Exam (elaborations)
Peregrine Exam Day 5|60 Questions with 100% Accurate Answers
Peregrine Exam Day 5|60 Questions with 100% Accurate Answers
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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
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