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Consumers handle risk by:
- Seeking information e.g. word of mouth or advertisements
- Brand loyalty e.g. stay loyal to a chosen brand
- Brand image e.g. evaluate brand based on its image (reputation)
- Store image e.g. evaluate the layout and look of the store
- Most expensive e.g. purchase most expensive product as price is assumed to be an indicator of product quality
- Seek assurance e.g. promise or guarantee that the product is of a sufficient standard
What else can I help you with?
What are the advantages and disadvantages of a free economy?
Advantages: Competition > profit > innovation. Disadvantages: higher costs for consumers there are losers risk for an entrepreneur
Why are goods produced?
Goods are produced to meet a demand. Consumers want the goods, they are willing to pay, the supplier must produce the goods or risk loss.
How consumer handles the risk?
Consumers handle risk by: - Seeking information e.g. word of mouth or advertisements - Brand loyalty e.g. stay loyal to a chosen brand - Brand image e.g. evaluate brand based on its image (reputation) - Store image e.g. evaluate the layout and look of the store - Most expensive e.g. purchase most expensive product as price is assumed to be an indicator of product quality - Seek assurance e.g. promise or guarantee that the product is of a sufficient standard ---By Rakib
Who takes on the financial risk in starting a new business in a market economy?
a. consumers b. government planners c. individual business people d combination of government planners and individual investors
Who takes on the financial risk in starting a new buisness in a market economy?
a. consumers b. government planners c. individual business people d combination of government planners and individual investors
How does insurance handle risk?
penis
What are the most effective ways to handle risk in a business setting?
The most effective ways to handle risk in a business setting include conducting thorough risk assessments, implementing risk management strategies, diversifying investments, having a contingency plan in place, and staying informed about industry trends and regulations.
How do experienced project managers effectively handle risk in their projects?
Experienced project managers effectively handle risk in their projects by identifying potential risks early on, analyzing their potential impact, developing mitigation strategies, and regularly monitoring and adjusting their risk management plans throughout the project lifecycle.
What are five differences between producers and consumers?
producers: make not take in, they absorb, they dont hunt for prey, they make themselves, and they dont harm consumers: take in things, hunt for things to eat, they dont make theirselves
Why do consumers need help with portion contro?
All consumers need to practice portion control to some extent. Humans who eat too much run the risk of obesity and its related health problems. Animals who don't use portion control risk depleting their food source.
When would a dietary supplement be taken off the market?
If it is an unprofitable product or if it poses itself as a risk to consumers health.
What are some ways that media influence consumers behaviors?
News broadcasts Advertising Product placement. Risk Aversion
What are some ways the media influences consumers behaviors?
News broadcasts Advertising Product placement. Risk Aversion
What are the high risk food items that you are required by law to handle with care?
Poultry, Beef, Eggs
Which of the following in the best choice when handling risk What is the answer a risk avoidance b Total risk acceptance c Risk reduction and resdual acceptance d Transferring risk?
The best way to handle risk is to reduce it as much as possible by taking steps to ensure success. You never want to blame someone else when you fail.
Why the government prefer to collect sales taxes from firms rather than consumers?
Governments prefer to collect sales taxes from firms because it streamlines the tax collection process, allowing for easier administration and compliance. Firms are typically better equipped to handle tax calculations and remittances than individual consumers, reducing the burden on the government. Additionally, collecting taxes at the point of sale ensures that the revenue is collected in real-time, minimizing the risk of tax evasion by consumers. This approach also helps maintain consistent cash flow for government budgets.
What are the advantages and disadvantages of a free economy?
Advantages: Competition > profit > innovation. Disadvantages: higher costs for consumers there are losers risk for an entrepreneur
