When Firms Follow Each Other's Lead to Reduce the Level

question 63

Multiple Choice

When firms follow each other's lead to reduce the level of competition such as GE and Westinghouse did in steam turbines,it is referred to as

• A) explicit collusion.
• B) a strategic alliance.
• C) a mutual service consortium.
• D) conscious parallelism.
• E) partnering.

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Definitions:

Tactical Plans

Short-term strategies designed to implement specific aspects of a larger strategic plan.

Strategic Plans

Formalized plans developed by organizations to outline their long-term goals and the strategies they will use to achieve them, guiding decision-making and resource allocation.

Strategic Plans

Long-term roadmaps designed by organizations to guide their overall efforts and achieve specific goals and objectives.

Operational Plans

Strategic blueprints that outline detailed actions and resources required to accomplish short-term objectives aligned with an organization's goals.