Let’s consider the economics of waiting. The economic cost of waiting can be viewed from two perspectives. For the company Apple, consider the cost of keeping an employee (i.e., an internal customer) waiting can be measured by unproductive wages. For external customers, the cost of waiting is the forgone alternative use of that time. In a competitive market, excessive waiting can lead to lost sales (Bordoloi, p. 95). Sometimes the perception of waiting is more important to the customer than the actual time spent waiting, suggesting that innovative ways should be found to reduce the negative aspects of waiting. Describe what this looks like within Apple's organization. What can be done today to reduce or eliminate this waiting, whether it is physical waiting or the perception of waiting? Also, consider waiting times for different access points for Apple: considering the website, calling Apple, emailing Apple, social media, and other access points. How will you address waiting in each of these areas? Let's consider the economics of waiting. The economic cost of waiting can be viewed from two perspectives. For thecompany Apple, consider the cost of keeping an employee (i.e., an internal customer) waiting can be measured byunproductive wages. For external customers, the cost of waiting is the forgone alternative use of that time. In a competitivemarket, excessive waiting can lead to lost sales (Bordoloi, p. 95). Sometimes the perception of waiting is more important tothe customer than the actual time spent waiting, suggesting that innovative ways should be found to reduce the negativeaspects of waiting. Describe what this looks like within Apple's organization. What can be done today to reduce or eliminatethis waiting, whether it is physical waiting or the perception of waiting? Also, consider waiting times for different accesspoints for Apple: considering the website, calling Apple, emailing Apple, social media, and other access points. How will youaddress waiting in each of these areas?

Waiting can have economic costs for both Apple employees (internal customers) and external…

Answered: Let’s consider the economics of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Let’s consider the economics of waiting. The economic cost of waiting can be viewed from two perspectives. For the company Apple, consider the cost of keeping an employee (i.e., an internal customer) waiting can be measured by unproductive wages. For external customers, the cost of waiting is the forgone alternative use of that time. In a competitive market, excessive waiting can lead to lost sales (Bordoloi, p. 95). Sometimes the perception of waiting is more important to the customer than the actual time spent waiting, suggesting that innovative ways should be found to reduce the negative aspects of waiting. Describe what this looks like within Apple's organization. What can be done today to reduce or eliminate this waiting, whether it is physical waiting or the perception of waiting? Also, consider waiting times for different access points for Apple: considering the website, calling Apple, emailing Apple, social media, and other access points. How will you address waiting in each of these areas?

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