Which of the Following Statements Best Define Strategy

question 79

Multiple Choice

Which of the following statements best define strategy?

• A) It describes how an organization can create value for its customers while differentiating itself from its competitors.
• B) It is an organization's ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control.
• C) It is an organization's ability to offer products or services its customers perceive to be superior and unique relative to the products or services of its competitors.
• D) It describes how an organization motivates its employees to work for more hours without any increase in their wages.

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Definitions:

Diminishing Marginal Utility

Diminishing marginal utility is an economic principle stating that as a person consumes more of a good or service, the satisfaction (utility) gained from each additional unit decreases.

Satisfaction

The feeling of pleasure or contentment arising from meeting one's needs, desires, or expectations.

Utility

A measure of satisfaction or benefit that a consumer receives from consuming goods and services.

Consumer Derives

The satisfaction or utility that a consumer obtains from the consumption of goods and services.