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Questions and Answers
What is the primary function that differentiates the various options in a business strategy?
What is the primary function that differentiates the various options in a business strategy?
- Operational efficiency
- Cost leadership
- Innovation management
- Market differentiation (correct)
Which strategy focuses on providing products or services at the lowest cost possible?
Which strategy focuses on providing products or services at the lowest cost possible?
- Value proposition
- Cost leadership (correct)
- Focus strategy
- Differentiation
Which of the following is a characteristic of a focus strategy?
Which of the following is a characteristic of a focus strategy?
- Customization for niche markets (correct)
- High volume production
- Generic branding
- Target audience is broad and diverse
What is the main disadvantage of a differentiation strategy?
What is the main disadvantage of a differentiation strategy?
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Which term describes the unique value proposition offered by a company to attract customers?
Which term describes the unique value proposition offered by a company to attract customers?
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Study Notes
Business Strategy Differentiation
- Cost leadership strategy focuses on providing products or services at the lowest cost possible.
- Differentiation strategy aims to create products or services that are perceived as unique and valuable, allowing for higher prices.
- Focus strategy targets a specific niche market with specialized products and services.
- Value proposition is the unique value offered by a company to attract customers.
Focus Strategy
- A focus strategy concentrates on a specific customer segment or niche market.
- Niche marketing is a key characteristic of a focus strategy.
Differentiation Strategy
- Higher prices for unique products or services are a potential disadvantage of a differentiation strategy.
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