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Questions and Answers
What does a business need to do to succeed?
What does a business need to do to succeed?
- Focus solely on outperforming its rivals
- Provide better value for money than its rivals (correct)
- Offer the same benefits as its rivals
- Charge higher prices than its rivals
What does a business need to consider in terms of benefits to become competitive?
What does a business need to consider in terms of benefits to become competitive?
- The location of its headquarters
- The number of employees it has
- How many benefits it can list in its advertising
- What its product offers relative to its competitors (correct)
How do businesses aim to outperform their rivals in terms of pricing?
How do businesses aim to outperform their rivals in terms of pricing?
- Reduce the benefits while increasing the price
- Offer the same benefits for less or more benefits for the same price (correct)
- Increase the price while reducing benefits
- Keep the price constant regardless of benefits
What is the challenge for businesses in providing benefits more cheaply than competitors?
What is the challenge for businesses in providing benefits more cheaply than competitors?
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Why can't a business afford to be complacent even if it becomes competitive?
Why can't a business afford to be complacent even if it becomes competitive?
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