You Have Just Been Hired as a Business Consultant to Determine

question 28

Multiple Choice

You have just been hired as a business consultant to determine what pricing policy would be appropriate in order to increase the total revenue of an online clothing store.What would your first step be

• A)Increase the price of everything in the store.
• B)Look for ways to cut costs and increase profit for the store.
• C)Determine the elasticity of demand for the store's products.
• D)Suggest that the store purchase an entirely new line of clothing that they could sell more cheaply.

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Definitions:

HR Professionals

Individuals who work within the human resources department of an organization, specializing in areas such as recruitment, employee relations, and performance management.

Risks

The potential for losses or negative outcomes resulting from internal or external vulnerabilities or threats.

CEO

Chief Executive Officer; the highest-ranking person in a company or organization, responsible for making overarching decisions.

Naming a Successor

The process of identifying and appointing an individual to take over a role or position after the current holder leaves or retires.