To gain a competitive edge this year, the upper management of a global IT company has decided to focus on customer service, employee training, and continuous quality improvement. This approach is known as
A. customer focus.
B. total quality management (TQM).
C. evidence-based management.
D. competitive edging.
E. constancy of purpose.
B. total quality management (TQM).
Total quality management (TQM) is a comprehensive approach, led by top management and supported throughout the organization, dedicated to continuous quality improvement, training, and customer satisfaction.
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Indicate whether the statement is true or false
Competition between candy makers (e.g., Hershey, Mars, Cadbury, Nestlé, and Godiva) where firms compete in package design (including package downsizing) and ease of availability is characteristic of a(n):
A. slow-cycle market. B. standard-cycle market. C. fast-cycle market. D. intermediate-cycle market.
The ______ is the foundation of the other four steps in the strategic planning process.
a. criteria b. vision c. mission d. objectives
Negative cash flow:
A. is included in the pro forma income statement. B. results when cash receipts exceed cash payments. C. can cause a firm to fail. D. is uncommon in new ventures.