In Order to Meet and Exceed Customer's Expectations, Firms Must

question 124

Multiple Choice

In order to meet and exceed customer's expectations, firms must:

• A) constantly manipulate customers' perceptions of their needs.
• B) answer the questions: who, what, when, where, how, and why as they apply to customers.
• C) continuously improve, innovate, and upgrade their core competencies.
• D) successfully defend their established core competencies from imitation by competitors.

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Definitions:

Allocation of Resources

The process of distributing scarce resources among various uses or activities in a way that maximizes the achievement of objectives.

Production Possibilities Curve

A visual diagram displaying the highest achievable production combinations of two products or services within an economy, assuming all resources are used completely and effectively.

Consumer Goods

Products that are purchased by consumers for personal or household use, as opposed to goods used by businesses to produce other goods.

Capital Goods

Long-lasting goods acquired or manufactured by a business that are used in the production of other goods or services, rather than being sold to consumers.