All Organizations Need a __________, the Central Scheme for Utilizing

question 10

Multiple Choice

All organizations need a __________, the central scheme for utilizing and integrating resources in the areas of production, finance, research and development, human resources, and marketing to carry out the organization's mission and achieve desired goals and objectives.

• A) marketing strategy
• B) cross-functional strategy
• C) cross-functional goal
• D) corporate strategy
• E) corporate mission

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Definitions:

Contribution Margin

This metric represents the difference between sales revenue and variable costs, indicating how much revenue contributes towards covering fixed costs and generating profit, essentially restating the importance of covering variable expenses to achieve profitability.

Unit Sold

The quantity of products sold by a company over a specific period.

Selling Price

The amount of money charged for a product or service, determined by factors such as cost, demand, competition, and market conditions.

Contribution Margin

It represents the amount of revenue remaining after deducting variable costs, which can then be used to cover fixed costs and generate profit.