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2 years ago

D) Identify and explain two reasons why accurate market research information should be accurate

Business

1 answer:

bazaltina [42]2 years ago

8 0

Answer:

When businesses are deciding how to develop their products and services, they undertake market research. Market research can either be done by the company itself or taken from elsewhere. Having reliable market research data is essential. Basing decisions on unreliable research can be very costly to a business. For research to be reliable, it must have a high level of validity. This means that the facts and evidence gathered are accurate.

Two reasons why market research should be accurate:

Business Risks: Regular market research will be your way to check in with your current customers and potential customers to ensure that you’re still meeting their needs. If it is accurate business risks are reduced but if inaccurate, it could lead to the crash of your business.

Decision-making: The need for and importance of marketing research frequently comes up when making tough business decisions. Instead of having arbitrary criteria for the decisions you make as a business owner, you can always go back to your market research report. Based on that report, will this decision lead to more customers? Will you be able to reach more people who are likely to buy from you? Will it be clear to them that your business can meet their needs? With an accurate market research, the business can make properly informed decisions but with inaccurate market research, the business will be making unwise decisions

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List at least two signs that entrepreneurship might not be a good fit for you.

ikadub [295]

Many people are entrepreneurs. My dad actually is, but anyway...

Entrepreneurs are people who own a company or business. They are not working for another company but working for themselves.

Many citizens don't feel confident in entrepreneurship and many don't know where to start.

Some people prefer following orders instead of making them.
Or even some don't prefer hard work. Just to point out, entrepreneurship is very hard, not all are successful.

I hope this helped!

5 0

3 years ago

Read 2 more answers

Gabuat Corporation, which has only one product, has provided the following data concerning its most recent month of operations

DochEvi [55]

Answer:

c) $ 24,200

Explanation:

Computation of Total Period costs

Fixed selling and Administrative expenses $ 8,800

Variable Selling and Administrative costs

$ 7 per unit * 2,200 units sold <u>$ 15,400</u>

Total period costs $ 24,200

The fixed manufacturing overhead is part of manufacturing costs so not considered.

The variable selling and administrative costs are based on units sold and not units produced.

5 0

3 years ago

Information on Westcott Corporation's direct labor costs for a recent month follows: Standard direct labor rate $ 3.75 per hour

Sever21 [200]

Answer:

11,120 = actual hours

Explanation:

Giving the following information:

Standard direct labor rate $ 3.75 per hour

Total standard direct labor-hours allowed for the actual production 10,000 hours

Labor efficiency variance of $ 4,200 Unfavorable

To calculate the actual hours, we need to use the following formula:

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

-4,200= (10,000 - actual hours)*3.75

-4,200 = 37,500 - 3.75actual hours

-41,700= - 3.75 actual hours

-41,700/(-3.75)= actual hours

11,120 = actual hours

Direct labor time (efficiency) variance= (10,000 - 11,120)*3.75

Direct labor time (efficiency) variance= $4,200 unfavorable

3 0

3 years ago

You are a consultant who is working with an organization and want to incorporate the practice of teaming into their company. Whi

NNADVOKAT [17]

The strongest approach is to develop team charters that formally outline the rules within pre-established teams. This is further explained below.

<h3>What is the organization?</h3>

Generally, an organized collection of individuals with a specific goal, such a company or government agency.

In conclusion, Team charters are the best way to codify the rules of play for established teams.