Organizations Are Changing from a Competitive Environment in Which Mass-Market

question 17

Multiple Choice

Organizations are changing from a competitive environment in which mass-market products and services were standardized, long-lived, information-poor, and exchanged in one-time transactions to an environment in which companies compete globally with niche-market products and services that are _______________.

• A) individualized
• B) short-lived
• C) exchanged on an ongoing basis with customers
• D) All the choices are correct.

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Definitions:

Financial Statements

Formal records that outline the financial activities and conditions of a business, organization, or individual, often including the balance sheet, income statement, and cash flow statement.

Service Business

A type of business that provides intangible products or services to customers, rather than physical goods.

Credit Memo

A paper provided by the seller to the buyer, which decreases the total the buyer needs to pay to the seller based on the conditions of a prior bill.

Discount Period

The discount period is the timeframe during which a payment can be made with a discount for early settlement in terms of credit sales.