Strategic Management - Study Mode

[#361] The goal of the cost leader is to:
Correct Answer

(D) make high margins

Explanation

Solution: The goal of the cost leader is to make high margins. Leader pricing is a common pricing strategy used by retailers to attract customers. It involves setting lower price points and reducing typical profit margins to introduce brands or stimulate interest in the business as a whole or a particular product line. Products sold in this strategy are often sold at a loss.

[#362] Which of the following is a means to develop a customer commitment focus in the organization?
Correct Answer

(C) Enhancing customer service

Explanation

Solution: Enhancing customer service is a means to develop a customer commitment focus in the organization. Great customer service can help you build trust, improve brand awareness, gain customer loyalty, drive sales, and attract new customers through valuable recommendations.

[#363] The means by which long term objectives will be achieved are
Correct Answer

(B) strategies

Explanation

Solution: The means by which long term objectives will be achieved are strategies. Strategy determines the direction and scope of an organization over the long term, and they say that it should determine how resources should be configured to meet the needs of markets and stakeholders.

[#364] By what means should an organization measure its performance?
Correct Answer

(C) Economy, efficiency, and effectiveness

Explanation

Solution: By economy, efficiency, and effectiveness means should an organization measure its performance. analyzing a company's performance against its objectives and goals. In other words, organizational performance comprises real results or outputs compared with intended outputs.

[#365] Which of the following is not a support activity?
Correct Answer

(D) Outbound logistics