Exam (elaborations)
Peregrine Exam Day 5.
- Course
- Institution
Peregrine Exam Day 5.
[Show more]
Seller
Follow
lydiaomutho
Content preview
Peregrine Exam Day 5cost control - CORRECT ANSWER-A business's efforts to manage how much it
spends.
Cost control is always important - CORRECT ANSWER-factor in maintaining and
growing profitability
Outsourcing is a common method to control costs - CORRECT
ANSWER-because many businesses find it cheaper to pay a third part to perform
a task than to take on the work within a company.
product differentiation - CORRECT ANSWER-a positioning strategy that some
firms use to distinguish their products from those of competitors
Product differentiation focuses on the consumers' attention on one or more -
CORRECT ANSWER-key benefits of a brand that makes it better than other
choices
Differentiation may be - CORRECT ANSWER-reflected in the name, packaging,
and promotion of a product
A product differentiation strategy should - CORRECT ANSWER-demonstrate that
a product can do everything the competing choices can but has additional
benefits no one else offers.
Types of product differentitation - CORRECT ANSWER-price, performance and
reliability, location and service
Price - CORRECT ANSWER-Companies can charge the lowest price to attract
buyers that are cost-conscious. Companies can also charge higher prices to
show that it's a luxury product
Performance and reliability - CORRECT ANSWER-products that are considered
reliable and offer long term value are often touted as better than competition.
, Location and service - CORRECT ANSWER-It's common for local companies to
advertise that they are local. It's a way for companies to showcase their high
quality service
Customer Analysis - CORRECT ANSWER-The part of a business plan that
discusses sales forecasts and the location and number of potential patrons.
multimarket competition - CORRECT ANSWER-occurs when firms compete
against each other in several product or geographic markets
competitive advantage - CORRECT ANSWER-a set of unique features of a
company and its products that are perceived by the target market as significant
and superior to those of the competition
Competitive advantages can be - CORRECT ANSWER-broken down into
comparative advantages and differential advantages
Comparative advantage is a company's ability to produce - CORRECT
ANSWER-something more efficiently than a rival, which leads to greater profit
margins
A differential advantage is when a - CORRECT ANSWER-company's products
are seen as both unique and higher quality, relative to those of a competitor
Global competitiveness - CORRECT ANSWER-The extent to which a business
or a geographical area such as a country, can compete successfully against
rivals.
Physical Infrastructure - CORRECT ANSWER-Transportation, communication,
energy, water, and sanitation systems provided by or regulated by government
public sector - CORRECT ANSWER-the part of the economy that involves the
transactions of the government
total factor productivity - CORRECT ANSWER-the amount of output that can be
achieved with a given amount of factor inputs
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lydiaomutho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now