Potential Advantages of Skill-Based Pay Include Flexibility and Employee Cross-Training

question 98

True/False

Potential advantages of skill-based pay include flexibility and employee cross-training while a potential disadvantage is higher training costs.

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Definitions:

Concentric Market

A Concentric Market strategy involves targeting new markets with existing products by expanding outward from the core or current market, often leveraging similarities or adjacent customer needs.

Generic Competition

Competition between brands or products that fulfill the same needs without distinguishing features, often seen in commoditized markets.

Product Category

Classification of goods and services into groups that meet similar consumer needs or are targeted towards similar markets.

Core

The essential, central, or most important part of something, often referring to the main strengths or strategic advantages of a business.