The Banking Industry Has Implemented Several Competitive Advantages Including ATM's

question 131

Multiple Choice

The banking industry has implemented several competitive advantages including ATM's, online bill pay services, and electronic statements. Of course, these competitive advantages were quickly duplicated by any competitor that wanted to remain in the banking industry. These were all examples of ________ competitive advantages.

• A) Acquiring new technology products and services
• B) Hiring new employees
• C) Reducing expenses
• D) Gaining invaluable feedback from customers

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Definitions:

Pairwise Majority Voting

A voting system where candidates are compared in pairs, with each pair being voted on separately, to determine the most preferred option by majority decision.

Condorcet Paradox

A situation in social choice theory where collective preferences can be cyclic (i.e., not transitive), even if the individual preferences within the group are rational and transitive. It highlights the complexity of voting systems and decision making.

Individual Preferences

The personal likes or dislikes of an individual, which influence their decisions and behavior.

Social Preferences

Social Preferences indicate how individuals’ decision-making is influenced by the welfare of others, beyond self-interest.