What Is a Competitive Edge

question 46

Multiple Choice

What is a competitive edge?

• A) A particular characteristic that makes one firm more attractive to customers than other firms
• B) A concept that two or more people, working together in a coordinated way, can accomplish more than the sum of their independent efforts
• C) An organized effort to gather information about HYPERLINK "http://en.wikipedia.org/wiki/Markets" \o "Markets" markets or customers
• D) An assessment of the strengths and weaknesses of current and potential HYPERLINK "http://en.wikipedia.org/wiki/Competition_%28economics%29" \o "Competition (economics)" competitors

Understand the concept of strategic planning and its importance in setting long-term organizational goals.

Grasp the benefits and processes of scenario planning and its impact on organizational flexibility and preparedness.

Identify the various planning techniques that organizations use to improve performance, including benchmarking and management by objectives.

Recognize the importance of planning in improving organizational performance, including time management, coordination, and action orientation.

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Definitions:

Cause-and-Effect Relationship

A connection between two events where one event (cause) leads to the outcome of another event (effect).

Sampling Bias

A distortion in the outcome of a study due to the method in which samples are collected, resulting in a non-representative sample of the population.

Response Set

A tendency in survey respondents to answer questions in a particular pattern, regardless of the content.

Halo Effect

A cognitive bias where perceptions of one quality lead to unjustified positive or negative assessments of other qualities.