Successful Organizations Must Be Visionary,which Includes the Ability to

question 71

Multiple Choice

Successful organizations must be visionary,which includes the ability to

• A)develop strategies based on those that were successful in the past.
• B)be backward-looking,examining the past carefully to learn from mistakes.
• C)anticipate future events and respond quickly and effectively.
• D)hire the most culturally diverse team possible in order to generate the best new ideas.
• E)involve all stakeholders of the organization when defining its business mission.

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Definitions:

Perfect Market System

A market structure characterized by an ideal scenario where there are many buyers and sellers, all having perfect information and no transaction costs, leading to efficient pricing.

Utility Function

A mathematical representation that describes the level of satisfaction or happiness that a consumer derives from consuming a set of goods and services.

Consumption

The act of using goods and services to satisfy needs or desires.

Price

The financial valuation expected, obligatory, or handed in exchange for something.