SA
Answered
What is the rationale for efficiency wages? How do efficiency wages help address the principal-agent problem?
On Jun 09, 2024
The rationale behind efficiency wages is that employers will enjoy greater effort from their workers by paying them above equilibrium wages. An above equilibrium wage may enhance worker efficiency in several ways. It enables the firm to attract higher-quality workers; it lifts worker morale; it lowers turnover; workers are more likely to put forth their best effort with less supervision and monitoring, thereby reducing or eliminating the principal-agent problem.
SA
Answered
What three things have become critical to the role of CMO?
On May 10, 2024
The senior executive responsible for a firm's marketing activities is increasingly given the title of chief marketing officer (CMO) rather than vice president of marketing. This reflects the broadening of the CMO's role as the inside-the-company "voice of the consumer." So today, it is critical that CMOs understand (1) the changing characteristics of domestic and global consumers, (2) the role of digital media and mobile marketing in integrated marketing efforts, and (3) how to validate decisions with the many new sources of data, information, and artificial intelligence.