10 Questions
Product Differentiation – The ______ of creating a competitive advantage by designing goods or services to satisfy customer needs.
process
Market Segmentation – The ______ a company decides to group customers based on important differences in their needs or preferences, to gain a competitive advantage.
way
Cost-Leadership Strategy – A ______ of trying to outperform competitors by doing everything possible to produce goods or services at a cost lower than they do.
strategy
Differentiation Strategy – A ______ of trying to achieve a competitive advantage by creating a product that is perceived by customers as unique in some important way.
strategy
Stuck in the Middle – The ______ of a company whose strategy fails because it has made product/market choices in a way that does not lead to a sustained competitive advantage.
fate
What is business-level strategy?
Business-Level Strategy is the plan of action strategic managers adopt to use a company’s resources and distinctive competencies to gain a competitive advantage.
What are customer needs?
Customer needs are desires, wants, or cravings that can be satisfied by means of the characteristics of a product or service.
Define market segmentation.
Market segmentation is the way a company decides to group customers based on important differences in their needs or preferences, to gain a competitive advantage.
Explain cost-leadership strategy.
Cost-Leadership Strategy is a strategy of trying to outperform competitors by doing everything possible to produce goods or services at a cost lower than they do.
What is price signaling?
Price Signaling is the process by which companies increase or decrease product prices to convey their competitive intentions to other companies.
Test your knowledge of business-level strategy and competitive positioning with this quiz. Learn about the plan of action that strategic managers adopt to use a company’s resources and distinctive competencies to gain a competitive advantage, customer needs, product differentiation, and market segmentation.
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