Questions and Answers
What are the 3 major determinants of market share and profitability of an organization?
What is the modern way of developing new products to be competitive in the global economy?
What is the function of a communication satellite?
How do train wheels on the same axis run stably on both straight and curved tracks?
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What does the global economy refer to?
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Study Notes
Determinants of Market Share and Profitability
- 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.
