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Peregrine Exam Day 5 Questions and Verified Answers| 100% Solved
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Peregrine Exam Day 5 Questions and Verified Answers| 100% Solved
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Peregrine Exam Day 5 Questions and Verified Answers|100% Solved
Competitive advantages can be - ✔✔broken down into comparative advantages and
differential
advantages
Comparative advantage is a company's ability to produce - ✔✔something more efficiently
than a rival,
which leads to greater profit margins
A differential advantage is when a - ✔✔company's products are seen as both unique and
higher quality,
relative to those of a competitor
Global competitiveness - ✔✔The extent to which a business or a geographical area such as a
country,
can compete successfully against rivals.
Physical Infrastructure - ✔✔Transportation, communication, energy, water, and sanitation
systems
provided by or regulated by government
public sector - ✔✔the part of the economy that involves the transactions of the government
, total factor productivity - ✔✔the amount of output that can be achieved with a given amount
of factor
inputs
Mission Statement - ✔✔a statement of the organization's purpose - what it wants to
accomplish in the
larger environment
As opposed to a business plan, which addresses how of a business, the mission statement
addresses
what? - ✔✔Why
A well-crafted mission statement can inform marketing efforts and create what? - ✔✔A sense
of unity
among employees
cost control - ✔✔A business's efforts to manage how much it spends.
Cost control is always important - ✔✔factor in maintaining and growing profitability
Outsourcing is a common method to control costs - ✔✔because many businesses find it
cheaper to pay
a third part to perform a task than to take on the work within a company.
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