To Be Successful and to Survive the Shakeout Stage of the Industry

question 65

Multiple Choice

To be successful and to survive the shakeout stage of the industry life cycle, a firm should

• A) charge higher prices than its competitors.
• B) focus on product innovation rather than process innovation.
• C) gain economies of scale.
• D) shift from price to non-price competition.

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Definitions:

Stimulus

Any event or situation that evokes a response or reaction from an organism or system.

Intrinsic Motivation

The drive to engage in an activity for its own sake, because it is interesting and satisfying in itself, not for some separate outcome.

Creativity at Work

The ability to generate innovative and useful ideas and solutions within a professional context.

Direction of Effort

The orientation or focus of an individual's or group's work and energies towards achieving a particular goal or task.