What Is Meant by the Term Strategic Group and Why

question 35

Essay

What is meant by the term strategic group and why is it important for managers to understand this term to position their companies in a competitive marketplace?

Understand strategies to address and mitigate implicit bias in interviews.

Grasp the goals and techniques of different types of interviews, including screening, stress, panel, and open-ended interviews.

Learn the appropriate manners for resigning from a job and declining job offers.

Understand the timing and professionalism required in responding to employers during the job application process.

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Definitions:

Prime Cost

The combined direct costs of raw material and labor that are directly associated with the production of a product.

Discretionary Fixed Costs

Those fixed costs that arise from annual decisions by management to spend on certain fixed cost items, such as advertising and research.

Committed Fixed Costs

Expenses that a company has to pay regardless of its level of production or sales, such as leases and long-term contracts, which cannot be easily changed in the short term.

Unit Fixed Cost

The fixed cost associated with producing one unit of a product, which does not vary with the level of production output.