Question

"Markets are not always perfectly competitive and some firms consistently outperform industry averages. This suggests that firm performance is also influenced by the presence of bright, motivated managers and their keen sense of innovative products or processes"

Answer 1

Effectiveness, Efficiency in management to achieve organisation goals/ objectives - survival, profit & growth : can make some firms consistently outperform industry averages

Step-by-step explanation:

Effective & Efficient Management , keen to make organisation achieve its short term & long term goals : can make firm(s) outperform industry average.

Management is the art of getting things done with the aim of achieving organisation goals/ objectives . Organisational objective include : Survival , Profit (market standing) & Growth (innovation) . Effectiveness (getting things done on time) & efficiency (getting best output out of least input) are core aspects of organisation goals achievement.

Good management is very crucial to an organisation's successful performance. It can make organisation achieve right targets at the right time in the right manner. This correct coordination of activities, time & manner can make an organisation realise its potential to the fullest & outshine in its industry.