Which Of The Following Are Among The Fundamental Factors That Drive Successful Performance For A Company, Ultimately Leading To Competitive Advantage? (Choose Every Correct Answer.)

Which Of The Following Are Among The Fundamental Factors That Drive Successful Performance For A Company, Ultimately Leading To Competitive Advantage? (Choose Every Correct Answer.) A. Service B. Quality C. Language D. Innovation

Answer of MCQ With Explanation

The correct options of this multiple choice question are A, B and D as due to these fundamental factors, a company can improve its performance than its competitors and get competitive advantage over its competitors.

1. Provide Quality Products And Services

A company provides high quality products or services to its customers can satisfy them and retain them. And finally, they will become loyal to the company’s products or service. This creates a competitive advantage for the company over its competitors in the market. For example, if a travelling company renders the services on time to its customers and at their doorsteps can satisfy more customers than its competitors. On the other hands, if the quality of products or services are poor then customers are dissatisfied and they will become disloyal to company’s products or services. For example, if a food company provides rotten items such as eggs, biscuits, etc., to its customers, then it badly damages a company’s reputation and they will show dissatisfaction and become disloyal to company’s brands.

2. Innovation

Innovation means creativity and adapt to the changes demanded. Innovation is also important in improving the performance of the company. Those companies who use outdated methods and not adapt to the changes can’t improve the work performance and as a result can’t compete with its competitors and fails to gain competitive advantage over its competitors. A company creating new products or services, create new ideas and adapts to the updated changes can be more successful than its competitors. For example, if there is a need to adapt to new technological system, such as the use of AI system, uses of digital markets, etc., then an innovative company should adopt this new technological system to make faster work performance and ultimately gain a competitive advantage over its competitors in the market.

Incorrect Option of MCQ

The option C is incorrect choice as a language itself is not considered to be a fundamental factor to gain competitive advantage as quality, service and innovation ultimately decide. Language can be used to learn new methods, knowledge, communication skills, etc., written in different languages to improve work performance to make a business successful as ultimately the language helps in improving service, quality and innovation of a company.

Comments

Post a Comment

Popular posts from this blog

A(N) ______ Skill Is The Ability To Perform A Specialized Task That Involves A Certain Method Or Process.

Image
What Are Technical Skills? | Answer of MCQ The correct answer of this multiple choice question is (C) as Technical Skill (TS) are hard skills which require specialized knowledge in the specialized area such as analysis of financial statements, is a skill which require knowledge of accounting data and understanding of financial statements. Other Examples Of TS (i). Managing human resources is also a technical skill which require proper training sessions to enable a human resource manager to learn how to select, recruit and train employees and use them efficiently and effectively to achieve organizational objectives & goals. He can select the right candidates for the right positions which is beneficial for both employees and the organization. (ii). An accounts manager having the specialized knowledge of computerized accounting is more effective to achieve organizational goals. He can better use of modern accounting tools such as Peachtree, QuickBooks, Oracle, Tally, etc., and perfo...
Read more

Which Of The Following Statements About Globalization Is Correct? (Check All That Apply)

Image
What Is Globalization | Answer Of MCQ Globalization means interconnections and interdependence of different countries' economics, cultures, knowledge, skills, human resources across the countries. One company of a country can exchange its products or services in the local market of another country. For example, people of different countries are globally interconnected to exchange ideas, knowledge, products or services due to the usage of advance technology system. The correct of options of this Multiple Choice Question (MCQ) are D and G as in globalization, different companies of different countries create challenges for each other across the country i.e., one mobile company may sell mobile phones cheaper than other one and hence create a high competition and demand in the international market / foreign market. Selling in local market and foreign market are different as in foreign market, different strategies and uses of resources such as physical, human, financial, intellectual a...
Read more

_____ Refers To Minimizing The Resources An Organization Must Spend To Achieve A Specific Level Of Desired Exchanges | _____ Is Using The Least Possible Amount Of Resources To Get Work Done

Image
Answers Of MCQs And Fill In The Blank The correct answer of this mcq is (c) and fill in the blank is also the same word, as “Efficiency” is using the least possible amount of resources with minimum cost to get the work done or output without lacking quality work. It is very important for the organization to utilize its resources efficiently in order to avoid wastage of resources such as time, money, experiences, skills, efforts, etc., and get the maximum or optimum / best outcome or achieve organizational objectives & goals with minimum cost or with minimum efforts. If the end results are not up to the mark, then it means that the manager has not chosen the right strategy to achieve organizational goals. So, right things should be done to get desired or atleast the best results / exchanges which show effectiveness of the jobs done. Due to efficiency, the organization is able to produce the best output, reduce cost with the utilization of minimum resources. The option a is inco...
Read more