Customer-Centric Business Strategies Quiz

Play an AI-generated podcast conversation about this lesson

What is emphasized as a critical asset of a company in the provided text?

Low cost

Competitors

Product differentiation

Data and customers (correct)

Competitive advantage is no longer achieved through which of the following?

Low cost

Competition with industry boundaries (correct)

Product differentiation

Network effects

Which company transitioned from a farm-manufacturer to a farm-management company by incorporating software and sensors into its products?

Google

John Deere (correct)

Amazon

Apple

What type of advantage is no longer the primary source of competitive advantage as per the text?

Product differentiation Signup and view all the answers

What strategy does Amazon use to achieve competitive advantage according to the text?

Integration of back-end logistics Signup and view all the answers

In the context of the provided text, what provides strong competitive advantage?

$5(7 + 3)$ Signup and view all the answers

What is the main focus of an omnichannel strategy?

Creating a unified experience across physical and digital stores Signup and view all the answers

How do insurance agents usually perceive online shopping channels?

As a threat to their clients and business Signup and view all the answers

What is a key factor in successfully implementing a physical and digital fusion strategy for addressing customer pain points?

Allowing customers to physically try products Signup and view all the answers

What is the purpose of implementing digital technology for operational excellence?

Improve productivity and create competitive advantage Signup and view all the answers

How does Sephora address the customer pain point of trying products before purchase?

By offering free samples and a virtual-assistant app Signup and view all the answers

What is the primary purpose of building complementarities when considering different sales channels?

Identifying opportunities for cross-selling Signup and view all the answers

What was the main focus of the $1 million Netflix competition in 2006?

Developing a new movie recommendation algorithm Signup and view all the answers

In the context of innovation, what did the text mention as a key factor for success?

Defining the problem effectively Signup and view all the answers

What is essential for a business to focus on instead of just the product or competitors?

Having a clear vision with a business model Signup and view all the answers

Which approach is highlighted as crucial for better customer experience and purchase journey?

Integrating partners in ecosystems Signup and view all the answers

What is emphasized as a critical shift in innovation according to the text?

Connecting and developing ideas externally Signup and view all the answers

Why does Open Innovation have limitations according to the text?

It can't solve broad conceptual questions effectively Signup and view all the answers