________ Involves Investigating the Best Practices Used by Competitors and Noncompetitors

question 91

Multiple Choice

________ involves investigating the best practices used by competitors and noncompetitors and imitating those that can be done in the firm.

• A) Benchmarking
• B) Competitive intelligence
• C) Forecasting
• D) Corporate espionage

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Definitions:

Inelastic Supply

Characterizes a situation where the quantity supplied of a good is not significantly changed by the price of that good.

Antiques

Objects of considerable age valued for their artistic, historical, or collectible qualities.

Pricing Power

The ability of a company or an entity to dictate the price of its goods or services without losing market share to competitors.

Elasticities of Demand

Refers to various measures of how the quantity demanded of a good responds to changes in prices, income, or other goods' prices.