One of the Reasons Given for the Decline of the Passenger

question 76

Multiple Choice

One of the reasons given for the decline of the passenger rail industry in the United States is the fact the industry defined its mission as trains and not as transportation sources.The railroad industry failed to:

• A) define its mission in terms of the benefits its customers seek
• B) ignore the marketing concept of serving customer needs and wants
• C) realize that "customers only want what they know"
• D) to have a sales orientation
• E) empower the consumer

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Definitions:

Regression Analysis

A statistical method used for estimating the relationships among variables, particularly for analyzing the impact of one or more independent variables on a dependent variable.

Market-Pay-Rate Data

Information regarding the average compensation paid for a specific job or skill in the labor market, used by organizations to ensure competitive and fair wage practices.

Compa-Ratio

A metric comparing an individual's salary to the average for their job or level within the organization, indicating relative pay position.

Broadband Pay Structure

A compensation system that consolidates a large number of pay grades into fewer broad bands, offering flexibility in managing employee salaries.