An Approach to Business Problems

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Harvard University Press, 1916 - Business - 332 pages
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Page 168 - England, who transact their business wholly in their pocket-books, and meeting their chapmen from all parts, make up their accounts, receive money chiefly in bills, and take orders: These they say exceed by far the sales of goods actually brought to the fair, and delivered in kind; it being frequent for the London wholesale men to carry back orders from their dealers for ten thousand pounds' worth of goods a man, and some much more.
Page 322 - In no other country, governed by a parliament, would such important boards as the Interstate Commerce Commission, the Federal Trade Commission, the Federal Reserve Board...
Page 243 - This chart attempts to show graphically the operation on the demand side of the market of the price policy termed " Selling at the market minus." On the ordinate ox is laid off a scale of prices for the commodity. On the abscissa oy are laid off the number of purchasers. The arc LM shows the number of purchasers at a given price, growing fewer as the price increases and greater as the price decreases. Now if oa represents the prevailing market price for the commodity, and oc the number of purchasers...
Page 167 - It is impossible to describe all the parts and circumstances of this fair exactly ; the shops are placed in rows like streets, whereof one is called Cheapside...
Page 202 - One might suppose that if Smith's wares were equally good, and were sold at a lower price (made possible by eliminating the advertising expense), he would hold his own in spite of Jones's preposterous puffing. But, in fact, Jones's wares are preferred ; some vague impression of superiority is produced by the incessant boasting.
Page 151 - ... by actual test the effective demand that can be built up at different price levels in different economic and social strata. Hence he can fix the price on the basis of relatively exact data, rather than on a mere guess. Again the laboratory method here suggested lends itself to a determination of what elements of quality and service in a given product are deemed most essential by the consumer. The effectiveness of the ideas conveyed in building up a demand reflects the intensity of human wants...
Page 3 - ... with its minute subdivision of labor, it is possible to make a greater number and variety of motions and distribute them over a longer period of time, yet increase the eventual output or decrease the cost through the group effectiveness of all the motions. In the three operations already mentioned— those of the factory workman, the retail clerk, and the office typist— each application of motion was for an economically valid purpose and each instance was typical of one of the three great groups...
Page 167 - By these articles a stranger may make some guess, at the immense trade carry 'd on at this place; what prodigious quantities of goods are bought, and sold here, and what a confluence of people are seen here from all parts of England. I might go on here to speak of several other sorts of English manufactures, which are brought hither to be sold; as all sorts of wrought iron, and brass ware from Birmingham; edg'd tools, knives, &c. from Sheffield; glass ware, and stockings, from Nottingham, and Leicester;...
Page 253 - ... attempt to substitute for the subjective valuation of the consumer as a basis of exchange an external social standard. The more highly differentiated the scale of commodities is, the more accurately will it be possible for the individual consumer to satisfy his varied material wants. The distributer who is successful in establishing a differentiated product as a distinct commodity on a new price level is, for a time, in the position of having a monopoly as to the differentiated commodity. Such...
Page 248 - The more able distributers turn, tho usually unconsciously, to the existence of this margin as the basis of a demand for what is to all intents and purposes a new commodity. That is, they differentiate a product from a staple commodity for which a market price has been established and establish an effective demand for the modified product upon a new price level, higher than that established for the commodity of which it is a modification. The means used for differentiation are numerous. Sometimes...

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