Of the Four Activities That Make a Firm Customer-Centric,coordination Involves

question 15

Multiple Choice

Of the four activities that make a firm customer-centric,coordination involves:

• A) using informal methods such as culture and incentives to encourage people in the organization to come together in the spirit of serving customers.
• B) developing relationship with parties outside a firm to increase the value of the firm's offerings.
• C) helping employees at a firm develop the right skills needed to better serve customers.
• D) creating structural mechanisms at a firm that allow workers to organize their activities to focus more exclusively on creating value for customers.

Identify the concepts of sunk cost, differential cost, and opportunity cost in decision-making processes.

Understand the importance of contribution margin per scarce resource in profitability analysis.

Assess the impact of discontinuing a segment or product on the company's net income.

Differentiate between total, variable, and fixed costs in the context of product pricing and cost management.

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Definitions:

Government

is the system or group of people governing an organized community, often a state, which creates and enforces laws, regulates economic and social policies, and provides public services.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or resource, intended to prevent prices from reaching levels thought to be unfair or unaffordable.

Government

The organization, apparatus, or agency through which a political unit exercises authority and performs functions and which is usually classified according to the distribution of power within it.

Equilibrium Market Price

The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, leading to a state of market balance.