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Mike is the chair of the management department at a local university and Tom is an
Ethics professor in that department.They dislike each other immensely due to a number
Of professional and social disagreements.Mike calls Tom into his office and closes the
Door.He then informs Tom that he believes that Tom is guilty of plagiarism and also
Guilty of an improper sexual relationship with Kathy,a 19 year old management student.
In fact,Tom is a happily married man who is extremely well respected in the community
And has never committed adultery.Deeply believing in ethics,he has never committed
Plagiarism in his life.Furthermore,he has always been absolutely professional with
Regard to his student Kathy.Tom vehemently denies these charges and as he gets up to
Leave,Mike states,"Give me any more trouble and I go public." Tom goes right to his
Attorney who files a defamation law suit that afternoon.
Product Differentiation
The method of differentiating a product or service from those available in the market to enhance its appeal to a specific target audience.
Barriers To Entry
Economic, procedural, regulatory, or technological factors that obstruct or restrict the ability of new competitors to enter and operate in a market.
Price Discrimination
A strategy where a provider sells identical or similar goods or services at varied prices in diverse markets.
Efficient Output
The level of production at which a firm or economy can produce goods at the lowest average cost, maximizing resource use without waste.
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