Customer-Centric Business Strategies Quiz
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Questions and Answers

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?

    <p>Product differentiation</p> Signup and view all the answers

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

    <p>Integration of back-end logistics</p> Signup and view all the answers

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

    <p>$5(7 + 3)$</p> Signup and view all the answers

    What is the main focus of an omnichannel strategy?

    <p>Creating a unified experience across physical and digital stores</p> Signup and view all the answers

    How do insurance agents usually perceive online shopping channels?

    <p>As a threat to their clients and business</p> 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?

    <p>Allowing customers to physically try products</p> Signup and view all the answers

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

    <p>Improve productivity and create competitive advantage</p> Signup and view all the answers

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

    <p>By offering free samples and a virtual-assistant app</p> Signup and view all the answers

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

    <p>Identifying opportunities for cross-selling</p> Signup and view all the answers

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

    <p>Developing a new movie recommendation algorithm</p> Signup and view all the answers

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

    <p>Defining the problem effectively</p> Signup and view all the answers

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

    <p>Having a clear vision with a business model</p> Signup and view all the answers

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

    <p>Integrating partners in ecosystems</p> Signup and view all the answers

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

    <p>Connecting and developing ideas externally</p> Signup and view all the answers

    Why does Open Innovation have limitations according to the text?

    <p>It can't solve broad conceptual questions effectively</p> Signup and view all the answers

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