What is core competency? Explain how core competency is related to competitive advantage and give an example of how a core competency gives an organization a competitive advantage in today's highly competitive business environment.
What will be an ideal response?
The term core competency refers to the specific set of departmental skills, knowledge, and experience that allows an organization to outperform its competitors. Departmental skills that create a core competency give an organization a competitive advantage when it helps the firm provide products and/or services that are either differentiated or at a lower cost than competitors. For example, when a company innovates a product with high quality at a lower price, it is a major source of competitive advantage.
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How do multinationals try to prevent gray markets?
What will be an ideal response?
Which of the following statements about the World Trade Organization (WTO) is most accurate?
A. The 168 member countries of the WTO account for less than 25 percent of world trade. B. The WTO uses panels of trade experts who can issue non-binding recommendations. C. The WTO sets rules governing trade between its members and the rest of the world. D. The World Trade Organization is a temporary institution. E. The WTO was formed by the major industrialized nations of the world.
Company B uses dangerous acid made by Company A in its production. B fails to warn a new employee of the risks in using the acid and the employee is injured. If Company B is sued by the employee, its defense will be that A and the employee are:
a. accomplices b. in violation of federal safety regulations c. sophisticated users d. not covered due to lack of warranty e. ruthless capitalist oppressors
An administrative agency can be defined as an authority of the government, other than a legislature or a court, created to administer a particular law
a. True b. False Indicate whether the statement is true or false