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Scenario 9.1 Chocolatta University, an Institute of Higher Learning That Educates Future

question 40

Multiple Choice

Scenario 9.1
Chocolatta University, an institute of higher learning that educates future confectionary chefs, offers a very attractive benefits package. Costs associated with benefits are about double those of rival institutions, Jellibelli Tech and Truffle State. However, Chocolatta U. administrators feel that the extensive benefits attract the most talented faculty and staff in the world. Due to recent societal trends in fitness and health, Chocolatta U. has experienced a downturn in its funding support from global confectionary corporations seeing lower profits. The university's budget has therefore been reduced. Joy Almond, human resource benefits manager, has been asked to find ways to reduce expenditures on benefits, so that important university programs such as Candy Fillings and White Chocolate Creations do not suffer. Ms. Almond is in a quandary!
-Refer to Scenario 9.1. In the midst of all this activity, Professor Nestlé severely burned himself while demonstrating in class the art of the flaming dessert. He will therefore be away from work and recuperating for three to six months. What benefit will help Professor Nestlé pay his bills while he is out of commission?

Definitions:

Customer Preferences

Individual likes or dislikes influencing purchasing decisions, varying greatly among consumers.

Quantification

The process of measuring, calculating, or assigning a numerical value to something.

Consumer Behavior

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.

Revenue Management

A strategy to maximize income by managing the sale of inventory through pricing and timing, commonly used in sectors like hospitality and airlines.