Three Major Megatrends Discussed in Chapter 1 Include: Societal Trends

question 76

True/False

Three major megatrends discussed in Chapter 1 include: societal trends or changes, demographic trends or changes, and technological trends or changes.

Identify the advantages of franchising and contractual systems in retail.

Differentiate between types of service levels (self-service, limited-service, full-service) based on customer involvement.

Understand the concept of service levels (full, limited, self) in retail and identify examples of each.

Comprehend depth and breadth of product lines within a retail context and distinguish between them.

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Definitions:

Material Quantity

The amount of raw materials or supplies used in the production of goods, often monitored to control costs and ensure efficient resource use.

Labour Rate Variance

The difference between the actual cost of direct labor and the expected (or standard) cost, based on the hours worked.

Favourable Variance

A financial term indicating that actual costs were lower than budgeted costs, or actual revenues were higher than expected.

Variances

The differences between planned financial outcomes and the actual results, used in budgeting and accounting to track performance and plan future activities.