Podcast
Questions and Answers
What type of competitive advantage occurs when a firm can produce a product at a lower cost than its competitors?
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?
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?
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?
What type of competitive advantage targets and effectively serves a single segment of the market within a limited geographic area?
Which competitive advantage occurs when a firm provides something unique valuable to buyers beyond offering a low price?
Which competitive advantage occurs when a firm provides something unique valuable to buyers beyond offering a low price?
What type of competitive advantage exists when a firm provides something unique that is valuable to buyers beyond simply offering a low price?
What type of competitive advantage exists when a firm provides something unique that is valuable to buyers beyond simply offering a low price?
Which type of competitive advantage targets and effectively serves a single segment of the market within a limited geographic area?
Which type of competitive advantage targets and effectively serves a single segment of the market within a limited geographic area?
Why do cost advantages tend to erode continually as mentioned in the text?
Why do cost advantages tend to erode continually as mentioned in the text?
Which type of competitive advantage enables a firm to produce a product or service at a lower cost than all its competitors?
Which type of competitive advantage enables a firm to produce a product or service at a lower cost than all its competitors?
What is the term for a competitive advantage that provides something unique valuable to buyers beyond simply offering a low price?
What is the term for a competitive advantage that provides something unique valuable to buyers beyond simply offering a low price?
What are the four main steps involved in creating a customer-focused marketing strategy?
What are the four main steps involved in creating a customer-focused marketing strategy?
What is the primary goal of gathering environmental data during the development of a marketing strategy?
What is the primary goal of gathering environmental data during the development of a marketing strategy?
What is the purpose of conducting environmental scanning in marketing?
What is the purpose of conducting environmental scanning in marketing?
Which category of environmental data is NOT mentioned in the text?
Which category of environmental data is NOT mentioned in the text?
Why is it important for companies to define their target market in marketing?
Why is it important for companies to define their target market in marketing?
