporates customer-defined performance standards, FedEx is closing provider _____ of the gaps model of service quality.
By developing a Service Quality Indicator that incorporates customer-defined performance standards, FedEx is closing provider Gap 2 of the gaps model of service quality.
The gaps model can be referred to or considered as the one wherein the organization uses the same to develop a specific framework related to the maintenance of the consumer satisfaction at all levels in the functionality of the organization. It also ensures the maintenance of the service quality related to the different organizational processes.
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