Question: Contrast push and pull strategies in marketing and give a few examples. Answer: Push strategies involve taking the product to the customer. Some examples include trade shows and direct sales. Pull strategies involve motivating the customer to seek out your product. Some examples include advertising and sales promotions.
Question: Explain cognitive dissonance. In which stage of the buyer decision process model does this occur? Answer: Cognitive dissonance occurs when consumers have inconsistent thoughts relating to their purchase decisions. This occurs in the post-purchase behavior stage of the buyer decision process model.
Question Topic: Systems of Equations Question: Solve the following system of equations using substitution: 4x+2y=18 5x+y+15 Answer with steps: Step 1: isolate the y in the second equation 5x+y=15 -5x -5x y=15-5x Step 2: substitute the equation obtained in step 1 into the first equation 4x+2(15-5x)=18 Step 3: solve for x 4x+2(15-5x)=18 Multiply 4x+30-10x=18 Combine like terms -6x+30=18 Subtract from both sides -30 -30 -6x=-12 Divide /-6 /-6 x=2 Step 3: now that we've found x to be 2, we plug 2 in for x in either of the equations to find y 4x+2y=18 Substitute 2 in for x 4(2)+2y=18 Multiply 8+2y=18 Subtract from both sides -8 -8 2y=10 Divide /2 /2 y=5
Question Topic: Cost, Revenue, and Profit Functions Question: Given the following cost and revenue functions, write the profit function. c(x)=4x+1000 r(x)=5x Answer: First, we must know the profit function formula: Profit=Revenue-Cost Now we subtract the cost function from the revenue function: 5x+0 - 4x+1000 __________ x-1000 Profit function: P=x-1000
Question Topic: Receivables Question: Contrast the allowance and direct-write off method. for uncollectible accounts. Which one is preferred? Answer: In the allowance method, bad debt expenses are estimated and recorded before they become uncollectible; in the direct-write off method, bad debt expenses are only recorded when an account becomes worthless. The allowance method is preferred because it abides by the matching principle.
Question Topic: Accounting for Merchandising Businesses Question: On April 5, Alyssa's contracting service provides services on account to Bill's Homebuilding for $20,000, terms 2/10, n/30. Bill's Homebuilding pays for those services on April 10. Record the service on account on April 5 and the collection of cash on April 10. Answer: April 5 Debit Credit Accounts Receivable 20,000 Service Revenue 20,000 April 10 Cash 19,600 Sales Discounts 400 Accounts Receivable 20,000