How Do Customers Play a Role in Changing the Job

question 52

Multiple Choice

How do customers play a role in changing the job of the modern manager?

• A)Managers are learning to think of customers as adversaries in a battle of survival.
• B)Managers are inviting customers to take control of the planning and design of new products.
• C)Managers are increasingly de-emphasizing customer satisfaction as a major goal.
• D)Managers are increasingly including customer satisfaction as a major goal.

Comprehend the significance of neoclassical economic assumptions and how behavioral economics challenges these assumptions.

Discuss the concept of "nudges" in influencing economic behavior positively.

Explore the limitations of increasing consumption on long-term happiness as explained by the hedonic treadmill.

Insight into the discrepancy between theory and practice in economic behavior, highlighting the role of immediate costs and benefits.

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Definitions:

Actuarial Estimates

Actuarial estimates are calculations done by actuaries to predict future liabilities, expenses, and life expectancies, often for use in insurance and pension plans.

Other Comprehensive Income

Components of comprehensive income that are excluded from net income, including items such as unrealized gains or losses on foreign investments, pension plan adjustments.

IFRS

A collection of global accounting standards, International Financial Reporting Standards dictate the reporting methods for specific transactions and events in financial statements.

Other Comprehensive Income (OCI)

Items of income and expense that are not included in net income but directly affect equity, such as changes in the value of foreign investments.