Local Companies Can Easily Maintain Their "Local" Advantage as a Hometown

question 63

True/False

Local companies can easily maintain their "local" advantage as a hometown provider.

Identify the key factors that contribute to the calculation of a firm's Vitality Index and its implications for business strategy.

Recognize the significance of the Stage-Gate® process in the new-product development pathway and its role in addressing and amending problems before proceeding to subsequent stages.

Grasp the strategic role of the new-product strategy development stage within the overall objectives of the firm.

Comprehend the concept of disruptive innovation and its impact on businesses' product development strategies.

---

Definitions:

Command System

A method of organizing an economy in which property resources are publicly owned and government uses central economic planning to direct and coordinate economic activities; socialism; communism. Compare with market system.

Laissez-faire Capitalism

An economic system where government intervention in business and markets is minimal, and the forces of supply and demand are allowed to regulate the economy.

Central Planning

A system where economic decisions, such as the allocation of resources, are made by the government or a centralized authority.

Market System

An economic system in which market forces of supply and demand guide the production of goods and services and their distribution.