IBM Lets Frontline Employees Spend Up to $5,000 to Solve

question 28

Multiple Choice

IBM lets frontline employees spend up to $5,000 to solve a customer problem on the spot, which is an example of which of the following steps that a marketing CEO can take to create a market- and customer-focused company?

• A) Empower the employees.
• B) Hire strong marketing talent.
• C) Get outside help and guidance.
• D) Install a modern marketing planning system.
• E) Develop strong in-house marketing training programs.

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Definitions:

Duopolists

Firms or entities that are two in number in a market, dominating the market and setting prices either collaboratively or competitively.

Monopolist

An entity that is the sole provider of a particular product or service, controlling the entire market.

Monopoly Price

The price a company with a monopoly can charge, which is higher than in competitive markets due to the lack of competition.

Monopoly Quantity

The output level produced and sold by a monopoly at the price where marginal cost equals marginal revenue.