Some firms set their communications budgets by observing the spending of their closest competitors. A characteristic or example of this competition-based approach is: setting the budget as a percentage of total industry communications spending. setting the budget to equal the spending of the company's closest competitors. that it can create problems if competitors are not budgeting strategically. using the share-of-voice budgeting approach. All of the answers are correct.

Which is cheaper: eating out or dining in? the mean cost of a flank steak, broccoli, and rice bought at the grocery store is $13.04 (money.msn website, november 7, 2012). a sample of 100 neighborhood restaurants showed a mean price of $12.75 and a standard deviation of $2 for a comparable restaurant meal. a. develop appropriate hypotheses for a test to determine whether the sample data support the conclusion that the mean cost of a restaurant meal is less than fixing a comparable meal at home. b. using the sample from the 100 restaurants, what is the p-value? c. at a = .05, what is your conclusion? d. repeat the preceding hypothesis test using the critical value approach