What is incidental word-of-mouth? Why should it be monitored?
What will be an ideal response?
In addition to monitoring campaigns designed with a WOM component, firms should be conscious of monitoring incidental word-of-mouth, which is information about a product that did not originate intentionally from the firm. Consider the fact that extreme satisfaction or dissatisfaction with a product, along with controversy, advertising, and product exclusivity tend to generate the most word-of-mouth. Such unintended WOM is likely to be either very good, very bad, or a product of your advertising. It may also be the result of a strong brand image with customers. Clearly, recognizing any of these possibilities is worth the effort and can lead to feedback that helps you continue to add value to a firm.
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A difference of opinion concerning accounting and auditing matters relative to a particular phase of the audit arises between an assistant auditor and the auditor responsible for the engagement. After appropriate consultation, the assistant auditor asks to be dissociated from the resolution of the matter. The audit documentation would probably be
a. Silent on the matter because it is an internal matter of the auditing firm b. Expanded to note that the assistant auditor is completely dissociated from responsibility for the auditor's opinion. c. Expanded to record the additional work required because all disagreements of this type will require expanded substantive testing d. Expanded to detail the assistant auditor's position and how the difference of opinion was resolved
When a small business offers extended hours and home delivery at no additional cost after a large mass market retailer moves into their area, this business is reacting to changes in the ________ environment.
Fill in the blank(s) with correct word.