Cost Control and Competitive Advantage Quiz

What is essential to a business' success according to the text?

• High employee turnover

• Quality

• Expensive marketing campaigns

• Large office spaces

What is competitive advantage?

• A method to reduce the number of products

• An advantage gained by offering lower prices or better products

• A disadvantage due to high production costs

• A strategy to increase employee salaries

What is the role of quality management in a business?

• To reduce the number of products

• To produce high-quality products and services

• To increase the number of employees

• To increase the price of products

What does quality control involve?

• Inspecting products to ensure high standards

• Increasing the number of products

• Reducing employee wages

• Expanding the business premises

What is the purpose of quality assurance?

• To increase the price of products

• To increase the number of employees

• To reduce the number of quality checks

• To manage the quality of a product with checks at several stages

How can quality management reduce costs?

• By reducing the number of employees

• By ensuring things are done correctly the first time

• By increasing marketing expenses

• By increasing the number of products

What is wastage in the context of quality management?

• Losing or destroying something by using it carelessly

• Reducing employee wages

• Increasing the number of products

• Expanding the business premises

What can a good-quality product or service help build?

• A large office space

• A high production cost

• A strong brand image

• A large number of employees

What can a business charge if it has a product with a good reputation for quality?

• A premium price

• A standard price

• A lower price

• A discounted price

What is market share?

• The number of products a business sells

• The total revenue of a business

• The percentage of a market taken by a particular business or product

• The number of employees in a business