Which of the following is true of competition in product-markets?
A) The cost of labor does not affect the product market as it is an insignificant part of an organization's costs.
B) Product-market considerations are of particular concern to a company when its customers place greater importance on product rather than price.
C) Organizations in a product market are competing to serve the same customers.
D) Product markets place a lower limit on the pay an organization will offer its employees.
E) Organizations must increase the cost of labor every quarter.

Question

Quizplus · Accepted Answer

To compete for talent, organizations use benchmarking, a procedure in which an organization compares its own practices against those of successful competitors.

Which of the Following Is True of Competition in Product-Markets