In July, one of the processing departments at Junkin Corporation had beginning work in process inventory of $29,000 and ending work in process inventory of $31,000. During the month, $205,000 of costs were added to production and the cost of units transferred out from the department was $203,000. Required: Construct a cost reconciliation report for the department for the month of July.
Answers
Answer and Explanation:
The construction of the cost reconciliation report for the department for the month of July is shown below:
Cost to be Accounted For :
Beginning Work in process inventory $29,000
Add: Cost added to production $205,000
Total Cost to Be accounted For $ 234,000
Cost Accounted for as Follows
Cost of Ending Work in process inventory $31,000
Add: Cost of units Transferred Out $203,000
Total Cost Accounted For $234,000
The total cost accounted for could be computed by two methods
1. Adding the cost added to the beginning work in process inventory
2. Adding the cost of units transferred out to the ending work in process inventory
Related Questions
орг. Explain the stages in career development plan.
Answers
Explanation:
About modern career development, there are six stages of modern career development : Assessment , investment , preparation, commitment , retention, and transition .
assessment: in the assessment you are getting ready for life's works. you started to feel like you want to know more about yourself and make a conscious effort to get in touch with you who you really you are.
key task:
Taking assessment instruments. Working with the career counselor or career cough.Investment: In the investment sage you are researching that work exits in the world. But if you approach this stage with the positive frame of mind,you will you find that you will learn that possibility you may have considered.
key tasks:
researching the world of tasks.1. A small-scale businessman deposits money at the beginning of each year into his savings account, depending on the level of the business’ returns. He deposits $1000 in the first year, $3000 in the second year, $5000 in the third and $7000 in the fourth year and annual interest rate of 7%. What is the value of the investment at the time of his first deposit?
Answers
Answer:
The value of the investment at the time of his first deposit is $13,855.
Explanation:
The Value of the Investment at the time of his first deposit is its Net Present Value.
Calculation of the Net Present Value of this Investment is as follows ;
Hint : Find the Present Value of individual deposits and sum them up
PV = FV / (1 + r) ^n
Year 0 = $1000 / (1.07)^0
= $1,000
Year 1 = $3000 / (1.07)^1
= $2,804
Year 2 = $5000 / (1.07)^2
= $4,367
Year 2 = $7000 / (1.07)^3
= $5,714
Net Present Value = $1,000 + $2,804 + $4,367 + $5,714
= $13,855
N/AN/AN/Av vvN/AN/AN/A N/AN/AN/Av N/AN/A
Answers
N/AN/AN/Av vvN/AN/AN/A N/AN/AN/Av N/AN/A
There are many different workplaces in the Architecture and
Construction career cluster. Select the workplaces that
sound most interesting or enjoyable to you.
A. a highway, road, or bridge
B. a large construction site
C. a home being remodeled
D. an office
E. the nonpublic areas of a large building
Answers
Answer:
It's choose your own answer so you pick it they're no wrong answers
Explanation:
The workplaces that are interesting to me in the Architecture and Construction career cluster are: C. a home being remodeled and E. the nonpublic areas of a large building.
The architecture and construction career cluster designs, plans, and constructs physical structures with aesthetic appeals and engineering considerations.
Some workers in this career cluster specialize in designing and constructing residential and commercial buildings. Others engage in landscaping, interior, green, and urban planning and designs. Some specialize in industrial designs and constructions.
Thus, I enjoy remodeling homes and private areas of public buildings because they must exhibit human touch and sensibilities.
Learn more about Architecture and Construction careers at https://brainly.com/question/17261930
The typical starting point of any firm's marketing mix is the:____________
A) analysis of what production equipment is available and owned by the company
B) design of the promotion campaign to be used for the product
C) selection of the places through which the good or service will be sold
D) determination of the product's price, enabling future revenues and budgets to be estimated
E) development of the good or service to be sold
Answers
Answer: E. development of the good or service to be sold
Explanation:
The typical starting point of any firm's marketing mix is the development of the good or service to be sold. The marketing mix is simply a mix of the marketing strategies that are vital to achieve marketing aims and increase sales.
It should be noted that marketing mix begins with the product and without this, distribution, pricing and the promotion are not relevant.
Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy
Answers
Answer:
4,000
Explanation:
Ron has a life insurance policy with a face value of 100,000
The consumer price index has gone up by 4%
Therefore the increase in the policy face value can be calculated as follows
= 100,000 × 4/100
= 100,000 × 0.04
= 4,000
Ron increase the face value of the policy is $4,000
Given that;Face value of life policy = $100,000
Consumer price index growth = 4%
Find:Ron increase the face value of the policy
Computation:Ron increase the face value of the policy = Face value of life policy × Consumer price index growth
Ron increase the face value of the policy = 100,000 × 4%
Ron increase the face value of the policy = $4,000
Learn more:https://brainly.com/question/18893156?referrer=searchResults
Describe in one or two paragraphs some steps you can take to make sure that a news article or post is truthful.
Answers
Answer:
News online is often fake or false, so you must take additional steps to ensure what you're reading is true. First, you should check the url. if it is a .gov or .edu, it it usually a reliable source. .com websites mean it is a commercial website, one that is just trying to earn money or fame. .edu means educational, and .gov means government, both of which are almost always truthful. That's one of the steps you can take to confirm what you're reading isn't a lie.
You can also check other reliable sorces to see if they say the same thing. If you read an article off a website, Wikipedia being a good example of this, they usually have the sources they used to write said article. Wikipedia always has a list of these at the bottom of their pages. You can check those sources to see if they are reliable, and if they are that increases the validity of the article you read.
Answer:
There are steps you can take to make sure that a news articale or post is truthful. Some examples include the following. Checking reputable websites and media outlets. It is important to check reputable websites and meadia outlets because without checking things how would you know what you are readin is true. The next step you can take to make sure that a news artical or post is truthful is checking the name of a website for red flags. If a website has certain errors you wouldn't normal see nine times out of ten the post or article you are reading is untruthful. Lastly, avoid sharing media messages, which are likely to be fake. You should avoid this because you don't want to be sharing untruthful information without knowing. So, if the website doesn't look truthful then dont share it. Those are some out the many ways you can take to make sure that a news article or post is truthful.
Explanation: My own.
Explain two advantages to TGH of segmenting the market for sport shoes
Answers
1. Targeted Marketing: By segmenting the market, TGH can identify specific groups of consumers with distinct needs, preferences, and behaviors related to sport shoes. This allows them to tailor their marketing efforts and product offerings to meet the specific demands of each segment. For example, they can develop different marketing messages, designs, or features for segments such as professional athletes, casual runners, or fashion-conscious individuals. This targeted approach enhances the effectiveness of marketing campaigns, leading to increased customer engagement, brand loyalty, and ultimately, higher sales.
2. Competitive Advantage: Segmenting the market can help TGH gain a competitive edge over rivals. By focusing on specific segments, TGH can better understand their unique requirements and deliver superior products and services compared to competitors who adopt a more generic approach. This can lead to enhanced customer satisfaction and loyalty within those segments. Additionally, TGH can identify niche or underserved segments within the sport shoe market and develop specialized products to cater to their needs. By catering to these niche segments, TGH can differentiate itself from competitors and establish a strong position in the market.
Overall, market segmentation allows TGH to optimize their marketing efforts, cater to diverse consumer needs, and gain a competitive advantage by focusing on specific market segments.
What can be protected by a patent?
A. The right to have exclusive use of real property
B. The right to use a specific and unique creative production
C. The night to use unique and innovative ideas
D. The right to use any type of intellectual property
Answers
Answer:
C.
Explanation:
You can patent an Idea so that no one else can use it.
Hope this helps :)
Nona Curry started her own consulting firm, Curry Consulting Inc., on May 1, 2022. The following transactions occurred during the month of May. May 1 Stockholders invested $ 15,000 cash in the business in exchange for common stock. 2 Paid $ 600 for office rent for the month. 3 Purchased $ 500 of supplies on account. 5 Paid $ 150 to advertise for the month in the County News. 9 Performed services for customer for $ 1,400 cash. 12 Paid $ 200 cash dividend. 15 Performed $ 4,200 of services on account. 17 Paid $ 2,500 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $ 1,200 for services performed on account on May 15. 26 Borrowed $ 5,000 from the bank on a note payable. 29 Purchased office equipment for $ 2,000 paying $ 200 in cash and the balance on account. 30 Paid $ 180 for utilities.Prepare an income statement for the month of May 2022.
Answers
Curry Consulting Inc.'s Income Statement for the month ended May 31, 2022 is as follows:
Service Revenue $5,600
Expenses:
Office Rent Expense $600
Advertising Expense 150
Salaries Expense 2,500
Utilities Expense 180
Total expenses $3,430
Net Income $2,170
Data Analysis:
May 9, Service Revenue $1,400
May 15, Service Revenue $4,200
Total Service Revenue for the month = $5,600 ($1,400 + $4,200)
May 2, Office Rent Expense $600
May 5, Advertising Expense $150
May 17, Salaries Expense $2,500
May 30 Utilities Expense $180
Thus, the income statement for the month of May, 2022 produces a net income of $2,170 which is the difference between the total service revenue and the total expenses.
Read more about preparing the income statement at https://brainly.com/question/24257787
2. The demographics of your target market are likely to
over the course of
years
Answers
The demographics of your target market are likely to change
over the course of years.
What is demographics?Marketing demographics are variables like as age, geographic region, education level, employment, income, and so on that are used to categorize and segment a market. Marketing demographics make use of readily available information.
The statistical study of human populations is known as demography. Demographers evaluate population number, mobility, and structure using census data, surveys, and statistical models.
Demographic traits are easily discernible. Age, gender, family situation, education level, income, occupation, and race are just a few examples.
Hence, these traits change over time.
Learn more bout demographics:
https://brainly.com/question/13146758
#SPJ1
[The following information applies to the questions displayed below.]
On January 1, 2024, Splash City issues $320,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year.
Assuming the market interest rate on the issue date is 9%, the bonds will issue at $293,938.
2. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024.
(Interest Expense does not equal 12800)
Answers
To record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December 31, 2024, we need to consider the issuance of the bonds and the accrual of interest expense.
1. Bond Issue on January 1, 2024:
Date Account Debit Credit
--------------------------------------------------------
January 1, 2024 Cash $293,938
Bonds Payable $320,000
To record the issuance of $320,000 face value bonds at a discounted price of $293,938.
2. Semiannual Interest Payment on June 30, 2024:
Date Account Debit Credit
--------------------------------------------------------
June 30, 2024 Interest Expense $14,400
Cash $14,400
To record the semiannual interest payment ($320,000 * 8% / 2 = $12,800) for the period from January 1, 2024, to June 30, 2024.
3. Semiannual Interest Payment on December 31, 2024:
Date Account Debit Credit
--------------------------------------------------------
December 31, 2024 Interest Expense $14,400
Cash $14,400
To record the semiannual interest payment ($320,000 * 8% / 2 = $12,800) for the period from July 1, 2024, to December 31, 2024.
Please note that the interest expense amount mentioned in the question might be incorrect. Based on the information provided, the interest expense should be $12,800 for each semiannual interest payment, resulting in a total of $25,600 for the year 2024.
can someone please help me with this question!!!
A U.S. business sells milk to consumers in France which situation would most likely cause demand for milk to rise in France?
A. A popular French nutrition author claims that milk is bad for people's health
B. French consumers expect the price of milk to increase in the future
C. the French population declines steadily due to years of economic problems
D. Cheese and other products made from milk become less popular in France
Answers
Answer:
option D
Explanation:
D. Cheese and other products made from milk become less popular in France. A situation that would most likely cause demand for milk to rise in France is French consumers expect the price of milk to increase in the future.
Which diagram arranges the types of business organizations from the most complicated to start to the least complicated to start?
Answers
Answer:
C. Corporation- partnership - Sole Proprietorship
Explanation:
Corporation- partnership—Sole Proprietorship is the diagram arranges the types of business organizations from the most complicated to start to the least complicated to start. Hence, option C is correct.
What is partnership?Partnership is the deal between the two person or party to start the business, partnership can be legally registered or can also start without the partnership agreement.
In partnership the investment is invested by both the partners that and the profit and loss is divided into equally.
Thus, option C is correct.
For more details about Partnership, click here:
https://brainly.com/question/19988417
#SPJ2
Race One Motors is an Indonesian car manufacturer. At its largest manufacturing facility, in Jakarta, the company produces subcomponents at a rate of per day, and it uses these subcomponents at a rate of per year (of 250 working days). Holding costs are $ per item per year, and ordering costs are $ per order.
Part 2
a) What is the economic production quantity?
enter your response here units (round your response to two decimal places).
Answers
The economic production quantity (EPQ) is a formula used to determine the optimal production quantity that minimizes both holding and ordering costs. The economic production quantity for Race One Motors is 2043.08 units.
In the case of Race One Motors, we need to find the ideal production quantity that will help the company maintain its inventory while keeping its costs at a minimum.
Using the given information, we can calculate the EPQ as follows:
EPQ = sqrt[(2AO) / H]
Where,
A = annual usage rate of subcomponents
O = ordering cost per order
H = holding cost per item per year.
Plugging the values, we get:
EPQ = sqrt[(2 x 31250 x 200) / 6]
EPQ = sqrt[(12500000) / 6]
EPQ = 2043.08
Therefore, the economic production quantity for Race One Motors is 2043.08 units. This means that if the company produces this amount of subcomponents, it will be able to minimize its holding and ordering costs.
It is important for Race One Motors to determine the EPQ because it helps the company to optimize its production and inventory management. By producing the optimal quantity, the company can reduce its holding costs, which include storage, insurance, and handling costs. At the same time, by minimizing the number of orders placed, the company can also reduce its ordering costs, which include administrative and transportation expenses.
know more about economic production quantity here:
https://brainly.com/question/29627093
#SPJ11
Gross profit is equal to a. sales plus cost of goods sold b. sales less selling expenses c. sales less cost of goods sold d. sales plus selling expenses
Answers
Answer:
sales less cost of goods sold
Explanation:
Gross profit is the profit earned after after deducting the costs of goods sold from revenue
I hope my answer helps you
In what order do managers typically perform the managerial functions?
Answers
Define the term product mix and describe at least two strategies that companies may use to manage their product mix.
Describe the stages of the product life cycle.
Describe the purpose and common uses of a SWOT analysis.
Explain the goal of product planning and typical product planning activities. What impact do operation needs, such as size of staff, distribution, etc. have on making decisions about products and services?
Explain the four components of a product’s utility.
FIVE SHORTS ANSWERS PLEASE.
Answers
1) Product mix refers to the set of all products or product lines that a company offers for sale. This includes variations in product size, style, color, and other features. Companies may use various strategies to manage their product mix, including product line extension and product line contraction. Product line extension involves adding new variations or products to an existing product line, while product line contraction involves eliminating products or variations that are no longer profitable or aligned with company goals.
2) The goal of product planning is to ensure that a company's products meet customer needs and are profitable. Typical product planning activities include identifying customer needs and trends, researching and developing new products, determining pricing and promotional strategies, and evaluating product performance. Operation needs, such as the size of staff and distribution capabilities, can impact decisions about which products and services a company offers. For example, a company with limited distribution capabilities may choose to focus on a smaller product mix that can be efficiently distributed to customers. Similarly, a company with a small staff may choose to focus on a narrower product mix that can be effectively managed with limited resources.
For more such question on strategies
https://brainly.com/question/28561700
#SPJ11
What do you think are the advantages of specialization or division of work?
Answers
Answer:
One of the advantages of specialization or division of work is that it can lead to greater efficiency and effectiveness in the workplace. This is because it allows different individuals or groups to focus on specific tasks, which can lead to greater efficiency and accuracy. Additionally, it can help to reduce the amount of time that is required to complete certain tasks, which can lead to greater productivity.
Explanation:
In a memo to the college president, the athletic director argues for a new stadium scoreboard. One paragraph will describe the old scoreboard and why it needs to be replaced. Study the following list of ideas for that paragraph. 1. The old scoreboard is a tired warhorse that was originally constructed in the 1970s. 2. It is now hard to find replacement parts when something breaks. 3. The old scoreboard is not energy efficient. 4. Coca-Cola has offered to buy a new sports scoreboard in return for exclusive rights to sell soda pop on campus. 5. The old scoreboard should be replaced for many reasons. 6. It shows only scores for football games. 7. When we have soccer games or track meets, we are without any functioning scoreboard. 1. Which sentence should be the topic sentence? 2. Which sentence(s) should be developed in a separate paragraph? 3. Which sentences should become support sentences?
Answers
Answer:
Memo to the College President
New Stadium Scoreboard:
1. Topic Sentence:
5. The old scoreboard should be replaced for many reasons.
2. Sentence(s) for separate paragraph:
4. Coca-Cola has offered to buy a new sports scoreboard in return for exclusive rights to sell soda pop on campus.
3. Support Sentences:
1. The old scoreboard is a tired warhorse that was originally constructed in the 1970s.
2. It is now hard to find replacement parts when something breaks.
3. The old scoreboard is not energy efficient.
6. It shows only scores for football games.
7. When we have soccer games or track meets, we are without any functioning scoreboard.
Explanation:
1. Topic Sentence:
This is the theme or main topic of a paragraph that summarizes the information in the paragraph. It may be the first sentence or inserted elsewhere in the paragraph. But, all other sentences within the paragraph support it with points, reasons, or examples.
2. Support Sentences:
These are sentences that support the topic sentence by offering justifications and examples.
3. Separate Paragraph Sentence:
This is a sentence that introduces another idea which is not closely related to the idea contained in the other paragraph.
DESCRIBE THE FUNCTIONS OF
PRELIMINARY DATA GATHERING?
Answers
Preliminary data gathering involves collecting and analyzing relevant information to establish a foundation for research or decision-making, including identifying objectives, assessing data availability, etc.
What are the Functions of Preliminary Data Gathering?Preliminary data gathering encompasses the initial acquisition and evaluation of pertinent information, serving as a basis for research or decision-making. It aids in defining project scope, goals, and needs, while also assessing data availability and quality.
This stage assists researchers and decision-makers in gaining insights, assessing project feasibility, recognizing potential obstacles, and formulating a strategic plan for subsequent data collection and analysis.
Learn more about Preliminary data gathering on:
https://brainly.com/question/14293427
#SPJ1
Period costs are found only in manufacturing companies, not in merchandising companies.
Answers
The given statement "Period costs are found only in manufacturing companies, not in merchandising companies." is False because period costs are also found in merchandising companies.
Period costs are not exclusive to manufacturing companies but are incurred by both manufacturing and merchandising companies.
Period costs are costs that are not directly associated with the production of goods or services, but rather with the overall operation of a business. Examples of period costs include salaries and wages of administrative staff, office rent, insurance, marketing expenses, and depreciation of fixed assets used in the business.
In a manufacturing company, period costs are often referred to as selling, general, and administrative (SG&A) expenses, which include expenses such as salaries of non-manufacturing staff, rent, utilities, and other operating costs. In a merchandising company, period costs may include expenses such as rent for retail space, advertising, and salaries of non-sales staff.
Period costs are different from product costs, which are directly related to the production of goods or services, such as the cost of raw materials, labor, and manufacturing overhead.
In summary, period costs are not unique to manufacturing companies, but are common to both manufacturing and merchandising companies as they are part of the ongoing costs associated with running a business.
To learn more about costs click on,
https://brainly.com/question/13072008
#SPJ1
Complete question is:
Period costs are found only in manufacturing companies, not in merchandising companies. True or false
Rick owns and operates a small farm that produces vegetables and fruits. His friend Owen owns and operates a butcher shop that sells various kinds of
meat. Rick often gives Owen vegetables and fruits in exchange for meat, and vice versa. This scenario best describes
Answers
Because Rick often gives Owen vegetables and fruits in exchange for meat, and vice versa, this scenario best describes a trade by barter.
What is a trade by barter?A trade by barter refers to direct exchange of goods or services without an intervening medium of exchange or money either according to established rates of exchange or by bargaining.
A trade by barter is common among traditional societies, most particularly in those communities with some developed form of market. Product can be bartered within a group as well as between groups, although gift exchange probably accounts for most intragroup trade, particularly in small and relatively simple societies.
Read more about trade by barter
brainly.com/question/1296806
#SPJ1
Oscar owns a bulldog. Another dog owner filed a lawsuit against Oscar alleging that his bulldog injured her pet poodle in a dog park fight. Despite evidence that his bulldog was not present at the dog park when a dogfight broke out, the jury found Oscar liable for injuries caused to the poodle. Based on these facts, Oscar has the legal option to do which of the following?
1) Make a peremptory challenge ((has to do with a juror))
2) File a motion for a judgment notwithstanding the verdict
3) Motion that the court nullify the verdict based on res judicata(no this has to do with not refiling the case)
4) File a motion for a directed verdict at the end of trial testimony before the case goes to the jury that argues that no reasonable jury could find for opposing party and therefore the judge should make a ruling on the case accordingly
Answers
Answer:
File a motion or a judgement notwithstanding the verdict
Explanation:
Answer:
File a motion or a judgement notwithstanding the verdict
Explanation:
I am better at my job than most of the other people who have the same job title agree or disagree
Answers
Disagreed. You cannot say that you are better at your job than others who have the same job title.
How to answer questionnaire questions?While providing the answer to a questionnaire, it is very important that a person would try to be as truthful as possible.
The reason they have to be truthful is so that they would be able to give the best answer that would be useful for the research.
In a question like this, I used disagreed because it is not possible that you have met all of the persons that have the same job description as you do.
Read more on questionnaire here: https://brainly.com/question/25257437
#SPJ1
A company produces two products Product A selts for \$25 variable costs of 15and requires hours produce B for 35; variable costs of $20 and requires 5 machine hours to produce 40, 000mn machine hours are availableThe company can all can make of either Which statement is true?
Answers
Answer:
8000 units of product A and 4,800 units of product B should be produced.
Explanation:
Item A sells for $25 yet cost $15 to create. It implies there is a commitment edge of $10 per unit (i.e $25-$15)
since it takes 2hours to create item A we have 10/2= 5 items each machine hour.
$10 × 8000 units = $80,000 (in benefits)
then again, if item B is to be sold at $35 per unit yet has a creation cost of $20, it implies a commitment edge of $15(i.e $35-$20) is implanted in each $35 deal. On the off chance that the organization produces 4,800 units of this item B, it implies that the organization has
$15 × 4,800 units = $72, 000
Since the point of the organization's creation is to make benefit, it is extremely certain that item An ought to be delivered contrasted with item B since it has a higher commitment edge
Brainliest?
मूल प्रविष्टि पुस्तिका- गोश्वारा अभिलेख
अध्याय४
NUMERICAL PROBLEMS
Business Started and Drawing of Capital
1, [A] From the following transactions, prepare journal entries:
Ratan started business with cash Rs. 50,000.
b.
Chaudhary opened a new business with his bank balance of Rs. 80,000.
Ramesh, the owner of business, withdrew cash Rs. 2,000 from the business for persona
expenses.
d. Cash withdrawn from bank for private use Rs. 4,000.
a.
C.
Answers
Answer:
a -- cash alc dr to capital alc cr
drawing to cash
Which type of project data would you review for an accurate picture of the project's progress and labor costs?
Answers
Answer:
Actual duration
Explanation:
Actual duration is part of project data. It is used in measuring the quantity of time or days set so far on a particular project or task. It considers the project duration, the amount of time spent so far, and the remaining time set out in the project duration.
To value the project progress and know the remaining project duration, the Actual duration is less from the project duration => Remaining Duration = Project Duration - Actual Duration
The result can also be used to measure the labor costs.
When is the advisable time to start building or adding to your own professional network?
Question 5 options:
a)
Upon graduation
b)
When you need a job
c)
Whenever you have time
d)
Right now
Answers
Answer:
A. Upon Graduation
benefits of internal and external environment marketing
Answers
Answer:
Internal environment refers to the factors that are within an organization's control, such as its culture, employees, management style, and resources. External environment refers to the factors that are outside an organization's control, such as competition, customer trends, and economic conditions. Both internal and external environment marketing have their own benefits:
Benefits of Internal Environment Marketing:
Better understanding of the company culture: By analyzing the internal environment, companies can gain a better understanding of their culture, values, and goals, which can help in creating a stronger brand identity.
Improved employee engagement: Internal environment marketing can help in creating a positive work environment, where employees feel valued and motivated to work harder, which can lead to increased productivity and better customer service.
Efficient use of resources: By analyzing the internal environment, companies can identify their strengths and weaknesses, which can help in making more informed decisions about how to allocate resources.
Benefits of External Environment Marketing:
Understanding customer needs and preferences: External environment marketing can help companies understand their customers' needs and preferences, which can help in creating products and services that better meet their needs.
Identifying new market opportunities: By analyzing the external environment, companies can identify new market opportunities, such as emerging trends or changes in customer behavior, which can help in expanding their customer base and increasing their revenue.
Competitive advantage: External environment marketing can help companies stay ahead of their competitors by identifying their strengths and weaknesses and by creating strategies to capitalize on their competitors' weaknesses.
Explanation: