15 Questions
What type of competitive advantage occurs when a firm can produce a product at a lower cost than its competitors?
Cost Competitive Advantage
Why are cost advantages subject to continual erosion as mentioned in the text?
Due to the difficulty in maintaining a low cost
Which type of competitive advantage tends to be longer-lasting based on the text?
Product/Service Differentiation Competitive Advantage
What type of competitive advantage targets and effectively serves a single segment of the market within a limited geographic area?
Niche Competitive Advantage
Which competitive advantage occurs when a firm provides something unique valuable to buyers beyond offering a low price?
Product/Service Differentiation Competitive Advantage
What type of competitive advantage exists when a firm provides something unique that is valuable to buyers beyond simply offering a low price?
Product/Service Differentiation Competitive Advantage
Which type of competitive advantage targets and effectively serves a single segment of the market within a limited geographic area?
Niche Competitive Advantage
Why do cost advantages tend to erode continually as mentioned in the text?
As competitors catch up
Which type of competitive advantage enables a firm to produce a product or service at a lower cost than all its competitors?
Cost Competitive Advantage
What is the term for a competitive advantage that provides something unique valuable to buyers beyond simply offering a low price?
Product/Service Differentiation Competitive Advantage
What are the four main steps involved in creating a customer-focused marketing strategy?
Understanding the external environment, defining the target market, creating a competitive advantage, developing a marketing mix
What is the primary goal of gathering environmental data during the development of a marketing strategy?
To identify current and future market opportunities and threats
What is the purpose of conducting environmental scanning in marketing?
To continually collect and assess information about the external environment
Which category of environmental data is NOT mentioned in the text?
Psychological forces
Why is it important for companies to define their target market in marketing?
To narrow down their focus and tailor marketing efforts
Learn about the four main steps in creating a customer-focused marketing strategy: understanding the external environment, defining the target market, creating a competitive advantage, and developing a marketing mix. Explore the process of environmental scanning and the six categories of environmental data that influence marketing decisions.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
