Jeff Is a Top Manager at a Textile Factory

question 63

Multiple Choice

Jeff is a top manager at a textile factory.He is developing a crisis plan to be implemented in the event that the company has a toxic spill or similar industrial accident.Which issue should be addressed in the crisis prevention stage?

• A)Designating a crisis management team
• B)Building open, trusting relationships with key stakeholders
• C)Designating a crisis management spokesperson
• D)Setting up an effective communications system
• E)All of the above

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Definitions:

Concentration Ratio

A measure indicating the market share of the largest firms in an industry to assess the degree of competition.

Breakfast Cereal Industry

The sector of the economy that specializes in the production, marketing, and sale of breakfast cereal products.

Oligopoly

A market structure characterized by a small number of firms dominating the market, leading to limited competition and possibly higher prices.

Imperfectly Competitive Markets

Markets where individual sellers have some control over prices due to lack of perfect competition, often characterized by product differentiation, barriers to entry, or a limited number of firms.