When General Mills Introduced Fingos,a Corn Chip-Sized Sweetened Cereal Flake,it

question 321

Multiple Choice

When General Mills introduced Fingos,a corn chip-sized sweetened cereal flake,it assumed that its customers would normally snack on them dry like a potato chip.Unfortunately,consumers did not switch from munching on popcorn and potato chips.The primary reason for the failure of Fingos was __________.

• A)an insignificant point of difference relative to competing snacks-consumers wouldn't switch from eating snacks from Frito-Lay and others
• B)too little market attractiveness-the growth in the snacks market is declining
• C)poor execution of the marketing mix-General Mills did not offer free samples at grocery stores
• D)poor product quality-the chips were not the same size
• E)incomplete market and product protocol-the brand name "Fingos" did not get consumers excited

Understand the concept and purpose of closing entries in the accounting cycle.

Identify and explain the steps involved in preparing closing entries.

Demonstrate how to close revenue and expense accounts to the Income Summary account.

Explain the role of the Income Summary account in the closing process.

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Definitions:

Convenience Sampling

A sampling technique where subjects are selected because of their convenient accessibility and proximity to the researcher.

Sampling Distribution

The likelihood distribution associated with a specific statistic derived from a random sample.

Normal Distribution

A type of continuous probability distribution for a real-valued random variable that is symmetrically bell-shaped, centered around its mean.

Sampling Error

The discrepancy between the statistical characteristics of a population and those of a sample from that population.