After listing the six categories of major product strategies, discuss the implications for a small business.
What will be an ideal response?
The six strategies are:
*One product/one market
*One product/multiple markets
*Modified product/one market
*Modified product/multiple markets
*Multiple products/one market
*Multiple products/multiple markets
Each strategy is distinct but two or more of these strategies may be attempted simultaneously. A small company would usually pursue these strategies in the order listed.
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The Responsibilities section of the Principles Underlying an Audit Conducted in Accordance with GAAS states that auditors are responsible for having appropriate competence and:
A. independence with respect to the financial statements and supplementary disclosures. B. capabilities to perform the audit. C. exercising professional care as judged by peer reviewers. D. objectivity as an auditor as verified by proper supervision.
Traditional channels of distribution
A. may involve little or no cooperation among channel members. B. are usually controlled through strong legal contracts. C. are usually preferred to other distribution arrangements. D. do not perform bulk-breaking activities. E. are easier to control than corporate channel systems.
The risk of the firm increases the _____________________________________________
Fill in the blank(s) with correct word
Self-employment income is the net income of a trade or business run by an individual
Indicate whether the statement is true or false