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Peregrine Exam Day 5 Questions And Answers With Verified Solutions Already Passed!!!
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Peregrine Exam Day 5 Questions And Answers With Verified Solutions Already Passed!!!
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Peregrine Exam Day 5 Questions AndAnswers With Verified Solutions Already
Passed!!!
cost control - ANSWER✔✔ A business's efforts to manage how much it spends.
Cost control is always important - ANSWER✔✔ factor in maintaining and growing
profitability
Outsourcing is a common method to control costs - 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 - 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 -
ANSWER✔✔ key benefits of a brand that makes it better than other choices
Differentiation may be - ANSWER✔✔ reflected in the name, packaging, and
promotion of a product
A product differentiation strategy should - ANSWER✔✔ demonstrate that a
product can do everything the competing choices can but has additional benefits
no one else offers.
, Types of product differentitation - ANSWER✔✔ price, performance and reliability,
location and service
Price - 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 - ANSWER✔✔ products that are considered reliable
and offer long term value are often touted as better than competition.
Location and service - 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 - ANSWER✔✔ The part of a business plan that discusses sales
forecasts and the location and number of potential patrons.
multimarket competition - ANSWER✔✔ occurs when firms compete against each
other in several product or geographic markets
competitive advantage - 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 - ANSWER✔✔ broken down into comparative
advantages and differential advantages
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