Acme Valves, Inc

question 111

Multiple Choice

Acme Valves, Inc., has been a successful player in the oil field supply industry in the last 15 years.Acme maintained its strategy and product characteristics over this time period.However, the company has experienced declines in sales and profits over the last four quarters.The CEO of Acme should:

• A) continue with the proven strategy because its returns over the long run are important.
• B) focus on improving efficiency of production and cost control.
• C) conduct an analysis of the external environment.
• D) immediately begin making incremental adjustments to the traditional business strategy in an effort to improve sales.

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Definitions:

Quantitative Research

A research method that involves the collection and analysis of numerical data to draw conclusions and identify patterns or trends.

Projected Population

An estimate of future population size based on current data and trends, used for planning and policy-making purposes.

Uses and Gratification Theory

A communication theory that suggests people actively seek out media that fulfills their specific needs, such as entertainment, information, or social interaction.

Consumers' Needs

The essential requirements and desires of individuals that motivate their purchasing behaviors and choices.