What step in the accounting process should paul and jared undertake in order to see specifically how their numbers compare with competitors and how they rank within the industry?.

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04-11-2022
Business

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What step in the accounting process should paul and jared undertake in order to see specifically how their numbers compare with competitors and how they rank within the industry?.

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qwcricket qwcricket · Answer 1 · 2022-11-08T06:22:53-05:00

The step taken should be competitor analysis.

A study of the competition is crucial for every organisation since it helps the firm understand how you stack up against the competition and can provide the firm with ideas for winning methods. Competitor analysis includes information that can be used to determine existing and future competitors, affect corporate strategy, and establish business plans.

The threat of new competitors, the threat of replacement, commodities, and the bargaining power of the supplier and customers is all taken into account through competitor analysis. Paul and Jared can conduct a competitive analysis to better understand their company's operations and uncover opportunities to surpass its rivals. Additionally, it makes it possible for them to stay current with market trends and ensure that their product consistently meets and exceeds industry standards.

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