17 Questions
What is the foundation for product positioning?
Product differentiation
In which market structure are there many companies competing?
Perfect competition
Which market structure features few large sellers selling to many consumers?
Oligopoly market
What is a subset of a larger market that shares common characteristics?
Market segmentation
Which type of market features companies selling products that are similar but have slight differences?
Monopolistic competition
What does market opportunity analysis involve?
Understanding your audience and potential clients
Which term refers to the factors that allow a company to produce goods or services better than its rivals?
Competitive advantage
What can branding do for a company's products/services in the market?
Increase customer loyalty and perceived value
How can a cost advantage be achieved in the market?
Producing and offering products at a lower cost than competitors
What is product differentiation?
Creating a unique product or brand that stands out
Which term describes the process of researching where and how you can reach more potential clients?
Market opportunity analysis
What does the term 'market size' refer to?
The total number of potential customers in a specific market
Which strategy involves selling expensive devices with the premise that consumers will continually need to buy its parts?
Razor Blade
What does a 'beachhead market' refer to in business?
A small market ideal for selling a new product or service
What does the term 'fee-for-service' imply?
Offering specialized insight requiring specific training
What does a 'retailer' do in the supply chain?
Buys goods from manufacturers and sells directly to customers
Which business model focuses on attracting clients to become long-time, loyal patrons?
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Test your knowledge on product positioning, differentiation, and market structure. Learn about creating a distinct image of a product in the consumer's mind, the foundation for positioning, and different types of market competition.
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