Define the terms industry, category, and customer need
What will be an ideal response?
Marketers use the term market to describe the collective set of customers buying products or services from sellers;
the sellers making products or services that are substitutes for each other constitute the industry. A subset of an
industry is a category, which is a group of competing firms in a segment of an industry. Customer need is the need
that a certain product actually fulfils in a market. It is a better way of defining a particular market, than actual
physical format.
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A corporation used $34,000 of direct materials and incurred $74,000 in direct labor cost, and $112,500 in manufacturing overhead costs during the period
What is the cost of goods manufactured if the beginning and ending Work-in-Process Inventories were $27,500 and $20,500, respectively? A) $248,000 B) $227,500 C) $213,500 D) $220,500
In which of the following ways are joint tenancy and community property interests in real property similar:
A: Only husband and wife are involved; B: Both owners must join in a conveyance; C: Both provide the right of survivorship; D: Ownership interests are equal.