To Gain a Competitive Edge This Year, the Upper Management

question 5

Multiple Choice

To gain a competitive edge this year, the upper management of a global IT company has decided to focus on customer service, employee training, and continuous quality improvement. This approach is known as

• A) customer focus.
• B) total quality management (TQM).
• C) evidence-based management.
• D) competitive edging.
• E) constancy of purpose.

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Definitions:

Exogenously

Originating from outside; determined by external factors not within the system.

Endogenously

Originating or produced from within a system, indicating a factor that is internal to an economic model or process.

Natural Rate

The unemployment rate at which the economy operates at full employment, where inflation is stable without accelerating.

Unemployment

A situation where individuals who are capable of working and are actively seeking a job are unable to find employment.