If There Are Big Gains to Be Had from Specialization

question 10

Multiple Choice

If there are big gains to be had from specialization and trade,countries generally don't produce one good because:

• A) specialization is not limited by trade agreements.
• B) no national economy is a perfectly free market.
• C) there is perfectly free trade between national economies.
• D) consumers prefer a mix of goods and services.

Grasp the principles of setting effective performance and personal goals aligned with corporate strategies.

Acknowledge the negative consequences of ineffective performance management on employee morale, productivity, and organizational success.

Appreciate the role of performance-driven culture in achieving strategic objectives and its reflection in HR practices.

Understand the integration of performance management with other HR activities to enhance workforce competencies and motivation.

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Definitions:

Cost Focus

A business strategy that aims to gain a competitive advantage by reducing operating costs and offering lower prices than competitors.

Market Specialization

A strategy where a company focuses its marketing efforts on a specific market niche, tailoring its products, services, and marketing activities to meet the needs of that particular market segment.

Product Specialization

Product specialization is a strategy where a business focuses on producing and selling a limited range of products to target a specific market segment or demographic effectively.

Marketing Plan

A comprehensive document that outlines a company's overall marketing effort, including strategies, objectives, and actions to achieve marketing goals.