Joseph Wishes to Increase the Operational Efficiency of His New

question 63

Multiple Choice

Joseph wishes to increase the operational efficiency of his new startup. In order to achieve this, what should Joseph do?

• A)Joseph should use integrated data stored in his firm's central database to analyze its day-to-day activities.
• B)Joseph should avoid analyzing his firm's distribution systems as they do not play a role in the firm's daily activities.
• C)If Joseph plans to support formally defined and documented activities in his firm, he should use a dynamic planning system over a structured planning system.
• D)If Joseph plans to include less specific and fluid activities in his firm, he should use a structured planning system over a dynamic planning system.

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Definitions:

Upsloping Line

A graphical representation indicating positive correlation between two variables; as one variable increases, so does the other.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers, usually downward sloping.

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, and easy entry and exit from the market.

Nonprice Competition

A marketing strategy where companies attract customers through methods other than price, such as quality of product, service, or brand image.