Scenario 3.1 the Furniture Emporium Inc. Is a Canadian-Based International Manufacturer and Manufacturer

question 44

Multiple Choice

Scenario 3.1
The Furniture Emporium Inc. is a Canadian-based international manufacturer and distributor of high-end furniture for offices and homes. Since 2010, it has been expanding into the emerging markets across the globe. The company's workforce is representative of the population. As well, women make up 58 percent of the company's workforce. However, while these groups are well represented in the organization, they are not seen in the same percentage as a part of the senior management structure of the organization. While Furniture Emporium hires for diversity, it does not use its employees' diverse skills and abilities to enhance its global potential, given the international nature of its business.
-Refer to Scenario 3.1. Why can the ethnic groups help Furniture Emporium leverage its diverse workforce to gain competitive advantage?

• A) they are easier to work with
• B) they possess knowledge of foreign cultures and business practices
• C) they are time-oriented
• D) they are performance driven

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Definitions:

Diversification

A strategy for managing risk that diversifies by incorporating a broad range of investments in a single portfolio.

Market Development

A growth strategy where a company seeks to increase sales by promoting existing products in new markets or new segments of current markets.

Product Development

The process of bringing a new product or service to the market, from initial concept through design, prototype, testing, and finally, launch.

Market Penetration

A strategy aiming to increase market share within an existing market segment by using methods such as pricing adjustments, increased promotion, and product improvements.