Analyzing Key Success Factors Leads One to Ask the Following

question 55

Multiple Choice

Analyzing key success factors leads one to ask the following two questions:

• A)What do customers want which we could supply and what should the firm do to survive competition?
• B)What do customers want and what type of operational changes should a firm implement to survive competition?
• C)Which of the five forces of competition are critical for a firm's survival and how could the firm deal with them?
• D)What should managers do to analyse information collected from the market and the firm's operational units?

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Definitions:

Uncertainty

A situation in which there is a lack of complete certainty about future events or outcomes, often leading to variability in performance or decision-making.

Positively Correlated

A relationship between two variables in which they move in the same direction, meaning that as one variable increases, the other also increases, and vice versa.

Negatively Correlated

A relationship between two variables in which one variable increases as the other decreases, and vice versa.

Standard Deviation

A statistical measure indicating the amount of variation or dispersion from the average, commonly used to quantify the uncertainty or risk involved in business processes and performance.