The Strategy to Create Better Customer Value for the Same

question 25

Multiple Choice

The strategy to create better customer value for the same or lower cost than competitors or creating equivalent value for lower cost than offered by competitors is called:

• A)Strategic decision making
• B)Competitive advantage
• C)Strategic cost management
• D)Total product

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Definitions:

Output

The amount of goods or services produced by a business, industry, or economy within a certain period.

Expected Cost

The anticipated expense associated with a particular action, considering all possible outcomes weighted by their probabilities.

Revenue Data

Information related to the income generated from normal business operations, such as sales of goods or services.

Competitive Price-Taker

A market participant who accepts the prevailing market price as given and has no influence over it due to the high level of competition.