Is It Always Worthwhile Gathering More Information About Customer Needs

question 12

Multiple Choice

Is it always worthwhile gathering more information about customer needs and preferences?

• A)Yes,the cost of gathering information is always negligible.
• B)Yes,provided that this information is relevant to the firm's decisions.
• C)No,a good rule of thumb is not to spend on information more than 2% of what is at stake in the decision.
• D)No,the value of additional information must be compared to its additional cost.
• E)Yes,gathering more information enables the concerned firm to forecast the demand for its product more accurately.

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Definitions:

Employee Rights

The legal and moral entitlements that employees have in the workplace, covering aspects like fair treatment, privacy, and safety.

Working Conditions

The environment and circumstances under which an employee works, including hours, environment, physical demands, and stress levels.

Performance Management

The continuing process of identifying, measuring, and developing the performance of individuals and teams and aligning performance with the strategic goals of the organization.

Positive Discipline

A strategy used in managing employee behaviors that focuses on encouraging good conduct rather than punishing bad behavior.