The private ownership of property resources and use of prices to direct and coordinate economic activity is characteristic of a market system.
Define economic activity?Economic activities are all those endeavours that generate products and services that contribute to the gross national product. Also, Economic activities are those that a man engages in to earn his living through salary, resources, and other financial gains. These activities cover all facets of life, including production, distribution, and consumption of commodities and services. A process that results in the production of a thing or the delivery of a service based on inputs is known as an economic activity.
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What are the two indicators that can send the message a company has customer-friendly systems in place?
Two essential qualities to a “customer-friendly” system are:
CommunicationRelationshipsWhat creates a good customer service?
The key to good customer service is creating good relationships with your customers. Thanking the customer and encouraging a positive, practical and friendly environment will ensure they depart with a great impression. A happy customer will produce often and is possible to spend more.
What are the 5 grades of customer service?
When interviewing prospects, look for these consumer service qualities, traits and skills. Look for someone who is communicative, compelling, is polite, patient, conscientious, and loyal.
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Which action could be an example of how the occupational safety and health administration plays a role in the legal environment for human resource management?
example of how the occupational safety and health administration plays a role in the legal environment for human resource management - filing suit against violators of equal opportunity laws
What do you mean by human resource management?
Human resource management is a strategic method to successfully and efficiently managing people in a company or organisation so that they contribute to their firm's capacity to compete favourably (HRM or HR). In order to effectively manage people inside firms, human resource management focuses on policies and systems. The design of employee benefits, hiring, training, development, performance reviews, and reward management, including pay and benefit administration, fall within the purview of HR departments. HR is also concerned with organisational change, labour relations, and reconciling organisational requirements with those imposed by collective bargaining agreements and governmental regulations.
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According to douglas mcgregor, managers should pay more attention to __________.
According to Douglas McGregor, managers should pay more attention to social and self-actualization needs.
Who was Douglas McGregor?
In addition to teaching management at the MIT Sloan School of Management, Douglas Murray McGregor served as the institution's president from 1948 to 1954. In addition, he was a professor at the Indian Institute of Management in Kolkata. His 1960 book The Human Side of Enterprise had a significant impact on educational procedures.
Abraham Maslow taught McGregor. His Theory X and Theory Y, which were presented in his book "The Human Side of Enterprise" (1960), are best known for their suggestion that a manager's individual presumptions about human nature and behavior determine how they manage their employees. He has made significant contributions to the development of management and motivational theory.
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Companies predict how many purchases a single customer might make from the company over the length of the relationship with that consumer, a measurement called the ______.
The measurement is called the Customer Lifetime Value. Customer lifetime value (CLV) is the sum of a customer's value to a company over the course of their relationship
Increasing the value of your existing customers is a wonderful strategy to spur growth since it is less expensive to retain existing customers than it is to attract new ones.Why is client lifetime value essential and what does it mean?One of the most important metrics for knowing your customers is client lifetime value. It foretells the value that a customer relationship could have for your company. Using this strategy, businesses may illustrate the potential benefit of their marketing operations in the future.To Learn more about Customer lifetime value, click the links.
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