C K Prahalad and Associates Introduced the Concept of a Global

question 19

Multiple Choice

C. K. Prahalad and associates introduced the concept of a global market, not necessarily defined by national borders but rather by the pockets of poverty across countries, and consisting of 4 billion people across the globe with annual incomes of less than $1,200. They refer to these consumers, concentrated in the LDCs and LLDCs, as _____ markets.

• A) subsistence
• B) third-world
• C) underdeveloped
• D) bottom-of-the-pyramid
• E) peripheral

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Definitions:

Actual And Apparent Authority

Actual authority refers to the power a principal intentionally gives to an agent to act on the principal's behalf, while apparent authority exists when the principal's actions lead a third party to believe that an agent has certain powers, even if such powers have not been explicitly granted.

Zircon

A mineral belonging to the group of nesosilicates, often used in jewelry as a diamond simulant and in various industrial applications.

Liability

The legal obligation to answer for one's actions, chiefly in matters concerning debts or legal responsibilities.

Misrepresentation

The act of providing false, misleading, or incorrect information about a material fact, intentionally or unintentionally, leading another to act to their detriment.