Analyzing Key Success Factors Leads One to Ask the Following

question 2

Multiple Choice

Analyzing key success factors leads one to ask the following two questions:

• A)What do customers want which we could supply profitably and what should the firm do to survive competition?
• B)What do customers want and what type of operational changes should a firm implement to survive competition?
• C)Which of the five forces of competition are critical for a firm's survival and how could the firm deal with them?
• D)How should managers analyse information collected from the market and what should they do about it?

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Definitions:

Nash Equilibria

A concept in game theory where no player can benefit by changing strategies if others keep their strategies unchanged.

Subsidized Payoffs

Financial benefits provided, often by a government, to support or encourage certain activities or reduce associated costs.

English Auction

A bidding process where the price of the item for sale ascends with each bid, and the highest bid at the auction's close wins.

Reservation Price

Maximum price that a customer is willing to pay for a good.