Business Strategy and Competition Quiz
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Questions and Answers

What is the primary focus of differentiation as a business strategy?

  • Setting specific prices for products or services
  • Secretly working together to limit competition
  • Creating unique and distinctive products or services (correct)
  • Buying and selling raw materials in large quantities

    • What does nonprice competition focus on?

  • Secretly working together to limit competition
  • Buying and selling raw materials in large quantities
  • Factors other than price, such as product differentiation and quality (correct)
  • Setting specific prices for products or services

    • What is collusion in the context of business practices?

  • Setting specific prices for products or services
  • Creating unique and distinctive products or services
  • Companies secretly working together to limit competition and increase their profits (correct)
  • Buying and selling raw materials in large quantities

    • What does a cartel involve in the business context?

    <p>A group of companies that work together to control prices and reduce competition</p> Signup and view all the answers

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