Creating a Customer-Focused Marketing Strategy
15 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What type of competitive advantage occurs when a firm can produce a product at a lower cost than its competitors?

  • Product/Service Differentiation Competitive Advantage
  • Niche Competitive Advantage
  • Cost Competitive Advantage (correct)
  • Market Competitive Advantage

    • Why are cost advantages subject to continual erosion as mentioned in the text?

  • Because competitors do not try to catch up
  • Lack of demand in the market
  • Due to the difficulty in maintaining a low cost (correct)
  • Because of the limited value to buyers

    • Which type of competitive advantage tends to be longer-lasting based on the text?

  • Market Competitive Advantage
  • Niche Competitive Advantage
  • Cost Competitive Advantage
  • Product/Service Differentiation Competitive Advantage (correct)

    • What type of competitive advantage targets and effectively serves a single segment of the market within a limited geographic area?

    <p>Niche Competitive Advantage</p> Signup and view all the answers

    Which competitive advantage occurs when a firm provides something unique valuable to buyers beyond offering a low price?

    <p>Product/Service Differentiation Competitive Advantage</p> Signup and view all the answers

    What type of competitive advantage exists when a firm provides something unique that is valuable to buyers beyond simply offering a low price?

    <p>Product/Service Differentiation Competitive Advantage</p> Signup and view all the answers

    Which type of competitive advantage targets and effectively serves a single segment of the market within a limited geographic area?

    <p>Niche Competitive Advantage</p> Signup and view all the answers

    Why do cost advantages tend to erode continually as mentioned in the text?

    <p>As competitors catch up</p> Signup and view all the answers

    Which type of competitive advantage enables a firm to produce a product or service at a lower cost than all its competitors?

    <p>Cost Competitive Advantage</p> Signup and view all the answers

    What is the term for a competitive advantage that provides something unique valuable to buyers beyond simply offering a low price?

    <p>Product/Service Differentiation Competitive Advantage</p> Signup and view all the answers

    What are the four main steps involved in creating a customer-focused marketing strategy?

    <p>Understanding the external environment, defining the target market, creating a competitive advantage, developing a marketing mix</p> Signup and view all the answers

    What is the primary goal of gathering environmental data during the development of a marketing strategy?

    <p>To identify current and future market opportunities and threats</p> Signup and view all the answers

    What is the purpose of conducting environmental scanning in marketing?

    <p>To continually collect and assess information about the external environment</p> Signup and view all the answers

    Which category of environmental data is NOT mentioned in the text?

    <p>Psychological forces</p> Signup and view all the answers

    Why is it important for companies to define their target market in marketing?

    <p>To narrow down their focus and tailor marketing efforts</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser