When a Company Decides to Follow a Cost Leadership Strategy,HRM

question 9

Multiple Choice

When a company decides to follow a cost leadership strategy,HRM is mostly concerned with _______________.

• A)hiring individuals based on individual knowledge and skill sets and not on what jobs need filled at that point in time
• B)creating cross-functional teams
• C)creating broader job descriptions and work planning processes
• D)implementing performance appraisals
• E)maximum efficiency and effectiveness

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Definitions:

Herfindahl Index

A measure of market concentration, calculating the sum of the squares of market shares of each firm within an industry.

Short-Run Equilibrium

A state in which market supply equals demand, determining the price and quantity sold, specifically within a short timeframe.

Profit-Maximizing

This refers to the process businesses use to determine the output level at which profits are at their highest.

Marginal Revenue Curve

A graph that displays how additional revenue is affected by the sale of one more unit of a product or service.