GLOBUS Exam 1 2023 with 100% correct answers

T/F: Differentiation and cost leadership are only effective in manufacturing industries. F T/F: The major value drivers that managers have at their disposal when using a differentiation strategy include product features, customer service, and complements T T/F: A differentiator will always benefit when products have become commonditized F T/F: A cost leader is the firm most likely to survive a price war T A __________ primarily details the goal-directed actions managers take in their quest for competitive advantage when competing in a single product market. A) Business-Level stategy B) Code of ethics C) Mission statement D) Functional level strategy A When a firm makes choices between a cost or value position to achieve competitive advantage, it is primarily involved in: A) Collective Bargaining B) Strategic Trade-offs C) Arbitration D) Mediation B Beach Grub is a chain of "fast casual" restaurants that sells its menu items at higher prices than its competitors. Yet, the restaurant has a large customer base due to its wide product portfolio and superior customer service. Which of the following generic business strategies has Beach Grub adopted in this scenario? A) cost-leadership B) differentiation C) market penetration D) product diversification B