Mgmt Quiz

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1. While there are many routes to competitive advantage, they all involve B. delivering superior value to buyers in ways rivals cannot readily match.

2. A low-cost leader can translate its low-cost advantage over rivals into superior profit performance by B. either using its low-cost edge to underprice competitors and attract price sensitive buyers in large enough numbers to increase total profits or refraining from price-cutting and using the low-cost advantage to earn a bigger profit margin on each unit sold.

3. The major avenues for achieving a cost advantage over rivals include A. eliminating or curbing non-essential cost-producing activities and performing essential value chain activities more cost-effectively that rivals.

4. A differentiation-based competitive advantage
E. often hinges on incorporating features that (1) raise the performance of the product or (2) lower the buyer's overall costs of using the company's product or (3) enhance buyer satisfaction in intangible or non-economic ways or (4) deliver value to customers by exploiting competitive capabilities that rivals can't match.

5. Which of the following is not one of the pitfalls of a low-cost provider strategy? B. Using a cost-based advantage to improve the company's bargaining position with high-volume buyers

6. Opportunities to differentiate a company's product offering C. can exist in supply chain activities, R&D, manufacturing activities, distribution and shipping or marketing, sales and customer service.

7. In which of the following circumstances is a strategy to be the industry's overall low-cost provider not particularly well matched to the market situation? When buyers have widely varying needs and special requirements and when the cost of switching purchases from one seller to another are relatively high.

8. The objective of competitive strategy is to
B. build advantage in the marketplace by giving buyers superior value relative the offerings of rival sellers....
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