Niche marketing strategy is a marketing strategy in which the focus is on small but profitable market segments.
Niche marketing is defined as the strategy of channelizing all the marketing efforts towards one well-defined segment of the population. There is one important thing to understand that ‘niche’ does not exist, but it is created by a smart marketing technique and identifying what the customer wants.
This can be done if the company knows what the customer needs and then tries to deliver a better solution to a problem which was not presented by other firms. A niche market does not mean a small market, but it involves specific target audience with a specialized offering.
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Answer:
Option (a) is correct.
Explanation:
For February,
Opening inventory would have been:
= 25% of February
= (25% × $89,000)
= $22,250
Ending inventory would have been:
= 25% of March
= (25% × $59,000)
= $14,750
Hence,
Cost of goods sold = Opening inventory + Purchases - Ending inventory
$89,000 = $22,250 + Purchases - $14,750
Purchases = $89,000 + $14,750 - $22,250
= $81,500
Therefore, the budgeted purchases of inventory in February Year 2 would be $81,500.
You need to know how many hours it took these workers to make the rugs to determine the labor cost.
Answer:
The correct answer is option E (diversity in teams is beneficial because it provides for a larger pool of knowledge from which a team can draw as it carries out its work).
Explanation:
Diversity in an organization/team is broad in its definition as it describes a group of individuals who are from different backgrounds, races, ages, education working for a common goal.
When we talk about surface-level diversity, then we are pointing at those visible differences such as sex, age. While Deep-level diversity is those characters that are not visible such as beliefs, likes, dislikes, temperament.
Diversity in teams is beneficial because team members would have diverse backgrounds, experiences, problem-solving capacities, exposures, bringing diverse solutions to the team which leads to good team performance, and a quick, better solution to problems.
