Question 1

A strategy whereby companies attempt to gain competitive advantage by offering value that is not available in other products or services is known as __________.

Accepted Answer

A) product depreciation 
B) mass customization 
C) product differentiation 
D) service dissemination 
A) product depreciation 
B) mass customization 
C) product differentiation 
D) service dissemination

Question 2

Which of the following is true of product differentiation?

Accepted Answer

A) It is a matter of customer thought and perception. 
B) It cannot occur when two companies use similar technologies. 
C) It does not typically require higher costs. 
D) It is independent of intangible features such as brand image and value. 
A) It is a matter of customer thought and perception. 
B) It cannot occur when two companies use similar technologies. 
C) It does not typically require higher costs. 
D) It is independent of intangible features such as brand image and value.

Question 3

Identify the best way a company can enable consumers to find its products once they are aware of a need.

Accepted Answer

A) By investing heavily in marketing 
B) By imitating the product design of a successful brand 
C) By placing the products at convenient locations where consumers are likely to find them 
D) By selling the products solely at certain shops at a significantly high price 
A) By investing heavily in marketing 
B) By imitating the product design of a successful brand 
C) By placing the products at convenient locations where consumers are likely to find them 
D) By selling the products solely at certain shops at a significantly high price

Question 4

Rita lives in a dorm with other students of her college. She hesitates to buy furniture owing to lack of space. She wants to buy a new study desk, one that can easily fold away and be dismantled so that it doesn't occupy much space when not in use. What is Rita's main concern?

Accepted Answer

A) How to use the product 
B) How to store the product 
C) How to assemble the product 
D) How to locate the product 
A) How to use the product 
B) How to store the product 
C) How to assemble the product 
D) How to locate the product

Question 5

When firms rely on brand image to differentiate products, some of them associate their products with positive qualities in the minds of customers. These are known as __________.

Accepted Answer

A) prestige brands 
B) convenient brands 
C) utility brands 
D) functional brands 
A) prestige brands 
B) convenient brands 
C) utility brands 
D) functional brands

A strategy whereby companies attempt to gain competitive advantage by offering value that is not available in other products or services is known as __________.

Which of the following is true of product differentiation?

Identify the best way a company can enable consumers to find its products once they are aware of a need.

Rita lives in a dorm with other students of her college. She hesitates to buy furniture owing to lack of space. She wants to buy a new study desk, one that can easily fold away and be dismantled so that it doesn't occupy much space when not in use. What is Rita's main concern?

When firms rely on brand image to differentiate products, some of them associate their products with positive qualities in the minds of customers. These are known as __________.

What Is Business Strategy

Analysis of the External Environment: Opportunities and Threats

Internal Analysis: Strengths, Weaknesses and Competitive Advantage

Cost Advantage

Corporate Strategy

Vertical Integration and Outsourcing

Strategic Alliances

International Strategy

Innovative Strategies That Change the Nature of Competition

Competitive Strategy

Implementing Strategy

Corporate Governance and Ethics

Strategy and Society

Filters

Exam 5: Differentiation Advantage

A strategy whereby companies attempt to gain competitive advantage by offering value that is not available in other products or services is known as __________.

Which of the following is true of product differentiation?

Identify the best way a company can enable consumers to find its products once they are aware of a need.

Rita lives in a dorm with other students of her college. She hesitates to buy furniture owing to lack of space. She wants to buy a new study desk, one that can easily fold away and be dismantled so that it doesn't occupy much space when not in use. What is Rita's main concern?

When firms rely on brand image to differentiate products, some of them associate their products with positive qualities in the minds of customers. These are known as __________.

What Is Business Strategy

Analysis of the External Environment: Opportunities and Threats

Internal Analysis: Strengths, Weaknesses and Competitive Advantage

Cost Advantage

Corporate Strategy

Vertical Integration and Outsourcing

Strategic Alliances

International Strategy

Innovative Strategies That Change the Nature of Competition

Competitive Strategy

Implementing Strategy

Corporate Governance and Ethics

Strategy and Society

Filters