Which Business Strategy Involves Implementing a New,more Efficient Set of Business

question 54

Multiple Choice

Which business strategy involves implementing a new,more efficient set of business processes that other firms cannot yet obtain?

• A)strategy of cost competition
• B)scope strategy
• C)customer intimacy strategy
• D)focus/market niche strategy

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Definitions:

Advertising Expenditure

The amount of money spent on promoting products or services through various media and marketing channels.

Marginal Cost of Production

The cost of producing an additional unit of a good, taking into account both variable and fixed costs.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with elasticity greater than 1 indicating a high responsiveness.

Marginal Cost

The increase in cost resulting from the production of one additional unit of output.