Limitation of using cost of living in determining wage rates

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Reference no: EM132219172

1. The marketing concept is best thought of as which of the following?

- a guiding philosophy for the company’s marketing strategy

- a specific approach to building relationships with customers, vendors, and suppliers

- the overall purpose of the company

- the position the company’s product holds in customers’ minds

2. Which is NOT a step in the marketing control process?

- defining the mission

- evaluating the causes of gaps between expected and actual performance

- measuring performance

- setting goals

3. Ryan knows one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To accomplish this goal Ryan knows his firm must look at everything they do:

- from a customer’s point of view.

- from a generational cohort maximization perspective.

- in order to value each person in the organization.

- to avoid foreign currency fluctuation.

4. The Mayo Clinic in Minnesota is known for top-quality medical care. This is an example of a firm focusing its efforts on satisfying customer needs that:

- are easiest to satisfy.

- competitive intelligence has identified.

- match their match their fundamental skills and competencies.

- provide minimum core value.

5. What's the major limitation of using the cost of living in determining wage rates?

- The wide range of fringe benefits plans throughout the industry weakens the concept

- Past corporate profitability doesn't impace future cost of living

- Not all firms have an equal capacity to meet economic demands

- Wages are negotiated for a future period whereas cost of living data are historical.

Reference no: EM132219172

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