Maintaining a Competitive Advantage Is Very Important to the Success

question 113

Multiple Choice

Maintaining a competitive advantage is very important to the success of today's businesses. All of the following strategies will help a firm remain competitive, except:

• A) ignoring competitor movements, including new products and services offered by the competition.
• B) restructuring internal processes, including the elimination of some jobs.
• C) spending funds on customer service training for front-line employees.
• D) adhering to a vision of employee empowerment and striving to exceed customer expectations.

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Definitions:

Price Decreases

A reduction in the cost at which goods or services are sold, leading to an increase in the quantity demanded.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, often reflected as a measure of producer welfare.

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive.

Phantom Tickets

Phantom tickets typically refer to tickets for an event that are sold or promised to a customer but do not actually exist or are not delivered, leading to potential scams or fraud.