The Practice of Striving for Maximum Customer Satisfaction by Ensuring

question 111

Multiple Choice

The practice of striving for maximum customer satisfaction by ensuring quality from all departments is called _________.

• A)Total progressive management
• B)TQM
• C)Strategic analysis
• D)Reformation

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Definitions:

Opportunity Costs

The cost of forgoing the next best alternative when making a decision or choice.

Implicit Costs

Indirect, non-out-of-pocket expenses which represent the opportunity costs of using resources owned by the firm for its operations.

Accounting Profit

The difference between total revenue and explicit costs.

Economic Profit

The difference between total revenue and total costs, including explicit and implicit costs.