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AVprozaik [17]
3 years ago
14

Why is it important to understand the competition your business faces?

Business
1 answer:
fomenos3 years ago
5 0

Answer:

It can help you to make your products, services and marketing stand out. You can use this knowledge to create marketing strategies that take advantage of your competitors' weaknesses, and improve your own business performance.

You might be interested in
Brand x batteries have a mean life span of 102 hours, with a standard deviation of 6.8 hours. brand y batteries have a mean life
prohojiy [21]

Answer:

about 68% of brand x’s batteries have a lifespan between 95.2 hours and 108.8 hours. about 68% of brand y’s batteries have a lifespan between 98.6 hours and 101.4 hours. the life span of brand y’s battery is more likely to be consistently close to the mean.

Explanation:

According to the empirical rule (68–95–99.7 rule) for a normal distribution, 68% of the data falls within the first standard deviation (μ ± σ).

Given for brand x, mean (μ) = 102 hours and standard deviation (σ) = 6.8 hours.

first standard deviation (μ ± σ) = 102 ± 6.8 = (95.2, 108.8)

about 68% of brand x’s batteries have a lifespan between 95.2 hours and 108.8 hours.

Given for brand y, mean (μ) = 100 hours and standard deviation (σ) = 1.4 hours.

first standard deviation (μ ± σ) = 100 ± 1.4 = (98.6, 101.4)

about 68% of brand x’s batteries have a lifespan between 98.6 hours and 101.4 hours.

Since the standard deviation of brand y is smaller than that of brand x, brand y battery is more likely to be consistently close to the mean

5 0
3 years ago
Which of these is a renewable marine resource that could be utilized to produce electricity?
ikadub [295]

Answer:

Hydro energy

Explanation:

Hydro energy is a renewable marine resource that can be used to generate electricity.

It is derived from a dam that enables the formation of a controlled flow of water that will steer a turbine, thereby generating electricity.

Another renewable marine resource is Tidal energy that uses tidal currents to propel turbine generators in generating electricity.

5 0
3 years ago
The free enterprise system is a type of economy that:
neonofarm [45]

Answer:

B. allows businesses to operate without much government

interference.

Explanation:

The free enterprise system is an economic model where government participation is minimal. The private sector owns the majority of factors of production. The laws of supply and demand determine market prices, the type, quality, and quantity of goods to be availed for sale.

The government's role is mainly regulatory. Buyers and sellers have the freedom to choose what to sell or buy. Profits are a big motivation to do business under the free enterprise system.

3 0
3 years ago
Meaning of creative thinking​
astra-53 [7]

"Creative thinking is a skill which lets you consider things from a fresh perspective and different angles. It's an inventive thought process which results in surprising conclusions and new ways of doing things. "

8 0
2 years ago
Read 2 more answers
Blue corporation's standards call for 2,500 direct labor-hours to produce 1,000 units of product. during may 900 units were prod
Vladimir [108]
Given:
standard hours: 2,500 dl for 1,000 units
actual hours: 2,400 dl for 900 units

Standard direct labor-hours per unit = 2,500 direct labor-hours ÷ 1,000 units= 2.5 direct labor-hours per unit

Standard hours allowed = 2.5 direct labor hours per unit × 900 units<span>= 2,250 hours

The standard hours allowed for may production would be 2,250 hours.</span>
6 0
3 years ago
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