Exam (elaborations)
Peregrine Exam Day 5.
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Peregrine Exam Day 5.
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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
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