To Translate Its Core Competencies into a Sustainable Competitive Advantage

question 27

Multiple Choice

To translate its core competencies into a sustainable competitive advantage, Paradise Kitchens will work closely with key

• A) lenders and venture capitalists.
• B) suppliers and distributors.
• C) advertising agencies and public relations firms.
• D) federal and state regulators to import tariff free ingredients.
• E) Hispanic spokespeople to get the word out.

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Definitions:

Invisible Hand

A metaphor introduced by Adam Smith to describe the self-regulating behavior of the marketplace, where individual self-interests unintentionally benefit society.

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his theories on capitalism and the invisible hand of the market.

Free Market

A system of voluntary exchange in which every agent is free to produce, buy, and sell “as the market will bear,” without interference or standards set by any outside authority.

Economic Arrangements

The structured and systemic ways in which economic activities and resources are organized, distributed, and managed within a society or between entities.