Final Exam Peregrine- Questions and Answers

Final Exam Peregrine- Questions and Answers Competitive advantages can be - Answer-broken down into comparative advantages and differential advantages Comparative advantage is a company's ability to produce - Answer-something more efficiently than a rival, which leads to greater profit margins A differential advantage is when a - Answer-company's products are seen as both unique and higher quality, relative to those of a competitor Global competitiveness - Answer-The extent to which a business or a geographical area such as a country, can compete successfully against rivals. Physical Infrastructure - Answer-Transportation, communication, energy, water, and sanitation systems provided by or regulated by government public sector - Answer-the part of the economy that involves the transactions of the government total factor productivity - Answer-the amount of output that can be achieved with a given amount of factor inputs Mission Statement - Answer-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? - Answer-Why A well-crafted mission statement can inform marketing efforts and create what? - Answer-A sense of unity among employees organizational culture - Answer-the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization