Bookmarks
Concepts
Activity
Courses
Concept
A mathematical expression is a combination of numbers, variables, and operators that represents a particular value or set of values. It forms the foundation for equations and inequalities, allowing for the manipulation and evaluation of mathematical relationships.
Relevant Fields:
Concept
Consumer perception is the process by which individuals select, organize, and interpret information to form a meaningful picture of a product or brand. It significantly influences purchasing decisions and is shaped by advertising, personal experiences, and social influences.
Concept
Utility Theory is a foundational concept in economics and decision theory that models how individuals make choices based on their preferences, aiming to maximize their satisfaction or utility. It assumes that people can rank their preferences and make decisions that provide them with the greatest expected utility, even under conditions of uncertainty.
Concept
Customer satisfaction is a measure of how well a company's products or services meet or exceed customer expectations, directly impacting customer loyalty and business profitability. It involves understanding customer needs, delivering consistent quality, and actively seeking feedback for continuous improvement.
Concept
Service-Dominant Logic is a marketing perspective that views service, rather than goods, as the fundamental basis of economic exchange. It emphasizes the co-creation of value through interactions between providers and consumers, shifting focus from tangible products to intangible services and relationships.
Concept
The Experience Economy is an economic paradigm where businesses create memorable events for customers, and the memory itself becomes the product. It emphasizes the value of experiences over goods and services, driving consumer engagement and brand loyalty through personalized and immersive interactions.
Concept
Behavioral economics integrates insights from psychology into economic models to better understand how people make decisions, often challenging the assumption of rationality in traditional economics. It explores how cognitive biases, emotions, and social factors influence economic behavior, leading to more realistic predictions of human actions in markets and policy-making.
Concept
Product differentiation is a marketing strategy that businesses use to distinguish their products from competitors by emphasizing unique features, benefits, or attributes. This approach can create perceived value that allows companies to command higher prices and foster customer loyalty.
Concept
A Customer Value Proposition (CVP) is a business or marketing statement that a company uses to summarize why a consumer should buy a product or use a service. This statement is designed to convince a potential customer that one particular product or service will add more value or better solve a problem than other similar offerings.
Concept
Functional value refers to the practical benefits or utility that a product or service provides to a consumer, directly influencing their decision-making process. It encompasses the tangible aspects that fulfill specific needs or solve problems, making it a critical factor in the perceived worth of an offering.
Concept
Emotional value refers to the significance or worth that individuals assign to objects, experiences, or relationships based on the emotions they evoke. It plays a crucial role in decision-making, consumer behavior, and personal relationships, influencing choices and preferences beyond mere functional or economic value.
Concept
The recoverable amount is the higher of an asset's fair value less costs of disposal and its value in use, representing the maximum value expected to be recovered from using or selling the asset. It is a critical metric in impairment testing, ensuring that assets are not carried at more than their recoverable amount on the balance sheet.
Concept
A Cash-Generating Unit (CGU) is the smallest identifiable group of assets that generates cash inflows largely independent of other assets or groups of assets. It is a critical concept in impairment testing, as it determines the level at which assets are grouped for the purpose of assessing their recoverable amount against their carrying amount to identify any impairment loss.
Concept
Asset impairment occurs when the carrying amount of an asset exceeds its recoverable amount, necessitating a write-down on the balance sheet to reflect its true value. This ensures that financial statements provide a realistic view of a company's assets, preventing overstatement of asset values and potential misrepresentation of financial health.
Concept
IAS 36 is an accounting standard that provides guidance on the impairment of assets, ensuring that they are not carried at more than their recoverable amount. It requires entities to conduct impairment tests and recognize an impairment loss when an asset's carrying amount exceeds its recoverable amount, thus maintaining accurate and fair financial reporting.
3