1. I love watching SharkTank. This is a great show that provides examples of small business strategies. Given the current economic environment, which has been devastating to small businesses, business leaders need to be creative to succeed.
A strategy based on price is self-defeating. How can a small business differentiate their services and products in the current environment?
2. When an auditor assesses risks associated with an organization they look at the external environment. Gaining an understanding of the business of a client, and the environment. This includes reviewing the competitive environment.
An organization needs to understand the competitive environment. This is critical information as the company develops strategies related to products and pricing.
The auditor, and management use analytical procedures, or ratio analysis, to compare the company to the competition. What variables would you recommend that will help a company examine the competitive environment?
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