New Age Pharmaceuticals Inc

question 13

True/False

New Age Pharmaceuticals Inc. produces two limited lines of drugs—one for common maladies and one for rarer conditions and diseases. The majority of its business comes from the tried-and-true drugs that most Americans have been using for many years, but the new growth area in the pharmaceutical industry is in high-priced new drugs. New Age management believes that the company’s research-and-development operations are sufficiently effective and efficient enough to develop six new prescription drugs that will start showing a profit within 12 months of their roll-outs. Currently more than 4 million people use New Age products.
-Because it's set up to make profits while meeting people's needs,New Age stands to make larger profits when prices fluctuate.

Understand the concept of bargaining impasse and its consequences.

Differentiate between various dispute resolution mechanisms like arbitration, fact-finding, and med-arb.

Recognize the legal and practical aspects of strike actions.

Identify factors influencing the effectiveness of dispute resolution systems.

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Definitions:

Problem Recognition

is the initial stage in the consumer decision process where a consumer identifies a need or problem that requires satisfaction or solution.

Need Recognition

The first stage in the consumer decision process, occurring when an individual perceives a difference between their current state and a desired state.

Bounded Rationality

A concept suggesting that individuals make decisions based on limited information, limited time, and their own limited cognitive processing capacity.

Biopsychologist

An expert in the field of biopsychology, analyzing how the brain, neurons, and nervous system influence thoughts, behaviors, and emotions.