These are worth careful scrutiny by the managers of all companies because when a company's costs for one or more of the cost benchmarks are deemed "out-of-line," managers need to initiate corrective actions in the next decision round. only have value to the managers of companies whose costs are below the industry averages.
<h3>What do you mean by industry?</h3>
An industry is a group of companies that are related based on their primary business activities.
In modern economies, there are dozens of industry classifications. Industry classifications are typically grouped into larger categories called sectors.
<h3>What are the 4 types of industry?</h3>
There are four types of industry, namely primary, secondary, tertiary and quaternary.
Primary industries involve the activities related to extraction and processing of natural resources, such as agriculture, mining, fishing, etc.
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Whenever a product line or a product family is extended, there is a risk of cannibalization, which occurs when sales of an existing brand decline as the firm's current customers switch to the new product.
<h3>What is a new product line?</h3>
This is term that is used to refer to the offering of a new product from a line that the company has not offered previously. It is the introduction of a new product entirely to the market.
Hence we have to say that Whenever a product line or a product family is extended, there is a risk of cannibalization, which occurs when sales of an existing brand decline as the firm's current customers switch to the new product.
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Advantage, vertical integration is like controlling all your distributors for your business and all your company’s who make your product.
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The 10 million U.S. residents with the highest SES outlive the 10 million with the lowest SES who live in rundown areas by about <u>30</u> years.
<h3>What is socioeconomic status (SES)?</h3>
Socioeconomic status can be defined as the status of people in a society or community as based on the followings:
- Income
- Occupation
- Education
In the United State of America people who are educated and earn higher income including having the best health care tend to live longer compare to those who live in a very poor condition and has a lowest SES.
Inconclusion 10 million U.S. residents with the highest SES outlive the 10 million with the lowest SES who live in rundown areas by about <u>30</u> years.
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