Why is it important for a business to analyze the competition?
What will be an ideal response?
Analyzing the degree of competition facing a firm is critical to creating an effective marketing mix. A company operating in a monopolistic competitive environment will have a different marketing strategy than one operating in an oligopoly. The degree of competition affects a firm's production, pricing, promotion, and place (distribution) strategies. A successful business must be aware of the competition and always try to stay one step ahead.
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Which of the following types of variables characterizes the differences between people in terms of income, age, occupation, education, and race?
A) geographic B) demographic C) psychographic D) behavioral
Nielsen's PRIZM features lifestyle clusters of every U.S. neighborhood based on geo-coding
Indicate whether the statement is true or false
The horse spoke up first, "I'm twice your size and can work twice as hard. It doesn't matter how much needs to be hauled from the grassy area in the comedy pasture down to the pond, I can do it easily in a day."
Of course, the horse would use only routes connected by his nodes of interest, Grass, Barn, Oak, Hay and Pond. Use the capacities indicated on each of the branches to determine the maximal flow down to the pond.
A business renders services to a customer for $26,000 on account. Which of the following accounts is debited?
A) Cash B) Accounts Receivable C) Service Revenue D) Accounts Payable