Since GE Began Accepting Bids Via the Internet,the Length of the Bidding

question 23

Multiple Choice

Since GE began accepting bids via the Internet,the length of the bidding process in GE's lighting division has been reduced from 21 days to 10.Since requesting the bids is easier,purchasing agents approach more potential vendors.The ability to locate more vendors has lowered the cost of goods by 5 to 15 percent.What does GE's experience illustrate?

• A)how using the Internet decreases competition
• B)how business marketing is becoming global
• C)how business marketing is using the Internet to become more efficient
• D)how the Internet increases efficiency in data exchange

Understand the distinction between controllable and uncontrollable costs within a department.

Comprehend the relevance and application of return on investment (ROI) in evaluating managerial performance.

Recognize the necessity of preparing departmental income statements for both operating and service departments.

Learn the principles of cost allocation in service departments and the rationale behind it.

---

Definitions:

Wicked Problems

Complex issues that are difficult to define and solve because they are interconnected with other problems and have multiple stakeholder perspectives with differing priorities.

Urban

Relating to, characteristic of, or situated in a city or town.

Governmental Planning

The process by which governmental bodies set goals, establish priorities, and develop strategies to achieve desired outcomes for communities or nations.

Bootstrapping

refers to starting a business with minimal financial resources, relying on personal income and savings rather than seeking external investment.