The Strategy That Deals with Product and Process Innovation and Improvement

question 11

Multiple Choice

The strategy that deals with product and process innovation and improvement is known as a(n) ________ strategy.

• A) marketing
• B) R&D
• C) operations
• D) financial
• E) human resource management

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Definitions:

Production Possibilities Curve

A graphical representation that shows the maximum possible output combinations of two products that can be produced with available resources and technology.

Economic Wants

Desires that can be satisfied through the consumption of goods and services, reflecting the unlimited and varying needs and wishes of consumers.

Insatiable

An unending and intense desire for more, often used to describe human wants and needs that cannot be fully satisfied.

Products And Services

Tangible goods that are manufactured and sold to consumers, and intangible activities provided to satisfy consumer needs or wants, respectively.