Business Strategy Is Concerned with

question 92

Multiple Choice

Business strategy is concerned with

• A)choosing market and customer segments.
• B)identifying critical internal and business processes.
• C)selecting individual and organizational properties required.
• D)all of the above.

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Definitions:

MR = MC Rule

The principle that a firm will maximize its profit (or minimize its losses) by producing the output at which marginal revenue and marginal cost are equal, provided product price is equal to or greater than average variable cost.

Pure Competition

A business environment where many small companies sell identical products and there are no barriers to entering or leaving the market, resulting in perfect competition.

Pure Monopoly

A market framework where there is only one provider offering a distinctive product without any closely resembling alternatives.

Increasing Profits

A financial strategy or outcome where a business experiences a growth in net earnings over time.