The Principle of Satisfying Customer Needs While Meeting Organizational Goals

question 117

True/False

The principle of satisfying customer needs while meeting organizational goals is called the strategic concept.

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Definitions:

Cost-Benefit Analysis

A process used to evaluate the total anticipated costs of a project compared to its benefits, aiming to determine the best course of action.

Cost-Benefit Analysts

Professionals who evaluate the financial implications and outcomes of actions and projects, comparing the total expected costs against the total expected benefits to determine the best course of action.

Tragedy of the Commons

The Tragedy of the Commons is a situation in a shared-resource system where individual users acting independently and rationally according to their own self-interest behave contrary to the common good of all users by depleting or spoiling the shared resource.

Economically Efficient

A situation where resources are allocated in a way that maximizes the net benefits to society or achieves the desired output with the least possible input.