In Which Step of the Five-Step Decision-Making Framework Does a Manager

question 53

Multiple Choice

In which step of the five-step decision-making framework does a manager decide to follow a cost-leadership rather than a product-differentiation strategy?

• A)Step 1: Identify the Problem and Uncertainties.
• B)Step 2: Obtain Information.
• C)Step 3: Make Predictions About the Future.
• D)Step 4: Make Decisions by Choosing Among the Alternatives.
• E)Step 5: Implement the Decision,Evaluate Performance and Learn.

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Definitions:

Weaknesses

Internal limitations or flaws that adversely affect an organization's performance and ability to achieve its objectives.

ROMI Coefficients

Ratios used to measure the return on marketing investment, indicating the efficiency of marketing spending in generating revenue.

Diversification Strategy

A growth strategy where a company expands into new markets or products that are distinct from its core business.

Regression Analysis

A statistical method used for estimating the relationships among variables, often used to predict the outcome of a dependent variable based on the changes in one or more independent variables.