What does a trade off mean

Over 65 million users have prepared for and other exams on Study. Additional Activities. Customers perform roles that are either well or poorly designed for them and engage in behaviors that either benefit or harm the company. Great way to memorize science concepts. Normative means rely more subtly but often more effectively on shame, blame, and pride. We're doing our best to make sure our content is useful, accurate and safe. In many service environments, such as retail stores, call centers, or emergency rooms, the customers themselves cannot foresee or delay their needs.

Perhaps less obviously, service businesses must also work with customers whose own capabilities differ. As an example, in production theory the trade-off between output of one good and output of another is illustrated graphically by the production possibilities frontier. Log In. Follow us. Like most accommodation strategies, this one forces the company to bear the brunt of the variability. Profitably managing the variability implicit in customer heterogeneity, and developing effective levers to influence it, is a central challenge for service businesses.

A technique of reducing or forgoing one or more desirable outcomes in exchange for increasing or obtaining other desirable outcomes in order to maximize the total return or effectiveness under given circumstances. Doha Round trade-wind free-trade-area fast-track trade authority. Those at the low end must rely on strategies to reduce variability. In other projects Wikiquote. Already registered? In the case of Zipcar, an auto-sharing service, motivating customers to make the effort asked of them is particularly important because their actions influence not only themselves but also other customers. Get instant definitions for any word that hits you anywhere on the web!

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Log in. But for most service businesses, they are key inputs to the production process. The experiment was designed to discover how boarding time would be affected by a less charged but also less chaotic process. First Union had created many self-service options for customers—primarily through ATMs, voice response units, and Web pages—and hoped that the cost of the innovations would be more than recouped by lower costs in branch operations. Management concluded that the problem was, in essence, one of capability variability: Not all customers had learned what the technology could do and how to use it. Area of Study. At an advertising agency, each client is executing a unique marketing strategy.
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There is a trade-off between doing the job accurately and doing it quickly. Starbucks provides an excellent example of the deft handling of capability variability. After the initiative is tested on only the challenger sample, the company tracks differences in behavior between the two samples. For example, for a person going to a basketball game, their opportunity cost is the loss of the alternative of watching a particular television program at home. Test your vocabulary with our fun image quizzes.
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Next time you decide to spend some extra money on a fancy dinner, think about the other things you could do with that money. More from Merriam-Webster on trade-off Thesaurus: All synonyms and antonyms for trade-off Rhyming Dictionary: Words that rhyme with trade-off. Follow us. Also Mentioned In. Noun plural tradeoffs An advantage or improvement that necessitates the corresponding loss or degradation of something else. Word Games Name More Food!
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Categories : Decision-making. Entrepreneurship and Small How to say trade-off in sign language? For manufacturers, customers are the open wallets at the end of the supply chain. Business Law: Tutoring Solution. In a medical setting, by contrast, a patient may be more or less able to describe his symptoms, and that will affect the quality of the health care he receives. Trade-off When choices are made collectively or by an individual to accept having less of one thing in order to get more of something else, the results are called trade-offs.
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Please tell us where you read or heard it including the quote, if possible. Economics and Business: Homework Help. Tradeoffs also commonly refer to different configurations of a single item, such as the tuning of strings on a guitar to enable different notes to be played, as well as allocation of time and attention towards different tasks. A trade-off involves a sacrifice that must be made to obtain a desired product or experience. Want to learn more?
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What does a trade off mean:

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