Top Management Attempts to Gain a Competitive Advantage by Asking

question 38

Multiple Choice

Top management attempts to gain a competitive advantage by asking all of its managers to communicate with each other about how the organization can best respond to changing customer preferences. The organization is focusing primarily on ________.

• A) responsiveness
• B) efficiency
• C) quality
• D) cost control

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Definitions:

Corn Industry

The sector of the economy involved in the production, processing, and distribution of corn and corn-related products.

Excess Profits

Profits that exceed the normal expected return on investment, often occurring in industries with little to no competition.

Perfectly Competitive Industry

An industry structure where many firms sell identical products, entry and exit are easy, and no single seller controls the market price.

Market Price

The price at which a good or service can be bought or sold in a marketplace, determined by supply and demand.