A(n) _______________ Strategy Is a Competitive Strategy by Which a Firm

question 97

Multiple Choice

A(n) _______________ strategy is a competitive strategy by which a firm seeks to become a low-cost producer of products and services in the industry.

• A) cost leadership
• B) differentiation
• C) innovation
• D) alliance

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Definitions:

Social Decision Schemes

Simple rules used to determine final group decisions.

Heuristics

Mental shortcuts or rules of thumb that simplify decision making by facilitating quick, efficient judgments.

Nominal Group Techniques

A structured method for group brainstorming that encourages contributions from everyone.

Synergy

A positive force that occurs in groups when group members are stimulated to produce new solutions to problems through the process of mutual influence and encouragement within the group.