In the Early Twentieth Century, a Time When the Focus

question 54

Multiple Choice

In the early twentieth century, a time when the focus was on mass production and not customization, Henry Ford said that "Customers can have any colour they want, as long as it's black." Which orientation is alluded to in this famous quote?

• A) marketing orientation
• B) sales orientation
• C) production orientation
• D) industrial orientation

Recognize bootstrapping as a financial strategy for starting a business with minimal resources.

Identify crowdsourcing as a method for gathering information, ideas, or services from a large group of people.

Distinguish between different fundraising strategies, including bootstrapping, crowdfunding, and seeking formal investments.

Understand the role and impact of digital platforms in facilitating crowdfunding and crowdsourcing efforts.

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Definitions:

Plantwide Factory Overhead Rate

This rate calculates the total factory overhead for a plant as a single rate, which is then applied to allocate overhead costs to different products.

Allocation-Base Usage

The process of distributing costs based on predetermined criteria or bases, such as labor hours or machine hours.

Activity Rates

The estimated activity cost divided by estimated activity-base usage.

Cost Budgeted

An estimate of costs for a project or business over a specific period, forming the basis for financial planning and performance measurement.