In the Late 1970s and Early 1980s,Michael Porter Pioneered

question 50

Multiple Choice

In the late 1970s and early 1980s,Michael Porter pioneered:

• A)The application of industrial organization economics to strategic management
• B)Empirical research into the relationship between market share and firm profitability
• C)The resource-based view of the firm
• D)The application of game theory to competitive analysis

---

Definitions:

Raw Materials

These are the base ingredients or components that companies use in the production of goods.

Materials Price Variance

The difference between the actual cost of materials used in production and the standard cost of those materials.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity expected, multiplied by the standard cost per unit of material.

Cash Account

A financial account that tracks the money that is readily available for a company or individual, including physical currency and balances in bank accounts.