The Increased Customer Value Achieved Through Performing R&D-Manufacturing Functions More

question 112

Multiple Choice

The increased customer value achieved through performing R&D-manufacturing functions more efficiently is referred to as __________.

• A)points of difference
• B)proficiency
• C)synergy
• D)kiatsu
• E)competitive advantage

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Definitions:

Technological Advance

Progress in the development and application of technology, leading to more efficient processes or new products.

Allocative Efficiency

A state of the economy in which production represents consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a utility equal to the cost of producing it.

Productive Efficiency

A situation in which an economy or entity is operating in such a way that it cannot produce more of one good without producing less of another.

Creative Destruction

The process by which new innovations cause older technologies, companies, or products to become obsolete, driving economic growth through continuous renewal.