By Setting Appropriate Service Standards and Measuring Service Performance, Firms

question 98

Multiple Choice

By setting appropriate service standards and measuring service performance, firms can attempt to close a ________ gap.

• A)seniority
• B)knowledge
• C)standards
• D)delivery
• E)communication

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Definitions:

Pure Competitors

In a purely competitive market, companies sell products that are perfect substitutes for one another, leading to no control over market prices by individual firms.

R&D

Short for Research and Development, it refers to the activities undertaken by companies and organizations to innovate and introduce new products or services.

Innovation

The act of turning a concept or innovation into a product or service that adds value or that consumers are willing to purchase.

Copyright

A legal right granted to the creator of original works of authorship including literary, dramatic, musical, artistic, and certain other intellectual works, to control and profit from the use of their work for a certain period of time.