Solutions (Scenario) Ramzy Is the New Strategic Manager for Solutions Tech, Inc

question 49

Multiple Choice

Solutions (Scenario)
Ramzy is the new strategic manager for Solutions Tech, Inc., a management consulting firm dedicated to assisting small businesses in the pursuit of success. He is currently in a meeting with Jassem, who is the owner of a successful small business that creates computer displays for big companies. Ramzy is reviewing the business strategy at Jassem's business and has some recommendations.
-Ramzy wanted to convince Jassem that the value chain was very important and practical. Ramzy briefly reviewed the results of a survey of manufacturers that had embarked on value chain management. Sharing the results of the survey with Jassem, Ramzy indicated that was a benefit that_________ companies reported on this survey.

• A) cost savings
• B) increased market share
• C) increased sales
• D) enhanced customer order management

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Definitions:

Utility Function

A mathematical representation of how a consumer's preferences between different goods or services translate into levels of satisfaction or utility.

Initial Endowment

Refers to the initial allocation of goods, resources, or wealth that an individual or entity possesses before any transactions.

Pareto Efficient

A situation where no individual or preference criterion can be better off without making at least one individual or preference criterion worse off.

Initial Endowment

The initial allocation of resources, money, or goods that an individual, institution, or country possesses.