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Product Differentiation and Pricing Strategies

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Questions and Answers

What are the two main factors that determine which product a customer chooses?

Competitive advantage and business-level strategy

Price and customer needs

Product differentiation and market segmentation (correct)

Innovation and efficiency

Which approach to product differentiation involves focusing on innovation, excellent quality, or responsiveness to customers?

Differentiating products through quality and innovation (correct)

Increasing efficiency and reliability

Offering low-priced products

Market segmentation strategies

How does a company obtain a competitive advantage?

By satisfying customer needs better than rivals (correct)

By solely competing on price with other companies

By increasing marketing efforts

By lowering product quality to reduce costs

What is one way companies achieve distinctiveness in their products?

By focusing on innovation or quality Signup and view all the answers

How can companies benefit from investing in creating distinct products?

They can charge a higher or premium price Signup and view all the answers

What motivates customers to pay higher prices for certain products mentioned in the text?

Innovative design or technical sophistication Signup and view all the answers

Why might a company choose to target just one or two market segments?

To achieve competitive advantage through customization Signup and view all the answers

What is a potential drawback of serving customers in multiple market segments?

Higher operating costs Signup and view all the answers

How can a company achieve competitive advantage through differentiation?

Customizing products to meet specific customer needs Signup and view all the answers

What approach to market segmentation involves offering a different product to each market segment?

High Market Segmentation Signup and view all the answers