Podcast
Questions and Answers
What are the two main factors that determine which product a customer chooses?
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?
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?
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?
What is one way companies achieve distinctiveness in their products?
How can companies benefit from investing in creating distinct products?
How can companies benefit from investing in creating distinct products?
What motivates customers to pay higher prices for certain products mentioned in the text?
What motivates customers to pay higher prices for certain products mentioned in the text?
Why might a company choose to target just one or two market segments?
Why might a company choose to target just one or two market segments?
What is a potential drawback of serving customers in multiple market segments?
What is a potential drawback of serving customers in multiple market segments?
How can a company achieve competitive advantage through differentiation?
How can a company achieve competitive advantage through differentiation?
What approach to market segmentation involves offering a different product to each market segment?
What approach to market segmentation involves offering a different product to each market segment?
Flashcards are hidden until you start studying
