To Survive and Generate Profit Over the Long Run Requires

question 11

Multiple Choice

To survive and generate profit over the long run requires a firm to:

• A)Focus on revenue maximisation
• B)Be responsive to evolving customer needs and to relevant changes in the wider political, economic, social and technological environment
• C)Choose a low cost strategy and a differentiation strategy simultaneously
• D)Put emphasis on its top managers' behaviors and ethics

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Definitions:

Balance of Trade Deficit

A situation where a country's imports of goods and services exceed its exports, leading to more money leaving the country than coming in.

Exports Fewer

A situation where a country sells fewer goods or services abroad than in previous periods.

Price of Rice

The current market cost at which rice is sold, influenced by factors like supply and demand, production costs, and governmental policies.

Absence of Trade

A situation where there is no exchange of goods or services between individuals, regions, or countries, often resulting in decreased economic efficiency and growth.