Which of the Following Is a Service

question 116

Multiple Choice

Which of the following is a service?

• A)anything that is scarce and that satisfies unlimited human wants
• B)a thing for which people pay money
• C)an intangible activity that satisfies human wants
• D)any output produced by a service-sector industry, such as fast food
• E)something less desirable than a good

Differentiate between internal and external environmental factors influencing an organization and their relevance to strategic planning.

Recognize the importance of aligning HRM practices and organizational goals to implement strategic changes successfully.

Explain the concept of competitive advantage and the strategies organizations adopt to achieve it.

Understand the role of strategic management principles in shaping organizational objectives and competitive scopes.

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Definitions:

Bilateral Contract

An agreement where each of the two parties makes a promise or set of promises to the other, creating mutual obligations.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to another party if the latter has relied on that promise to their detriment.

Stock Option

A financial instrument granting the holder the right, but not the obligation, to buy or sell a stock at an agreed-upon price within a certain period.

Detrimental Reliance

A legal principle where a party suffers harm by relying on a misleading statement or promise of another.