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1)Porter's five forces model would be most helpful in a business deciding: O A
1)Porter's five forces model would be most helpful in a business deciding: O A. What price to charge for a product O B. The best method of promotion in a market O C. How to package a new product O D. Which industries to enter or leave.
2)WidgetMakers LLC started business January, 01, 2010. They paid a $6,000 premium for insurance coverage on their inventory. The coverage expires June 01, 2010. At this time they renew for the remainder of the year by paying an additional premium of $7,700. What is the quarterly insurance expense that WidgetMakers should report for the period ending June 30,2010. Please explain to me how to do this.
Expert Solution
1)D.Which industries to enter or leave
Porter's five model serves as an important tool in providing understanding regarding the forces which structures competition in an industry.Porter's model helps the management of a business in deciding whether to enter a particular industry or not.As the firm would want to enter an industry where the forces are weak and the potential returns are high.
2)
Insurance for April to May=$6,000*2/5=$2,400
Insurance for June=$7,700*1/7=$1,100
total insurance expense for quarter ending June 30,2010 ($2,400+$1,100) = $3,500
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