Achieving Superior Responsiveness to Customers Through Improving Quality and Efficiency

question 46

Multiple Choice

Achieving superior responsiveness to customers through improving quality and efficiency:

• A) often requires a change in organizational culture.
• B) makes employees' jobs less demanding.
• C) can usually be accomplished within one year.
• D) is easy for managers,but hard on employees.
• E) is a panacea for industrial ills.

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Definitions:

Product Variety

The assortment of different products or services offered by a firm or available in a market.

Monopolistic Competition

A market structure where many firms offer products or services that are similar but not perfect substitutes, leading to competition based on factors other than price.

Excess Capacity

A situation where a business has more production facilities, resources, or capability than currently needed to meet demand.

Nonprice Competition

Competitive strategies used by companies to attract customers through methods other than lowering prices, such as product quality, service, and marketing.