Mark, the Manager of the Marketing Team of a Company

question 32

Multiple Choice

Mark, the manager of the marketing team of a company, often contacts the members of the finance team for budget-related details. Mark needs this information to design marketing strategies that fall within the allocated budget. Which leadership is Mark using for performing his tasks efficiently?

• A) Strategic network
• B) Operational network
• C) Personal network
• D) Peer leadership network

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Definitions:

Opportunity Cost

The potential benefit that is missed out on when choosing one alternative over another.

Production Possibilities

Production possibilities refer to the different combinations of goods and services that an economy can produce given its available resources and technology, illustrated by the production possibilities frontier (PPF).

Consumer Goods

Products and services that are consumed by individuals or households to satisfy their immediate needs and wants.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing an action.