StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Customer and Matrix Model in Economics - Coursework Example

Cite this document
Summary
The paper "Customer and Matrix Model in Economics" explains training as the process of acquiring skills, knowledge, and competencies. It aims at an individual’s capabilities, productivity, and performance. Development is the process of growth or progress. …
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.9% of users find it useful
Customer and Matrix Model in Economics
Read Text Preview

Extract of sample "Customer and Matrix Model in Economics"

Instructional System Design involves identifying the current needs, gaps, and defining the overall goals, thereby creating the best intervention strategies.

Self-efficacy is the strength of an individual's believes in one’s ability to accomplish various tasks in order to achieve the set goals. It is the ability of a person to persist in order to accomplish a certain task.

Customer model-It is a systematic strategy of profiling customers with the aim of understanding their specific behavior, e.g. consumption behavior, tastes and preferences, and change behavior. The model is action-oriented and is mainly used by marketers in order to improve the presence of the business in the market.

Matrix Model-In economics, the matrix model is a reflection of various interrelationships between different economic elements. The model brings together into a single table the balance of output distribution and that of inputs for better analysis.

Virtual Model-It is a digital description of a physical object. The model is mainly used in the creation of 3D features for the purpose of virtualization. This is mainly used in the film industry and architectural sector.

Focus group-It is a strategy used in qualitative research which entails identifying a specific group of study to be analyzed over a specified period of time. The researcher uses the group to study their behavior, perception, or any other topic of study.

On-the-job training-It is training that takes place in a normal working situation. It entails one person showing the other how to complete a specific task more effectively. It is also referred to as direct instruction.

Apprenticeship-It is a form of training the new generation of practitioners which occurs in the normal working environment. It occurs while one is working for an employer who helps the trainee (apprentice) to learn new skills.

Behavioral Modeling-It is an approach to control theory which aims at reducing inconsistencies. Of importance to note about the approach is that it does not differentiate between input and output variables.

Power Distance is the extent to which people at lower level accepts the fact that power is distributed unevenly. Power distance determines how democratic the society is.

Cultural diversity-It is having various cultures which respect each other’s differences. It is having different people who emanate from different cultural backgrounds but tolerate each other’s cultural aspects.

Diversity Training-It is an instructional course that aims at increasing people’s awareness of diverse cultural skills and knowledge. This aims at improving cohesiveness, especially in organizations or society through enabling people to appreciate each other’s cultural elements.

Career management-It is the active planning and management of one’s professional career. This ensures that the person is not diverted from the main structure of achieving the professional goals. 

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Quiz Coursework Example | Topics and Well Written Essays - 500 words - 4”, n.d.)
Quiz Coursework Example | Topics and Well Written Essays - 500 words - 4. Retrieved from https://studentshare.org/human-resources/1672791-quiz
(Quiz Coursework Example | Topics and Well Written Essays - 500 Words - 4)
Quiz Coursework Example | Topics and Well Written Essays - 500 Words - 4. https://studentshare.org/human-resources/1672791-quiz.
“Quiz Coursework Example | Topics and Well Written Essays - 500 Words - 4”, n.d. https://studentshare.org/human-resources/1672791-quiz.
  • Cited: 0 times

CHECK THESE SAMPLES OF Customer and Matrix Model in Economics

Marketing Management - MBA and SBU

The marketing strategy for the Rocky Mountain Bicycle Company should encompass the entire business philosophy that involves decisions related to the production of bicycles, their sales, market segmentation and customer relationship management.... A marketing strategy should be a dynamic process because of changing nature of customer needs and expectations, competitive external forces, environmental factors that impact marketing and business, and other economic, sociocultural and psychographic factors....
6 Pages (1500 words) Essay

Global Automotive Industry

Two well-known theoretical frameworks, the Value Chain Analysis model of Porter and the Product-Commodity Chain of Gereffi have been used for developing an effective sector matrix framework, as aligned with the needs and the challenges of the particular industry.... The development of the sector matrix framework in regard to the automotive industry revealed that the management of the industry's supply/ demand chain could be improved, especially in regard to the areas of the control of production and the delivery on time....
7 Pages (1750 words) Essay

A Critical Asessment of the Boston Matrix and its practical application in BMW

The report has identified that the concept of marketing has shifted from the time the BCG model was developed to the current marketing concept that is characterized by customer relationships management and societal marketing.... A critical assessment of the Boston Consulting matrix and its application in BMW.... Report on critical assessment on the Boston matrix and its application in BMW Executive summary The report aims at critically evaluating the branding concept and providing strategic guidelines on how organizations must engage in strategic marketing audit activities....
10 Pages (2500 words) Essay

Strategic Understanding of Product Markets

The generic value chain model suggests breaking the entire set of activities undertaken by a firm into primary activities and support activities.... This maximizes the firm's competitive advantage and increases the profit margin by providing value to the customer in excess of costs....
7 Pages (1750 words) Essay

Strategic Management Assessment: The Package Holiday Industry and Thomas Cook

Today, globalisation has undermined the traditional travel agency distribution model, and Hamal and Prahalad argue that a central element of this is the shift in how companies compete with each other, with the underlying basis of competition moving towards “soft” factors such as reputation, service and market placement and positioning.... This essay states that the fragmentation of the travel agency industry and increase in consumer power has not only forced the conventional travel agency business model to adapt to e-commerce; it has also forced established leaders in the marketplace to adapt to changing consumer requirements in their travel requirements....
16 Pages (4000 words) Assignment

Delivering Customer Value

This assignment "Delivering customer Value" discusses promotions that can influence the pricing decision in the case of body care products.... High-level promotional strategies enhance the cost of the marketers, which can also affect directly the pricing decision of a product.... ...
9 Pages (2250 words) Assignment

Successful Business Model of Apple

The essay "Successful Business model of Apple" focuses on the critical analysis of the successful business model of Apple, one of the world's most successful companies.... The success story of Apple is attributable to its innovative business model.... A good business model is a structure that creates and provides customer-centered values that are built on four fundamental elements; profit pattern, critical process, key resource, and customer value (Adcock, 2000)....
12 Pages (3000 words) Essay

The Key Macro Factors that Have Influenced the UK Grocery Retailing Industry since the Early 1960s

A principle macroeconomic model is the dynamic stochastic general equilibrium model, which explains economic growth, business cycles, and monetary and fiscal policy, along with consideration of how the economy evolves over time accounting for random shocks (Colander, 2006, p.... we consider other marketing models, the Ansoff matrix is a marketing tool helping businesses to determine where and when to sell products and Cheverton posits that business growth is reliant on the nature of the market (Cheverton, 2004, p....
13 Pages (3250 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us