Your Way, Inc. Eric Buys Companies That Are Small or Companies in Financial

question 85

Multiple Choice

Your Way, Inc.
Eric buys companies that are small or companies in financial trouble. He helps these companies turn around and develop a competitive advantage. The company that he recently purchased is called Your Way, Inc. The company sells men's clothing and accessories. Your Way keeps the sewing machines for clothes manufacturing at a separate production facility so that the store location space can be reserved for display and selling.
After looking over the different products available, Eric realized that the company's previous owner was not aware of the product life-cycle because the company kept items that were obviously too old and out of date. Also, because of the high turnover, employees did not have good knowledge of the different product lines and did not know the difference between a product line and a product mix. To move the company forward, Eric thought of the following two measures: first, developing a new product to incorporate into the product mix; and second, eliminating the out-of-date products.
-Refer to Your Way, Inc. What types of product are sold at Your Way?

• A) Shopping products
• B) Business products
• C) Specialty products
• D) Convenience products
• E) Unique products

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Definitions:

Homeowner's Insurance Policy

An insurance plan that provides coverage for damage or loss to a homeowner's property and assets.

Policy Conditions

Specific provisions, rules, or requirements set forth in an insurance policy that must be met for the policy to be valid and for the insurer to perform its obligation.

Binder Agreement

A temporary or preliminary agreement that outlines the terms of a more formal agreement to be made later.

Temporary Insurance Coverage

Short-term insurance protection provided to the insured during a specific period or while waiting for permanent insurance to become effective.