Which of the Following Statements About Strategy Is Most Accurate

question 23

Multiple Choice

Which of the following statements about strategy is most accurate?

• A) An organization can be all things to all people because it has access to all the resources it needs to discover and satisfy the needs and wants of its target markets.
• B) The marketing department helps to both set an organization's direction and move it there.
• C) The American Marketing Association (AMA) recently has established the definition of strategy.
• D) Strategy is an organization's short-term course of action designed to deliver a broad customer experience while achieving its goals.
• E) Only start-up organizations must develop strategies to help them (1) raise capital and (2) focus and direct their efforts to accomplish their goals.

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Definitions:

Equilibrium Level

The state of balance where demand equals supply in a market, resulting in an optimal distribution of resources without excess supply or demand.

Price Ceiling

A maximum legal price above which a product cannot be sold; to have an impact, a price ceiling must be set below the equilibrium price.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance.

Shortage

A market condition characterized by the demand for a product exceeding its supply, often leading to increased prices.