A Management Concept That Encourages All Managers and Employees to Be

question 81

Multiple Choice

A management concept that encourages all managers and employees to be in tune with the wants and needs of customers, and which leads to flexible product designs and production processes, is called:

• A) Continuous improvement.
• B) Customer orientation.
• C) Just-in-time.
• D) Theory of constraints.
• E) Total quality management.

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Definitions:

Duopolies

A market structure where two companies own all or nearly all of the market for a given type of product or service.

Cartel

An association of manufacturers or suppliers formed to maintain high prices and restrict competition.

Individual Profits

The income that an individual receives from their investment or entrepreneurial activity after deducting all costs.

Collude

To engage in a secret agreement or cooperation, especially with the intention of cheating or deceiving others.