Refer to the Scenario Below to Answer the Following Questions

question 41

Multiple Choice

Refer to the scenario below to answer the following questions.
Growing a Web-Development Company (Scenario)
Vincent and Alice are partners in a one-year-old web development business called Spy-der Web Execution. Vincent comes from a graphic design background and specializes in the look and feel of web projects. Alice comes from the computer gaming industry and is a highly experienced programmer and web developer-with a particular leaning toward Wordpress as a website backbone.
So far they have brought in less business than they had anticipated-about 25 percent less. As a result, they are operating at just a little below break even, and it is costing them about $500 a month to cover expenses (including rent on a small office space where they meet clients) . The situation is disappointing and was not anticipated by either Vincent or Alice.
As with many businesses like this that are easy to get into with little investment, they did not do a full feasibility study or business plan. They are unsure about how to divide up their responsibilities (who is responsible for what) , and therefore neither person is proactively going after new business, managing each project's budget, and determining even if they are making money on the work.
You are now in the role of advising the partners about a number of issues.
-One of the activities the two partners have engaged in effectively is keeping abreast of what is happening in the marketing world as well as what web developers around the world are creating and the related technological innovations along the way. This is a great example of ____________________.

• A) curiosity-driven research
• B) research and development
• C) applied research
• D) pure scientific research
• E) feasibility research

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Definitions:

Utmost Good Faith

A principle requiring parties to a contract to act honestly and not mislead or withhold critical information from one another.

Statutory Requirements

Legal obligations or rules that are established and enforced by legislation.

Powers of Attorney

A legal document that allows one person (the principal) to appoint another person (the agent or attorney-in-fact) to make financial, legal, and health decisions on their behalf.

Junior Account Executive

An entry-level position in sales or advertising, responsible for managing client accounts and supporting senior executives.