Competitive Priorities State the Dimensions on Which a Firm Can

question 21

Multiple Choice

Competitive priorities state the dimensions on which a firm can excel.Which one of the following statements about each dimension is TRUE?

• A) Emphasizing low price is most appropriate for differentiated products in the growth stage of demand.
• B) A firm that intends to excel at high-performance design quality can succeed only when its production volume is very high.
• C) McDonald's is a typical example of an organization that excels at volume flexibility rather than quality consistency.
• D) For a firm that gives top priority to customization, volumes for any individual product tend to be low.

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Definitions:

Social Decision Schemes

Patterns or rules that groups use to make decisions, emphasizing the process of combining individual preferences into a collective choice.

Cautious Judgments

The practice of making decisions or forming opinions based on a careful evaluation of risks and benefits.

Conservative Judgments

Decision-making that tends towards caution, favoring traditional values and the avoidance of risk or change.

Parkinson's Law

The adage that "work expands to fill the time available for its completion," suggesting efficiency decreases as the amount of time allowed increases.