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1)Calculate the amount of interest earned by investing $8,500 for 9 months at a simple interest rate of 0
1)Calculate the amount of interest earned by investing $8,500 for 9 months at a simple interest rate of 0.40% p.m.: O $3,672.00 O $25.50 $306.00 O $8,806.00
2)Leah was charged interest of $99 for a loan amount of $3,900 that he borrowed for 150 days. What annual rate of simple interest was charged? % Round to two decimal places
3)North Hampton Clothiers, a national nature and recreation clothing brand based in New England, has a commitment to providing its customers with what the company’s Vice President of Marketing and Customer Relations calls a “kitchen sink warranty program”, meaning the company will do whatever it needs to right a customer’s problem with one of their products.
The company proudly embraces their policy, eliciting customers’ stories, which are regularly featured on their website. Stories from customers include sweaters burned by melting s’mores, backpacks clawed by bears, and boots struck by lightning; and North Hampton replaced or refunded each item, every time.
Its an expensive policy, for sure. The Vice President acknowledges that some customers abuse the policy, trading barely used items for the newest style or making a profit by returning for a full-price refund items purchased second-hand. A design defect in a product could trigger mass returns of an item. In fact, some of North Hampton’s competitors used to offer the same guarantee, but many have since returned to more traditional return policies just to limit their financial liability.
Still, New Hampton Clothiers stands by their policy with pride. They see their return policy as a sort of mascot for their customer service approach. “We love and trust our customers,” says the Vice President of Marketing and Customer Relations, “and we want them to know it! We want them to trust us, too, and that means doing whatever we can to show them that, if they have a problem, we will make it right. No matter what.”
Their approach seems to be paying off. North Hampton has topped lists across various business and industry publications when it comes to customer service rating, employee satisfaction, and brand perception. Committed customers can be found in every corner of social media singing the company’s praises and promoting their products.
Utilizing your own words, answer the following questions in detail:
- What role does North Hampton’s return policy fit into the company’s marketing mix; to which of the “four P’s” does it most closely align, and what effect does the policy have of the other elements of the marketing mix?
- In what ways does the company’s return policy influence the relationship between customers and the company’s customer service representatives?
- What characteristics and abilities should North Hampton’s customer service representative possess or be granted to ensure the return policy is exercised smoothly?
- What other considerations to policies and operations (e.g. staffing, financial, product development, etc.) should North Hampton make to support their return policy?
Expert Solution
1)
Principal = 8,500
Rate = 0.40% per month
Time = 9 months
Simple Interest = Prinicipal * Rate * Time = 8,500 * 0.40% * 9
Simple Interest = 34 * 9 = $ 306
Hence, interest earned on 8500 in 9 months at a rate 0.40% per month is $ 306
2)
CALCULATION OF ANNUAL RATE OF SIMPLE INTEREST ( ASSUMING 365 DAYS IN A YEAR )
Annual Interest Rate = (Interest / Loan Amount)* (Days in year / Days in loan Period)
= ($99 / $3900) * (365/150)
= 0.06176 or 6.12 % ( Multiply by 100 to calculate the percentage )
Note : The question is solved assuming 365 days in a year, in case question requirement is 360 days in a year then replace 365 with 360 and can be solved accordingly, In that case answer will be 6.10 %
Please leave a feedback with thumbs-up if found your answer.
If still you have any query feel free to comment.
3)
1. basically, the marketing mix is a variety of different factors that can influence a consumer's decision to purchase product or use service. Return policy gives consumer a feeling of security that what they arebuying is guaranteed. in case of North Hampton's return policy the consumers are promoting their product, as the company knows what the customers. They shows that they care about their customers through "The kitchen sink warranty programme". so this helps them to promote their product and this Vital role does the North Hampton's return policy in marketig mix. The "four P's" of marketing are- price , place, promotion and product. Promotion and product are closely align to the marketing mix, as they provides twhat their customers wants. promotion is the thing which is about how the company is going to tell the people about the product and Hapton's see their returrn policy as a sort of mascot of their customer service approach and that's how they promote the product. so, the promotion is closely align to the marketing mix. Hamton's return policy is of course an expensive policy and it affects financially to company, as some consumers abuses the policy by trading barely used items for the newest style or making a profit by returning for a full-price refund items purchased second-hand. so, that's how the return policy affects finacially to the company.
2. Good customer srevice gives a unique selling proposition, repeat business, increases trust , branding and word mouth. North Hamton's see their return policy as a sort of mascot for their customer service approach. their love and trust towards the customers approaches the customers. They provide a good customer service as the company's customer service representatives says, “We love and trust our customers,and we want them to know it! We want them to trust us, too, and that means doing whatever we can to show them that, if they have a problem, we will make it right. No matter what.” and this approach is paying off, as their commited customers are promoting their product and also they have topped in various business and industry publications when it comes to customer service rating, employee satisfaction, and brand perception. Thats's how the company's return policy influences the realtionship between the customers and customer service representatives.
3. The abilities and characteristics should North Hamton's customer service representatives posses are as follows-
a. Ability of Clear communication with the customers - The communication with the customers should be clear. miscommunication mostly results in dispointments and frustration
b. Patience - Patience is the most impotatnt chharacteristic. the cstomer service representatives should posses this characteristic while communicating with the customers.
c. Knowledge of the product - The best customer service representatives must have a deep knowledge of how their company’s products work.
d. Ability to use a positive language - while communicating the language which is use should not be inapproapriate or negative language. customer service professionals must use positive language.
e. Attentiveness - The customer service representatives must have the ability to truly listen to the customer's p[roblem. and it is importatant to be attentive while communicating with the customers.
f. Time management skills - customer service professionals should spent a little more time with their customers to understand their problem and needs.
these abilities and characteristics should North Hamton's customer service posses to ensure the return policy exercises smoothly.
4. To support the return policy North Hampton should increase the staff of customer service represenatives (the represenattives must have the abilities) which will help the smooth exercise of policy. The return policy is quite expensive so, North Hampton's should increase the financials for return policy. for the developement of the company.
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