The 80/20 Rule Suggests That

question 27

Multiple Choice

The 80/20 rule suggests that

• A) 20 percent of marketing effort is wasted.
• B) 80 percent of marketing effort is well implemented, but the remaining 20 percent is out of control.
• C) 80 percent of the business comes from 20 percent of the customers.
• D) it will take 80 percent more effort to get 20 percent more business.
• E) None of these is true.

Recognize the role of HRM in enhancing organizational productivity, quality, and individual growth.

Identify the strategic importance of HR functions and specialized subunits within large organizations.

Comprehend the significance of legal and ethical considerations in HRM practices.

Acknowledge the categorization of workers and the implications for HRM.

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Definitions:

Place

In marketing, refers to the distribution aspect and making the product available to the customer at the right location.

Inventory

The total amount of goods and materials held in stock by a business, warehouse, or store.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, typically comprised of the 4Ps: Product, Price, Place, and Promotion.

Easiest

Pertaining to the use or role of something being the most straightforward, requiring the least effort, difficulty, or complexity.