Scenario 1-1

question 28

Multiple Choice

Scenario 1-1. Larry Linsuine is thinking of marketing a new idea he has been using. After years of experience as a deer hunter, he has perfected a tree stand that gives him an added advantage in deer hunting. He calls his new tree stand The Tree Hugger. He has now begun the process of manufacturing his tree stands with 20 employees working out of his garage. His life savings have provided the equity for his operation.
-In Scenario 1-1, what advantage will Larry have over his competition with his new product?

• A) competitive advantage
• B) comparative advantage
• C) qualitative advantage
• D) financial advantage

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Definitions:

Extrinsic Motivation

Motivation driven by external rewards such as money, praise, or avoiding negative consequences, rather than intrinsic satisfaction.

Intrinsic Motivation

A driving force that inspires individuals to engage in activities for their own sake, due to the personal satisfaction or pleasure they derive, rather than for external rewards.

Performance

Performance is the act of carrying out a task or function, often measured against preset known standards of accuracy, completeness, cost, and speed.

Quality Of Performance

The measure of how well a task or job is executed, often evaluated against a set of standards or objectives.