The Approach to Strategic Formulation and Implementation Utilizing Strategies of Total

question 50

Multiple Choice

The approach to strategic formulation and implementation utilizing strategies of total quality management to meet or exceed customers' expectations and continuously improve products and/or services is referred to as the:

• A) value-added imperative.
• B) quality imperative.
• C) political imperative.
• D) economic imperative.

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Definitions:

Marginal Cost

The cost incurred by producing one additional unit of a good or service.

Sunk Cost

A cost that has already been incurred and is not recoverable.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision.

Europe Trip

A journey or vacation taken to any of the countries within the continent of Europe, often for sightseeing, relaxation, or cultural exploration.