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Peregrine Exam Day 5 questions with 100% correct answers
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Peregrine Exam Day 5
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Peregrine Exam Day 5cost control - answersA business's efforts to manage how much it spends.
Cost control is always important - answersfactor in maintaining and growing profitability
Outsourcing is a common method to control costs - answersbecause 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 - answersa 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 -
answerskey benefits of a brand that makes it better than other choices
Differentiation may be - answersreflected in the name, packaging, and promotion of a
product
A product differentiation strategy should - answersdemonstrate that a product can do
everything the competing choices can but has additional benefits no one else offers.
Types of product differentitation - answersprice, performance and reliability, location
and service
Price - answersCompanies 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 - answersproducts that are considered reliable and offer
long term value are often touted as better than competition.
Location and service - answersIt'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 - answersThe part of a business plan that discusses sales forecasts
and the location and number of potential patrons.
multimarket competition - answersoccurs when firms compete against each other in
several product or geographic markets
competitive advantage - answersa 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 - answersbroken down into comparative advantages
and differential advantages
Comparative advantage is a company's ability to produce - answerssomething more
efficiently than a rival, which leads to greater profit margins
A differential advantage is when a - answerscompany's products are seen as both
unique and higher quality, relative to those of a competitor
Global competitiveness - answersThe extent to which a business or a geographical area
such as a country, can compete successfully against rivals.
Physical Infrastructure - answersTransportation, communication, energy, water, and
sanitation systems provided by or regulated by government
public sector - answersthe part of the economy that involves the transactions of the
government
total factor productivity - answersthe amount of output that can be achieved with a given
amount of factor inputs
Mission Statement - answersa statement of the organization's purpose - what it wants to
accomplish in the larger environment
As opposed to a business plan, which addresses how of a business, the mission
statement addresses what? - answersWhy
A well-crafted mission statement can inform marketing efforts and create what? -
answersA sense of unity among employees
organizational culture - answersthe set of values, ideas, attitudes, and norms of
behavior that is learned and shared among the members of an organization
4 types of organizational culture - answersclan, adhocracy, market, hierarchy
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