Erosion will ______ the sales of existing products.
a) reduce
b) increase
Answers
a) reduce. To mitigate the impact of erosion, businesses often need to adapt and innovate to stay competitive and meet evolving customer needs.
Erosion refers to the gradual decline or reduction in the sales or market share of existing products. It occurs when various factors, such as competition, changing consumer preferences, or the introduction of new products, impact the demand for and popularity of existing products. Erosion can lead to a decrease in sales and market share over time.
When erosion happens, customers may choose alternative products or newer offerings that better meet their needs or preferences. As a result, the sales of existing products decline. This reduction in sales can have negative implications for the company, including decreased revenue and potentially lower profitability.
Erosion has a detrimental effect on the sales of existing products. As customer preferences change or new products enter the market, the demand for existing products may decrease, resulting in reduced sales.
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Related Questions
Knowledge Check 01 Grey Corporation uses the aging of accounts recelvable method to estimate bad debt expense. The company has $100.000 of accounts recelvable on December 31. The unadjusted balance of its. Allowance for Doubtful Accounts is a credt of $1,000. The company's aging schedule indicates that the estimate of its total uncollectible amounts should be $5,000. Prepare the necessary joumal entry to record bad debt expense using the aging of accounts recelvable method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fieid.)
Answers
The necessary journal entry to record bad debt expense using the aging of accounts receivable method is as follows: ParticularsAccount Titles DebitCreditBad Debt Expense4,000Allowance for Doubtful Accounts 4,000
Given data: Accounts Receivable on December 31= $100,000Unadjusted balance of Allowance for Doubtful Accounts= Credit of $1,000Estimated total uncollectible amounts= $5,000Calculation:As per the given data, the estimated uncollectible amount using the aging of accounts receivable method is $5,000.
The company has an unadjusted balance of credit $1,000 in its Allowance for Doubtful Accounts. Therefore, the necessary journal entry to record the bad debt expense would be calculated as:Bad Debt Expense = Estimated uncollectible amount - Unadjusted balance of Allowance for Doubtful AccountsBad Debt Expense = $5,000 - $1,000Bad Debt Expense = $4,000Therefore, Bad Debt Expense account will be debited by $4,000 and Allowance for Doubtful Accounts will be credited by $4,000.
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Help this is super confusing
Answers
Answer: Reasons
Explanation: Crystals are collected for jewelry, sugar, salt, computer chips. So if it shows you all those examples it would be collected for many reasons. I hope this helped!
Why is transformational leadership becoming more vital to the success of a business?
Answers
Transformational leadership is that kind of leadership style that inspires positive changes in employees . Transformational leaders are enthusiastic, passionate and energetic about how to engage with their brand. These leaders help every member of the group to succeed. Transformational leadership is not only beneficial in workplaces but in other situations as well.
Transformational leadership can help companies develop leadership training programmes that can be used to teach transformational leadership skills. Some important parts of transformational leadership are acquiring communication skills such as resolving conflicts in the workplace and recognising the needs of employees.
Transformational leaders encourage, inspire and motivate employees to perform in ways that create change. This results in an engaged workforce that's empowered to innovate and help shape an organization's future success.
Therefore, transformational leadership is considered vital for success of a business.
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Define ''limited in stock''
Answers
Answer:
Explanation:
it means that the product wont be around aymore since its limited to retailer?
How does American style differ from Japanese style? Japanese style is identified as casually elegant, often using very luxurious fabrics while American style is noted for being chic, sophisticated, and smart. Japanese style is identified as casually elegant, often using very luxurious fabrics while American style is noted for being chic, sophisticated, and smart. American style is identified as casual, athletic, and clean-cut while Japanese style is noted for having complicated cutting and structure. American style is identified as casual, athletic, and clean-cut while Japanese style is noted for having complicated cutting and structure. American style is identified as casually elegant, often using very luxurious fabrics while Japanese style is noted for being chic, sophisticated, and smart. American style is identified as casually elegant, often using very luxurious fabrics while Japanese style is noted for being chic, sophisticated, and smart. Japanese style is identified as casual, athletic, and clean-cut while American style is noted for having complicated cutting and structure.
Answers
Answer:
American style is identified as casual, and ethic and clean cut while japanese style is considered poorly and has been noted for having complicated cutting and structure
Explantion:
got it right on Edge 2022
which anti-pollution policy does not make use of cost-benefit analysis? choose one: a. a law banning all pollution b. an emissions fee that taxes polluters c. issuing pollution permits that can be traded in an open market d. tax breaks
Answers
The correct answer is a. a law banning all pollution
CB Analysis, also known as Cost Benefit Analysis, is a method in which the advantages or advantages gained by a certain circumstance are weighed against the costs that are connected with that circumstance. It makes it easier for businesses to make choices that are advantageous to the company as a whole.
When legislation is passed that prohibits all forms of pollution, the benefits and costs associated with the regulation of pollution control methods are not taken into consideration.
When there is a regulation against pollution, the CB is not taken into account, and the result, that is, the question of whether or not this regulation is advantageous for society, is disregarded.
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Question 7 of 10
Which of the following is a tax-advantaged savings plan designed to
encourage savings for future college costs?
A. University plan
B. 529 plan
C. Scholarship plan
D. 592 plan
Answers
Answer:
It is the 529 plan to save money for college.
Explanation:
This is for money skills. Please help
Answers
Answer:
when you divide
Explanation:
Which of the following is true of a buying center in an organization?
a. It is a group of people in an organization who are responsible for developing new product concepts.
b. The buying center includes everyone involved in any aspect of the buying process.
c. The composition of the buying center remains the same for all purchase situations.
d. The buying center is an integral part of a firm’s formal organizational structure.
Answers
The buying center includes everyone involved in any aspect of the buying process is true of a buying center in an organization (option b).
A buying center in an organization refers to a group of individuals who are involved in the decision-making process for purchasing goods or services. The buying center typically includes various stakeholders who have different roles and responsibilities in the buying process, such as users, influencers, gatekeepers, buyers, and decision-makers.
The buying center can vary in composition depending on the complexity and size of the purchase decision. It may involve individuals from different departments or functions within the organization, including marketing, finance, operations, and procurement.
Option a is incorrect because developing new product concepts falls under the domain of product development or research and development teams, rather than the buying center.
Option c is incorrect because the composition of the buying center can vary for different purchase situations. The individuals involved in the buying decision may change based on factors such as the nature of the purchase, the size of the organization, and the specific requirements of the purchase.
Option d is incorrect because the buying center is not necessarily an integral part of a firm's formal organizational structure. It is a cross-functional and temporary group formed for the purpose of making specific purchasing decisions. The buying center can include individuals from different levels and departments within the organization, regardless of their formal organizational positions. The correct option is b.
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Amy and Jack were loyal customers of GreenFoods, a local grocery store. However, after a couple of incidents where they had to return products that were stale and out of date, the couple decided to try out VeggiesNmore, a chain store that recently opened in town. Both Amy and Jack must move through each stage in the marketing funnel before becoming loyal customers.
Jack has shopped at VeggiesNmore. He was happy with the experience and thought that this could be an alternative to GreenFoods. However, he is also keen to try out other stores in the neighborhood. He is in the ________ stage of the marketing funnel as far as shopping at VeggiesNmore is concerned.
a. aware
b. open to trial
c. most often used
d. nonrejecter
e. regular user
Answers
Answer: B) Open to Trial
Explanation:
many companies, called allied industries, do not sell food directly but are still deeply involved in the food industry. the dairy industry is a good example of an allied industry.
Answers
The dairy industry is an example of an allied industry that does not sell food directly but is still deeply involved in the food industry.
What are the allied industries?
Allied industries provide an important role in the food industry by providing services such as the production, packaging, distribution, and marketing of food products. These services enable the food industry to produce, store, and distribute food to consumers.
Many companies, called allied industries, do not sell food directly but are still deeply involved in the food industry. The dairy industry is a good example of an allied industry. Allied industries refer to the economic activity created by indirect and direct economic ties between suppliers of goods and services and those who make goods and services available to customers.
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republicans generally subscribe to conservatism and support limited government intervention, free markets, and individual freedoms. democrats, on the other hand, tend to embrace liberalism and believe in a larger role for government in ensuring social and economic equality, protecting individual rights, and addressing systemic issues like poverty and discrimination. economic policy: republicans are know
Answers
Republicans generally support conservative economic policies that prioritize free markets, lower taxes, and reduced government spending.
They typically believe that reducing government intervention in the economy will promote economic growth and create jobs. Republicans also tend to favor a more hands-off approach to regulation and believe that businesses and individuals should have more freedom to operate without government interference.
Some specific economic policies that Republicans often support include:
Lowering taxes, particularly for businesses and high-income earnersReducing government spending on social programs and entitlementsPromoting free trade and reducing barriers to international tradeReducing regulation on businesses and industriesSupporting the private sector through measures such as subsidies, tax breaks, and incentivesEncouraging private investment in infrastructure and public servicesOverall, Republicans generally believe that a strong private sector, driven by market forces and individual initiative, is the best way to promote economic growth and prosperity.
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Republicans generally subscribe to conservatism and support limited government intervention, free markets, and individual freedoms. democrats, on the other hand, tend to embrace liberalism and believe in a larger role for government in ensuring social and economic equality, protecting individual rights, and addressing systemic issues like poverty and discrimination. economic policy: republicans are known as?
Which of the following should show a profit in order for a financial institution to give a the company a loan
a) income statement
b) rent expense
c) accelerated depreciation
d) accounts receivable
Answers
Answer:
A I think not really sure hope this helps you
consistent with accrual-basis accounting, expenses should be recognized
Answers
This is true because expenses, consistent with accrual-basis accounting, should be recognized.
Under accrual-basis accounting, expenses are recognized when they are incurred, not necessarily when payment is made. The recognition of expenses is based on the accrual concept, which states that expenses should be recognized in the financial statements in the period in which they are incurred, regardless of when payment is made.
This means that an expense should be recognized in the accounting period in which the underlying transaction occurs, even if cash is not yet paid or received. This provides a more accurate representation of a company's financial performance and helps to align revenue and expenses in the correct period.
"
Complete question
consistent with accrual-basis accounting, expenses should be recognized
true
false
"
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Which type of business does not hold owners accountable for the debts of
the business?
OA. Sole proprietorship
OB. LLC
OC. Partnership
A
OD. Private company
Answers
Answer:
Limited Liability Company (LLC)
Explanation:
A limited Liability Company (LLC) is a business structure in the United States that protects its owners from the personal responsibility for its repayment of debts and liabilities. It is a hybrid entity that has the characteristics of a corporation, partnership and sole proprietorship. The regulation of LLC's varies from one state to another. An entity or individual can be a member of an LLC with notable exceptions from banks and insurance companies. The primary reason for registering a business under LLC is to limit the personal liability of the owners as well as the partners. LLC may have some attractive features but they also possess some great disadvantages as well. Depending upon the state law, an LLC may be dissolved upon the death or bankruptcy of a member.
Georgia Orchards produced a good crop of peaches this year. After preparing the following income statement, the company is concerned about the net loss on its No. 3 peaches
In preparing this statement, the company allocated joint costs among the grades on a physical basis as an equal amount per pound. The company’s delivery cost records show that $30,000 of the $67,500 relates to crating the No. 1 and No. 2 peaches and hauling them to the buyer. The remaining $37,500 of delivery costs is for crating the No. 3 peaches and hauling them to the cannery.
Required
1. Prepare reports showing cost allocations on a sales value basis to the three grades of peaches. Separate the delivery costs into the amounts directly identifiable with each grade. Then allocate any shared delivery costs on the basis of the relative sales value of each grade. (Round percents to the nearest onetenth and dollar amounts to the nearest whole dollar.)
2. Using your answers to part 1, prepare an income statement using the joint costs allocated on a sales value basis.
Analysis Component
3. Do you think delivery costs fit the definition of a joint cost? Explain.
Answers
Delivery costs fit the definition of a joint cost. Joint costs are costs incurred up to a split-off point where multiple products or grades are produced from a common input.
1. a. No. 1 peaches:
Total joint costs (allocated equally per pound): $67,500
Delivery costs directly identifiable with No. 1 peaches: $30,000
Relative sales value of No. 1 peaches: $150,000 (assuming)
Allocation of shared delivery costs for No. 1 peaches:
($67,500 - $30,000) * ($150,000 / $450,000) = $22,500
b. No. 2 peaches:
Total joint costs (allocated equally per pound): $67,500
Delivery costs directly identifiable with No. 2 peaches: $30,000
Relative sales value of No. 2 peaches: $200,000 (assuming)
Allocation of shared delivery costs for No. 2 peaches:
($67,500 - $30,000) * ($200,000 / $450,000) = $37,500
c. No. 3 peaches:
Total joint costs (allocated equally per pound): $67,500
Delivery costs directly identifiable with No. 3 peaches: $37,500
Relative sales value of No. 3 peaches: $100,000 (assuming)
Allocation of shared delivery costs for No. 3 peaches:
($67,500 - $37,500) * ($100,000 / $450,000) = $10,000
2. Income statement using the joint costs allocated on a sales value basis:
Georgia Orchards Income Statement
For the Year Ended [Date]
Sales:
No. 1 peaches: $150,000
No. 2 peaches: $200,000
No. 3 peaches: $100,000
Cost of Goods Sold:
No. 1 peaches (joint costs + direct delivery costs): $67,500 + $30,000 + $22,500 = $120,000
No. 2 peaches (joint costs + direct delivery costs): $67,500 + $30,000 + $37,500 = $135,000
No. 3 peaches (joint costs + direct delivery costs): $67,500 + $37,500 + $10,000 = $115,000
Gross Profit:
No. 1 peaches sales - No. 1 peaches cost of goods sold: $150,000 - $120,000 = $30,000
No. 2 peaches sales - No. 2 peaches cost of goods sold: $200,000 - $135,000 = $65,000
No. 3 peaches sales - No. 3 peaches cost of goods sold: $100,000 - $115,000 = -$15,000 (Net loss)
Delivery costs refer to the expenses incurred in transporting goods or services from a seller to a buyer. It encompasses various aspects such as transportation, packaging, handling, and logistics associated with delivering a product or service to its intended destination. Delivery costs are influenced by several factors, including distance, mode of transportation, package size and weight, and delivery speed. Companies often establish specific pricing structures or fee schedules to cover these expenses, which may vary depending on the nature of the product or service being delivered.
For example, e-commerce platforms may charge shipping fees based on the weight and dimensions of the package, while food delivery services may impose additional charges for faster delivery or special handling instructions. Organizations strive to optimize delivery costs by streamlining logistics processes, negotiating favorable contracts with shipping carriers, and leveraging technology to improve efficiency. Balancing competitive pricing and efficient delivery services is crucial to ensure customer satisfaction while maintaining profitability in today's fast-paced and increasingly online marketplace.
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Bobby is the plant manager of one of the three manufacturing plants of a paper manufacturing company. He is responsible for synching the processes of his plant with the standards set at the company's headquarters. He sends weekly updates of raw material requirements to the purchase division at the headquarters. He also connects the company's human resources department with the employees who work in his plant. In this scenario, Bobby is most likely a _____. a. middle manager b. first-line manager c. top manager d. team leader
Answers
Answer:
a. middle manager.
Explanation:
In this scenario, Bobby is the plant manager of one of the three manufacturing plants of a paper manufacturing company. He is responsible for synching the processes of his plant with the standards set at the company's headquarters. He sends weekly updates of raw material requirements to the purchase division at the headquarters. He also connects the company's human resources department with the employees who work in his plant. In this scenario, Bobby is most likely a middle manager.
A middle manager refers to an individual who acts as an intermediary between the executive management and the employee working with the company.
as it relates to a business combination transaction, a statutory merger is a(n) group of answer choices acquisition of a supplier. business combination in which both companies continue to exist after the business combination transaction is completed. acquisition of a competitor. business combination transaction in which only one of the two companies involved continues to exist as a legal corporation after the transactions occurs
Answers
A statutory merger is a(n) business combination transaction in which only one of the two companies involved continues to exist as a legal corporation after the transactions occurs. So, correct option is D.
In a business combination transaction, a statutory merger is a type of transaction in which two companies combine to form a new entity, with one of the companies typically being absorbed into the other. In a statutory merger, the acquiring company survives and the target company ceases to exist as a separate legal entity.
Statutory mergers are often used in situations where one company wants to acquire another company's assets, liabilities, and operations. The acquiring company typically pays a premium for the target company's shares, and the shareholders of the target company receive shares in the acquiring company in exchange for their ownership interest.
This type of transaction can provide several benefits, including the ability to combine resources and achieve economies of scale. Additionally, it can provide a quicker and more efficient way for a company to enter new markets, expand its product offerings, or achieve other strategic objectives.
So, correct option is D.
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Ernie's Earmuffs produces 200 earmuffs per year at a total cost of $2,000 and $400 of this cost is fixed. What is Ernie's average total cost
Answers
Ernie's Earmuffs has an average total cost of $8 per unit, which includes both fixed and variable costs.
Ernie's Earmuffs produces 200 earmuffs per year at a total cost of $2,000, out of which $400 is fixed. To calculate the average total cost, we need to add up all the costs, including fixed and variable, and then divide it by the total number of earmuffs produced.
Variable cost per unit can be calculated by dividing the total variable cost by the total number of units produced. Here, the variable cost per unit is ($2,000 - $400)/200 = $8.
Average total cost is the sum of the total fixed cost and the total variable cost per unit. Therefore, the average total cost for Ernie's Earmuffs can be calculated as follows:
Average Total Cost = (Total Fixed Cost + Total Variable Cost) / Total Units Produced
= ($400 + $8 x 200) / 200
= $1,600 / 200
= $8
Therefore, the average total cost for Ernie's Earmuffs is $8 per earmuff. This information can be useful for Ernie to make pricing and production decisions in the future.
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Which of the following is NOT an advantage of paying bills online?
A. You save the cost of postage associated with mailing checks.
B. If you pay by check, you will have a record of your payment.
C. If you pay a fee for every check you write, you save on bank fees.
D. The ability to pay bills while away from home on vacation.
Answers
D i not sure forget me if it wrong
Suppose the price of apples doubles to $3.00 between year 1 and year 2 but that nothing else in the economy changes Instructions: Round your answers to one decimal placea. What would be the percentage change in nominal GDP? b. What would be the percentage change in real GDP?Suppose the prices of both apples and bread double between year 1 and year 2 and quantities remain unchanged. Instructions: Round your answers to one decimal place a) What would be the percentage change in nominal GDP?% b) What would be the percentage change in real GDP?
Answers
Answer:
1. Suppose Quantity of Apple sold in year one & two = 100Kg.
Price in year 1 = $1.50 per kg
Price in year 2 = $3.00 per kg
Nominal GDP 1 = Price * Quantity = 1.50*100 = $150
Nominal GDP year 2 = 3*100 = $300
Change in Nominal GDP = $150
Percentage change in Nominal GDP = 100%
b. Real GDP of year 1 = Nominal GDP of year 1 = $150
Real GDP of year 2 = 1.50*100 = $150
Change in Real GDP = 0%
2. Quantity of Bread = 100 units price = $ 1 per unit, year 2 price = $ 2 per units
a. Nominal GDP year 1 = 1*100+1.5*100 = $250
Nominal GDP year 2 = 2*100+3*100 = $500
Percentage change in Nominal GDP = 500-250/500 * 100 = 100%
b. Real GDP year 1 = $250
Real GDP year 2 = 1*100 + 1.5*100 = $250
Percentage change in Real GDP = 0%
The percentage change in nominal GDP is 100% and the Change in Real GDP is 0%.
Percentage change in nominal GDP1. Price in year 1
Price in year 1= $1.50 per kg
Price in year 2 = $3.00 per kg
Nominal GDP 1 = Price ×Quantity
Nominal GDP 1 = 1.50×100
Nominal GDP 1 = $150
Nominal GDP year 2 = 3×100
Nominal GDP year 2 = $300
Change in Nominal GDP = $150
Percentage change in Nominal GDP = 100%
b. Real GDP of year 1
Real GDP of year 2 = 1.50×100
Real GDP of year 2 = $150
Change in Real GDP = 0%
2a. Nominal GDP year 1
Nominal GDP year 1 = 1×100+1.5×100
Nominal GDP year 1 = $250
Nominal GDP year 2 = 2×100+3×100
Nominal GDP year 2= $500
Percentage change in Nominal GDP = 500-250/500 ×100
Percentage change in Nominal GDP = 100%
b. Real GDP year 1
Real GDP year 2 = 1×100 + 1.5×100
Real GDP year 2= $250
Percentage change in Real GDP = 0%
Inconclusion the percentage change in nominal GDP is 100%.
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Beth needs to multiply the values of two cells in her worksheet. What should she enter into the formula bar?
=CD/D4
=CD+D4
=CD*D4
=(CD)(D4)
Answers
Answer:
C4*D4
must be the correct one but its not mentioned there
Answer:
I would say =(CD)(D4) it makes the most sense
Explanation:
Discuss whether or not an increase in income will cause an increase in spending
Answers
how can a reduction in taxation be used to influence aggregate demand
Answers
Answer:
shifting the aggregate demand curve to the right.
Explanation:
What do most economists believe is the most efficient way to allocate resources?.
Answers
Even if the price system has flaws, most economists agree that it is still the most effective mechanism to distribute resources.
This is because prices not only assist people in making decisions, but they also aid in resource allocation within and between markets.A price system is a framework used in economics to evaluate the value of any kind of asset, tangible or immaterial. As a result of scarcity, price systems are used in all civilizations for resource allocation and exchange
A price system can be either a free price system (like a market system), where prices are allowed to float "freely" as decided by supply and demand without the intervention of an authority, or a regulated price system (like a fixed price system), where prices are administered by an authority.
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Mario Gillespie owns 200 shares of Asset Investment
Corporation. He paid $32.75 per share. Asset Investment
pays a $5.00 per share dividend.
a. What is the total annual dividend?
b. What is the annual yield?
Answers
Answer:
A.
Explanation:
$1000
The total annual dividend is $1000.
The annual yield is 15.26%
What are shares?A share can also refer to something like a unit of an unit trust, a limited partnership, or a property investment trust. A share is a quantity of shareholdings in the financial assets of a firm. The term "share capital" describes all of an organization's shares.
The information that was given was:
The total number of shares was 200
The amount that needs to be prepared is $32.75
The dividend that was received was $5
The total annual dividend will be calculated as:
annual dividends = dividends per period * dividend frequency
= 200 * $5.00
= $1000
The annual yield will be calculated as:
dividend yield = (annual dividends/share price) * 100
= (5 / 32.75)*100
= 0.1526 * 100
= 15.26%
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When the owner does not know when or where it disappeared form the owner's possession, it is considered to be
Answer Choices:
A. Assession
B. Lost property
C. Mislaid property
Answers
Answer:
lost property
Explanation:
Why is choosing an appropriate mortgage potentially even more important than
choosing an appropriate auto loan?
Answers
Here are five considerations to keep in mind as you compare vehicle loans to find the best deal: Annual Percentage Rate (APR) When searching for a car loan, your annual percentage rate, or APR, is a crucial consideration.
Monthly Payment, Loan Term, Loan Amount, Fees and Penalties, and Final Remarks.
You wish to drive a modern car that you won't be able to pay for without financing in a fair amount of time. The moderate interest rate means that the additional costs won't have a big impact on the overall cost of the vehicle. The periodic payments won't put undue strain on your current or next finances.
This rule states that housing costs should not exceed 28% of one's gross monthly income and total debt service should not exceed 36%. This rule is frequently used by lenders to decide whether or not to offer borrowers credit.
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which of the following statements about private goods and public goods is correct? group of answer choices private goods and public goods are both excludable. private goods and public goods are both rival in consumption. private goods are not excludable and public goods are excludable. private goods are rival in consumption and public goods are not excludable.
Answers
The correct statement is that private goods are both excludable and rival in consumption, while public goods are not excludable but are rival in consumption.
Excludable goods are those for which it is possible to prevent people who have not paid for the good from accessing it.
Private goods, such as food or clothing, can be easily excluded from those who have not paid for them. In contrast, public goods, such as national defense or clean air, cannot be easily excluded from anyone who benefits from them. Consumption rivalry refers to the fact that when one person consumes a good, it reduces the amount available for others. Private goods are rival in consumption because when one person consumes a good, it is no longer available for others to consume. Public goods are rival in consumption because when one person benefits from them, it does not diminish the benefits available to others.
The correct statement about private goods and public goods is: "Private goods are rival in consumption and public goods are not excludable."
Private goods are both excludable and rival in consumption, meaning only those who pay can access them, and one person's consumption reduces availability for others. Public goods, on the other hand, are non-excludable and non-rival in consumption, meaning they are accessible to everyone and one person's consumption does not reduce availability for others.
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BUSINESS 1. Explain five advantages a firm would enjoy by engaging in prize winning competition as a method of sales promotion.
Answers
Answer:
I hope my answer is good!
1- Increased brand awareness: Prize-winning competitions can generate a lot of buzz and excitement, which can lead to increased brand awareness and visibility for the company.
2- Increased sales: By offering a prize, companies can incentivize customers to purchase their products or services, resulting in increased sales.
3- Customer engagement: Prize-winning competitions can also help companies to engage with their customers, as they are more likely to participate in the competition if there is a chance to win a prize.
4- Cost-effective: Prize-winning competitions can be a cost-effective way for companies to promote their products or services, as the cost of the prizes can be less than the cost of traditional forms of advertising.
5- Consumer data collection: Prize-winning competitions can also help companies collect valuable data on their customers, such as contact information, demographic information, and purchasing habits.
Answer: creates new things
Explanation:
creates word of mouth
creates a reason to ,creates a focused marketing approach, creates great revenue, creates a source of information