Companies Need to Be More Flexible and Develop Strategies to Deal

question 4

True/False

Companies need to be more flexible and develop strategies to deal with a dynamic business environment, especially now that there is a growing trend towards simple services rather than experiences.

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Definitions:

Technological Improvement

Innovations and advancements in technology that enhance productivity, efficiency, or the quality of goods and services.

Wage Increase

An upward adjustment in the amount of money paid to an employee for their labor.

Workers' Union

An organization that represents the collective interests of employees, negotiating wages, work hours, and working conditions with employers.

Relative Price

The price of one good or service compared to another, usually considered in terms of opportunity cost.