The Final Step That Managers Need to Take to Achieve

question 80

Multiple Choice

The final step that managers need to take to achieve control over organizational activities is to

• A)measure actual performance.
• B)establish measurable standards of performance.
• C)perform tests to confirm consistency.
• D)compare actual performance against established goals.
• E)evaluate the results and take corrective action.

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Definitions:

Differentiated Product

A product that differs from similar market offerings by brand, quality, features, or customer service, giving it a unique selling point.

Big Business

Large-scale or significant commercial enterprises that have considerable influence on the economy, politics, and society due to their size and power.

Oligopoly

A market structure characterized by a small number of firms controlling a large share of the market, leading to limited competition.

Concentration Ratios

Statistical measures used to evaluate the degree of competition within markets by analyzing the market share of the largest firms.