When Visa and MasterCard Began to Differentiate Their Cards Based

question 72

Multiple Choice

When Visa and MasterCard began to differentiate their cards based on prestige, American Express learned which lesson about strategic management?

• A) A firm must remain inflexible with its plan.
• B) A firm must plan long-term.
• C) When competitors learn how to copy the strategy, a firm has to reformulate to stay ahead.
• D) all of the above

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Definitions:

Arbitrator's Decision

A final decision made by an arbitrator, who is a neutral third party, to resolve a dispute outside of court.

National Labor Relations Act

A foundational statute of US labor law which guarantees the rights of private sector employees to organize into trade unions, engage in collective bargaining, and take collective action such as strikes.

Strikes

Work stoppages initiated by employees to protest against poor working conditions, low pay, or other labor issues.

Federal Mediation

A dispute resolution process involving a neutral third party, often offered by the government, to assist in reaching a voluntary, negotiated resolution between parties in conflict.