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Global Economy and Total Quality Development (TQD)

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Global Economy and Total Quality Development (TQD)

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Questions and Answers

What are the 3 major determinants of market share and profitability of an organization?

Customer service, employee satisfaction, and innovation

Unit cost, quality, and manufacturing lead time (correct)

Marketing strategy, product design, and advertising budget

Raw material cost, production capacity, and distribution network

What is the modern way of developing new products to be competitive in the global economy?

Mass production techniques

Cost-cutting strategies

Traditional manufacturing methods

Total quality development (correct)

What is the function of a communication satellite?

Generate its own signals for global communication

Control weather patterns through signal manipulation

Receive signals from Earth and retransmit them using a transponder (correct)

Redirect signals to outer space for exploration purposes

How do train wheels on the same axis run stably on both straight and curved tracks?

<p>They are beveled to have a slight conical shape</p> Signup and view all the answers

What does the global economy refer to?

<p>Interconnected worldwide economic activities between multiple countries</p> Signup and view all the answers

Study Notes

The three major determinants of market share and profitability of an organization are:
Product differentiation
Cost leadership
Market focus

Product Development in the Global Economy

The modern way of developing new products to be competitive in the global economy involves embracing innovation, creativity, and agility.

Communication Satellites

The function of a communication satellite is to relay signals from a source to a receiver, facilitating communication over long distances.

Train Wheels on Straight and Curved Tracks

Train wheels on the same axis run stably on both straight and curved tracks due to the conical shape of the wheels, which allows them to self-adjust to the track shape.

The Global Economy

The global economy refers to the international flow of goods, services, and investments across national borders, involving trade, finance, and industry at a global scale.

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Description

Test your knowledge on the interconnected worldwide economic activities, global market exchange, and the key determinants of market share and profitability in an organization. Understand the significance of total quality development in creating competitive products for the global economy.