The Textbook Indicated That ________ Is the Major Dimension of Strategic

question 60

Multiple Choice

The textbook indicated that ________ is the major dimension of strategic management.

• A)Responding to changes in the external market
• B)Allocating scarce resources of the organization
• C)Beating competition to the market
• D)Both a and b are correct
• E)Both a and c are correct

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Definitions:

Supply Chain Managers

Professionals responsible for overseeing and managing the entire supply chain process to ensure efficiency, cost-effectiveness, and timely delivery of products.

Backup Sourcing

Is the strategy of establishing alternative suppliers to ensure the continuity of supply in case of primary supplier failures.

Margin Lost

The reduction in potential earnings or profit due to inefficiencies, increased costs, or missed opportunities.

Stockout

A situation where inventory is exhausted, and a product is unavailable for sale or delivery, potentially leading to lost sales and customer dissatisfaction.