Finland-Based Rapala VMC Corporation Is the World's Largest Fishing Lure

question 86

Multiple Choice

Finland-based Rapala VMC Corporation is the world's largest fishing lure manufacturer.It developed its first fishing lure--a cigar-shaped minnow--in 1962.The annual market for fishing lures in terms of retail sales is approximately $600 million.Rapala VMC garnered one-third of that amount in 2008.New lures must be introduced each year in order to stay competitive in this industry.Like other lure manufacturers,Rapala focuses on two questions in developing and making new lures: Does it work,and does it look good? Developing a new lure takes two or three years and involves extensive field testing by tournament professionals and fishing guides.At the annual fishing industry trade show in 2008,Rapala unveiled the "dream lure for the 21ˢᵗ century."
-Refer to Rapala.The degree to which the newest lures are perceived as superior to earlier models refers to their _____,a characteristic used to predict the rate of adoption.

• A) trialability
• B) observability
• C) relative advantage
• D) differentiation capability
• E) complexity

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Definitions:

Quantities

Refers to the amount or number of a material or immaterial item.

Outstanding Checks

Checks that have been issued and recorded but not yet cashed or cleared by the bank.

Petty Cash Fund

A small amount of cash kept on hand for making minor, immediate purchases or reimbursements in a business.

Reimbursed

The act of compensating someone for an expense they have incurred, often related to their employment or a specific task they have undertaken.