Exam (elaborations)
Peregrine Exam Day 5|60 Questions with 100% Accurate Answers
- Course
- Institution
Peregrine Exam Day 5|60 Questions with 100% Accurate Answers
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
Peregrine Exam Day 5|60 Questionswith 100% Accurate Answers
control - -A business's efforts to manage how much it spends.
-Cost control is always important - -factor in maintaining and growing
profitability
-Outsourcing is a common method to control costs - -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 - -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
- -key benefits of a brand that makes it better than other choices
-Differentiation may be - -reflected in the name, packaging, and promotion
of a product
-A product differentiation strategy should - -demonstrate that a product can
do everything the competing choices can but has additional benefits no one
else offers.
-Types of product differentitation - -price, performance and reliability,
location and service
-Price - -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 - -products that are considered reliable and
offer long term value are often touted as better than competition.
-Location and service - -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 - -The part of a business plan that discusses sales
forecasts and the location and number of potential patrons.
-multimarket competition - -occurs when firms compete against each other
in several product or geographic markets
, -competitive advantage - -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 - -broken down into comparative
advantages and differential advantages
-Comparative advantage is a company's ability to produce - -something
more efficiently than a rival, which leads to greater profit margins
-A differential advantage is when a - -company's products are seen as both
unique and higher quality, relative to those of a competitor
-Global competitiveness - -The extent to which a business or a geographical
area such as a country, can compete successfully against rivals.
-Physical Infrastructure - -Transportation, communication, energy, water,
and sanitation systems provided by or regulated by government
-public sector - -the part of the economy that involves the transactions of
the government
-total factor productivity - -the amount of output that can be achieved with
a given amount of factor inputs
-Mission Statement - -a 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? - -Why
-A well-crafted mission statement can inform marketing efforts and create
what? - -A sense of unity among employees
-organizational culture - -the 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 - -clan, adhocracy, market, hierarchy
-Clan - -oriented cultures are family-like, with focus on mentoring,
nurturing, and doing things together
-adhocracy culture - -are dynamic and entrepreneurial, with focus on risk
taking and doing things first
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 Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now