Successful Firms Have Learned That a Way NOT to Compete

question 65

Multiple Choice

Successful firms have learned that a way NOT to compete is by .

• A)ignoring customers' needs
• B)establishing relationships with individual customers on a one- to- one basis
• C)communicating through dialogue
• D)using CRM
• E)listening to customer feedback

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Definitions:

Decision-making Model

A conceptual framework that outlines the process of making a decision, guiding an individual or group through identifying a problem, generating alternatives, and selecting an option.

Organizational Structure Innovation

The process of redesigning an organization's structure, roles, and processes in innovative ways to adapt to changing environments, improve efficiency, and foster growth.

Process Innovation

Refers to significant improvements in the way an organization conducts its business, aiming to achieve better efficiency, effectiveness, and performance.

Sunk-cost Fallacy

The misconception that one should continue on a course of action because they have already invested resources (time, money, effort), regardless of the current and future costs.