Answer:
E. pay special attention to buyer segments that a rival is already serving.
Explanation:
The generic competitive strategies a company can adopt include;
• Cost leadership: The company lowers its cost as much as possible so it can sell at reduced prices in a broad market.
• Differentiation: The company, operating in a broad market, makes its products and services unique and of high quality and therefore more attractive than competitors' products.
Focus: The company operates within a chosen niche (narrow market) using either differentiation or cost leadership strategies.
Once a company chooses to adopt any of these strategies, it must also build its competitive advantages as well as analyse its competitors to know their strengths and weaknesses.
The company then places itself in a position to take swift decisions to out-maneuver, surprise and overpower its competitors in the market.
Answer:
B. A type of shirt that sold for $10 in 2000 costs $15 in 2020
Explanation:
Inflation is a measure of the rate of rising prices of goods and services in an economy.
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Answer:
Explicit cost = $95,000
Explanation:
Explicit cost = the cost which is actually incurred and paid in cash, it does not include any opportunity cost foregone, as no direct cash payment is involved in that case.
Here explicit cost of business = Rent paid + Raw material purchased + Utilities
= $36,000 + $35,000 + $24,000 = $95,000
Note: Explicit cost does not consider the revenue generated as this is only the cash paid for expenses.
Explicit cost = $95,000