Needs Hierarchy Theory Explains How People Develop Perceptions of Fairness

question 238

True/False

Needs hierarchy theory explains how people develop perceptions of fairness in the distribution and exchange of resources.

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Definitions:

Cost Leadership

A business strategy aimed at becoming the lowest-cost producer in an industry, enabling it to offer products or services at a lower price than competitors.

Porter's Model

A strategic tool developed by Michael E. Porter used to analyze the competitive environment of an industry, including five forces: the threat of new entrants, the threat of substitutes, the bargaining power of buyers, the bargaining power of suppliers, and competitive rivalry.

Generic Competitive Strategies

Generic Competitive Strategies are basic approaches developed by Michael Porter for businesses to gain competitive advantage, including cost leadership, differentiation, and focus strategies.

Cost Synergies

The financial savings achieved by combining two or more entities, processes, or systems, leading to lower costs than if operated separately.