Which of the Following Is One of the First Steps

question 96

Multiple Choice

Which of the following is one of the first steps to take in launching the strategy execution process?

• A) Ensure all requirements of the value chain are fulfilled.
• B) Form a mission statement as a basis for managers to achieve organizational objectives.
• C) Go on the offensive by employing moves to make its product offering more distinctive and appealing to buyers.
• D) Put together a talented management team with the right mix of experiences, skills, and abilities to get things done.
• E) Strive to be more profitable than rivals and aim for a competitive edge based on bigger profit margins.

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Definitions:

Marginal Revenue Product

The additional revenue generated by employing one more unit of a resource, such as labor or capital.

Marginal Revenue Product

The boost in revenue achieved by adding one more unit of a factor involved in production.

Marginal Product

The additional output that results from using one more unit of a particular input, keeping other inputs constant.

Variable Input

Any resource used in production whose quantity can be changed in the short term to increase or decrease output.