products‚ services‚ or ideas but also on delivering value and the utmost benefit to customers. The basic ideas underlying the marketing concept are first; Focusing on customer wants and needs so that the organization can distinguish its offerings from those of other competitors. Second‚ integrating all the organization’s activities‚ including production‚ to satisfy customer’s wants. Most importantly‚ to achieve long-term goals for the organization by satisfying customers wants and needs legally and responsibly
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Chapter 1 Basic Cost Concepts Learning Objectives • To understand the meaning of different costing terms to understand different costing methods • To have a basic idea of different costing techniques • To understand the meaning of cost sheet In order to determine and take a dispassionate view about what lies beneath the surface of accounting figures‚ a financial analyst has to make use of different management accounting techniques. Cost techniques have a precedence over the other
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Agency Costs of Free Cash Flow‚ Corporate Finance‚ and Takeovers Michael C. Jensen Harvard Business School MJensen@hbs.edu Abstract The interests and incentives of managers and shareholders conflict over such issues as the optimal size of the firm and the payment of cash to shareholders. These conflicts are especially severe in firms with large free cash flows—more cash than profitable investment opportunities. The theory developed here explains 1) the benefits of debt in reducing agency
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The Cost of Turnover Putting a Price on the Learning Curve by Timothy R. Hinkin and J.BruceTracey Employee turnover does more than reduce service quality and damage employee moraleit hits a hotels pocketbook. E mployee turnover has long been a concern of the hospitality industry‚ and therefore of researchers who examine industry human-resources concerns. One stream of research that arose in the past 20 years was an effort to quantify the cost of employee turnover. Although most managers
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Chapter 4: Costs and Cost Minimization Multiple Choice 1. Suppose you are a star basketball player at a major university in your sophomore year. You are sought after by several NBA teams. Which of the following choices best characterizes your opportunity cost if you choose to drop out of college and enter the NBA? a) The value of your college scholarship that you have given up. b) The skills that two more years of playing at your college would have given you along with their additional value
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identifiable from each other. However‚ as the wine had not been segregated from each other they were found to be unidentifiable and thus the claim failed as no trust was found. Here Oliver J was acknowledging that the property rights must be attached to some property in order for a trust to succeed and this approach is commonly referred to as ‘the orthodox approach’. The principle that property must be separately identified before it can be held on a valid trust has been affirmed many times and no more
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lub Background Cost Club is a growing retailer‚ similar to Super Wal-Mart or Target. It provides discount merchandise and supermarket products in large stores located in many areas of the United States. Cost Club is administratively organized into regions‚ and each region is permitted to develop its own operational policies‚ as long as the bottom line of low cost and reasonable service to customers is maintained. There are many strong competitors to Cost Club‚ with some regions experiencing more
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Present Education as I see it: Someone approached me to teach his ward some mathematics or rather to supplement what could not be comprehensively deciphered from the notes from the plethora of private tutors (I don’t know whether the notes are photocopies of age-old yellowish original manuscripts written in the last century and passed on from generation to generation). I am not blaming the notes or their authors rather I have the highest regard for both. But what a young impressionable mind in
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Past and present McCarthyism affected the lives and political thinking of people in the U.S. during the 1950’s. With the Soviets declaring their intentions of exporting revolution throughout the world‚ McCarthyism effectively used the fear and hatred Americans had of communism in order to manipulate the American public and sway political decisions. After America learned‚ from Britain‚ that Klaus Fuchs‚ had spied for the Russians while working on the Manhattan Project‚ Senator McCarthy
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This is a novel of defeated hope and the harsh reality of the American Dream. George and Lennie are poor homeless migrant workers‚ doomed to a life of wandering and toil in which they are never able to reap the fruits of their labor. Their desires may not seem so unfamiliar to any other American: a place of their own‚ the opportunity to work for themselves and harvest what they sew with no one to take anything from them or give them orders. George and Lennie desperately cling to the notion that they
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