What Is the Best Technique for Revealing the Different Market

question 61

Multiple Choice

What is the best technique for revealing the different market or competitive position that rival firms occupy in the industry?

• A) Strategic group mapping
• B) PESTEL analysis
• C) Five forces framework
• D) The value net framework
• E) Competitor analysis

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Definitions:

Standard Quantity

The expected quantity of materials or inputs required for production under normal conditions.

Standard Hours Allowed

The amount of time that should be spent on producing a certain number of units under normal conditions.

Denominator Activity

A term used in cost accounting to refer to the level of activity used to allocate fixed costs to cost units.

Variable Overhead Efficiency Variance

The difference between the actual variable overhead based on hours worked and the standard cost of variable overhead for those hours, indicating efficiency in controlling variable overhead costs.