A Special Strength,which a Company Has,that Gives It a Competitive

question 79

Multiple Choice

A special strength,which a company has,that gives it a competitive advantage is called a(n) __________.

• A) unfair advantage
• B) differential strategy
• C) core competency
• D) differential advantage

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Definitions:

Minimizes Costs

Strategies or actions taken to reduce expenses and financial outlay in business operations or personal budgeting.

Efficiency

The ability to achieve a desired result with minimal waste of time, effort, or resources.

Quality Improvement

An ongoing process of detection and reduction of errors, improvement of operations, and ensuring that standards of quality are met consistently.

TQM

Total Quality Management; a comprehensive approach to organizational management that seeks to improve the quality of products and services through ongoing refinements in response to continuous feedback.