A Company's Strategy Consists of the Action Plan Management Is

question 58

Multiple Choice

A company's strategy consists of the action plan management is taking to:

• A) stake out a unique market position and achieve superior profitability.
• B) compete against rivals and establish a transitory competitive advantage.
• C) concentrate on improving the existing product offering irrespective of the changing and turbulent markets.
• D) develop a more appealing business model than rivals.
• E) identify its strategic vision,its strategic objectives,and its strategic intent.

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Definitions:

Direct Labour Cost

A cost that can be directly attributed to the production of specific goods or services, such as wages paid to employees who physically produce a product.

Overhead Applied

The portion of indirect costs allocated to a specific product or department within a company, based on a predetermined overhead rate.

Cost of Goods Sold

The immediate expenses linked to the creation of products sold by a business, encompassing both materials and labor costs.

Job Costing

A cost accounting method used to track costs to a specific job or project, allowing companies to calculate its profitability.