It should be noted that pursuing multiple market segments at the same time is not the best way to enter new markets. Therefore, it's false.
<h3>What is a market?</h3>
A market simply means the coming together of a buyer and seller for transactions purpose.
In this case, pursuing multiple market segments at the same time is not the best way to enter new markets. One needs to have complete knowledge before entering a market.
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A competitive market refers to a market where there is no monopoly of producers of goods and services, therefore, competition is high because they all have mission to satisfy the wants of a large consumers.
The characteristics of a competitive market are:
- Homogeneity of product: The product are made by different producers and encourages competition.
- There are existence of many buyers and sellers in the market.
- There is an access to derive perfect information on price of a product at any outlet in the market.
- There are no charges for transaction costs in a competitive market
- No barriers to entry into or exit.
In conclusion, there is no producers which can affect the market price through its supplying rate because there are excess supply of similar product in the market.
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Answer:
High context cultures are heavily dependent on non verbal cues and subtle situational cues while communicating with others. In such cultures a person's reputation, prestige, status in society are considerably important.
Explanation:
In high context cultures are complete contrast to low context. In low context cultures, communication takes place clearly through language and rules of communication are clearly stated. While on the other hand in high context cultures, communication is subtle through body language, tone of voice, person's status etc. The use of contextual elements is more.
Answer:
$7,000 is the amount of revenue in year 1
Explanation:
The amount received from the customer is $24,000,which is payment for work to be performed over 24-month period i.e 2 years
In year 1,the work would be performed from June -December,hence 7-month worth of revenue should be recognized in year 1 as follows
revenue recognition in year=$24,000*7/24=$7,000
The amount of revenue attributable to year 1 on the income statement is $7,000
