A Business Identifies Its Key Area of Competitive Weakness and Then

question 55

Multiple Choice

A business identifies its key area of competitive weakness and then looks outside its industry to another company that is recognized as a world-class performer in that area in an attempt to emulate them.This process is referred to as ________.

• A)ideal points mapping
• B)product positioning
• C)competitive benchmarking
• D)perceptual mapping
• E)competitive mapping

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Definitions:

Responsibility Accounting

An accounting system that measures the financial performance of different business segments or managers responsible for certain business operations.

Control

The process of monitoring and regulating processes or systems to ensure they meet established standards and objectives.

Cash Budget

A detailed plan showing how cash resources will be acquired and used over a specific time period.

Master Budget

A number of separate but interdependent budgets that formally lay out the company’s sales, production, and financial goals and that culminates in a cash budget, budgeted income statement, and budgeted balance sheet.