Loretta Made a Proposal to the CEO About the Need

question 46

Multiple Choice

Loretta made a proposal to the CEO about the need to change some of the ways procurement is handled in the organization.She is recommending new rules of procurement as well as enhancing some of the existing processes to align them to best practices in the industry.What is the term used to refer to what Loretta is doing?

• A)cultural change
• B)cultural shift
• C)organizational learning
• D)organizational change

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Definitions:

Total Expenditures

The sum of all spending or expenses incurred by an individual, organization, or government.

Close Substitutes

Products or services that can serve almost the same function as another in the eyes of consumers.

Price Increase

The rise in the cost of goods or services over time, which can be caused by factors such as inflation, increased production costs, or high demand.

Inelastic Demand

A market situation where the demand for a product does not significantly change with a change in price.