Scenario 8-3 After Working as an Account Executive in an Advertising Agency

question 79

Multiple Choice

Scenario 8-3
After working as an account executive in an advertising agency for 20 years, you've decided you want to own your own business. You buy Springfield Hardware, a neighborhood hardware store, from a man who has owned and run the business for the past 52 years. He sells you the store and its entire inventory, but with one warning-he wasn't much on paperwork, so there won't be a lot of records to be found. You buy the store and begin to create your ad plan.
-(Scenario 8-3) Due to the lack of records,you have no way of knowing what Springfield Hardware has gone through over the years.You can only guess about the hardware needs of the local population,and the store's target market and customer base.This will be a major hindrance in writing the       sections of your situation analysis.

• A) overview and executive summary 
• B) industry analysis and historical context 
• C) strategy and execution 
• D) historical context and market analysis

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Definitions:

Reasonable Value

The fair or market value of a service or item, considered to be value as determined by what a willing buyer would pay to a willing seller in an arms-length transaction.

Workmanlike Manner

The expectation that services or work performed will meet the standards set by skilled individuals in that trade or industry.

Satisfaction

in legal terms means the fulfillment or discharge of an obligation, such as the repayment of a debt, resulting in the termination of the obligation.

Condition Precedent

A condition in a contract that must be met before a party's obligation becomes enforceable.