In 1971Kenneth Andrews Said a Strategy Should Define

question 54

Multiple Choice

In 1971Kenneth Andrews said a strategy should define:

• A)What business the company is in or is to be in and the kind of company it is or is to be
• B)A series of actions to achieve a company's goals
• C)A plan of attack
• D)The commitment of top managers to achieve goals, and their power of persuasion

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Definitions:

Consumer Surplus

The difference between the maximum amount a consumer is willing to pay for a good or service and the actual amount they do pay.

Marginal Utility

The additional satisfaction or utility that a consumer receives from having one more unit of a good or service.

Marginal Utility

The additional satisfaction or utility a consumer gains from consuming one more unit of a good or service.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service versus what they actually pay.