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Exam (elaborations)

WPC 480 - Chapter 6 Questions With Complete Solutions

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  • WPC 480
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  • WPC 480

WPC 480 - Chapter 6 Questions With Complete Solutions Differentiation strategy Generic business strategy that seeks to create higher value for customers than the value that competitors create. Cost leadership strategy Generic business strategy that seeks to create the same or similar value ...

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  • October 23, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • WPC 480
  • WPC 480
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WPC 480 - Chapter 6 Questions With
Complete Solutions

Differentiation strategy Generic business strategy that seeks to create higher value for

customers than the value that competitors create.




Cost leadership strategy Generic business strategy that seeks to create the same or similar

value for customer at a lower cost.




Scope of competition The size- narrow or broad - of the market in which a firm chooses to

compete.




Focused cost leadership strategy Same as the cost-leadership strategy except with a

narrow focus on a niche market.




Focused differentiation strategy Same as the differentiation strategy except with a narrow

focus on a niche market.




Increase the perceived value The goal of a differentiation strategy is to add unique

features that will ______ ______ ______ ______ of goods and services in the minds of

consumers so they are willing to pay a higher price.

, WPC 480 - Chapter 6 Questions With
Complete Solutions

Economies of scope Savings that come from producing two (or more) outputs at less cost

than producing each output individually, despite using the same resources and technology.




Most salient value drivers 1. Product features


2. Customer service

3. Compliments




Value drivers ______ ______ area related to a firm's expertise in, and organization of,

different internal value chain activities.




Customer service Managers can increase the perceived value of their firms' product or

service offerings by focusing on ______ ______.




Complements ______ add value to a product or service when they are consumed in

tandem.

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