According to the TQM Strategy, What Should Be a Company's

question 23

Multiple Choice

According to the TQM strategy, what should be a company's primary goal?

• A) customer focus and satisfaction
• B) continuous improvement
• C) teamwork
• D) participative management
• E) reciprocity

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Definitions:

Utility-maximizing

The economic principle whereby consumers adjust their consumption of goods and services to achieve the highest level of satisfaction or utility.

Downward-sloping

Downward-sloping describes a curve or line on a graph that exhibits a decline from left to right, often used to illustrate decreasing prices or quantities in economics.

Demand Curve

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

Marginal Utility

The shift in happiness or benefit a person receives from using one more unit of a particular product or service.