Question 1

The four generic business strategies involve combinations of ________ and an emphasis on costs versus product differentiation.

Accepted Answer

The four generic business strategies are cost leadership, differentiation, cost focus, and differentiation focus, which involve combinations of competitive scope (broad or narrow target markets) and an emphasis on costs versus product differentiation.

Question 2

In the early 1900s, Henry Ford revolutionized the automobile industry by developing production lines and mass-producing the Ford Model T automobile. By heavily reducing production costs, Ford made the Model T affordable for the average American family. What generic business strategy did Ford use to gain a competitive advantage in the automobile market?

Accepted Answer

Ford used a cost-leadership strategy by focusing on reducing production costs through mass production, which allowed him to offer the Model T at a lower price than competitors, making it affordable for the average American family.

Question 3

Figure 22-3
-In the generic business strategies shown in Figure 22-3 above, which box represents a cost-leadership strategy?

Accepted Answer

The answer of  Figure 22-3
-In the generic business strategies...

Question 4

One of the generic business strategies that requires a product to have significant points of difference to charge a higher price while targeting a broad array of market segments is referred to as a

Accepted Answer

A differentiation strategy involves offering products with unique features or significant points of difference that allow a company to charge a premium price while appealing to a broad market.

Question 5

The four generic business strategies include all of these except which?

Accepted Answer

Quality focus is not one of the four generic business strategies. The four strategies are cost leadership, differentiation, cost focus, and differentiation focus.

Question 6

According to a generic business strategy framework, there are two fundamental alternatives a firm can use to seek a competitive advantage. One of these is to

Accepted Answer

A firm can seek a competitive advantage by becoming the low-cost producer, allowing it to offer lower prices or achieve higher margins.

Question 7

Figure 22-3
-In the generic business strategies shown in Figure 22-3 above, which box represents a differentiation strategy?

Accepted Answer

The answer of  Figure 22-3
-In the generic business strategies...

Question 8

Figure 22-3
-In the generic business strategies shown in Figure 22-3 above, Box D refers to a ________ strategy.

Accepted Answer

The answer of  Figure 22-3
-In the generic business strategies...

Question 9

Figure 22-3
-In the generic business strategies shown in Figure 22-3 above, which box represents a differentiation focus strategy?

Accepted Answer

Box A represents a differentiation focus strategy because it focuses on differentiating the product or service from competitors' offerings and targeting a specific market segment.

Question 10

According to the four generic business strategies framework, a ________ strategy focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments.

Accepted Answer

The cost leadership strategy aims to become the lowest-cost producer in the industry, allowing the company to offer lower prices to a broad market segment.

Question 11

Figure 22-3
-In the generic business strategies shown in Figure 22-3 above, Box B refers to a ________ strategy.

Accepted Answer

Cost focus involves focusing on a narrow market segment and achieving cost leadership in that segment.

Question 12

Figure 22-3
-In the generic business strategies shown in Figure 22-3 above, Box A refers to a ________ strategy.

Accepted Answer

The answer of  Figure 22-3
-In the generic business strategies...

Question 13

A differentiation strategy refers to one of the generic business strategies that

Accepted Answer

A differentiation strategy involves creating products with unique features or attributes that allow a company to charge higher prices and appeal to a broad range of market segments.

Question 14

Delphi Automobile Systems manufactures and sells satellite communications systems for automobiles that connect you and your car to 24-hour-a-day emergency service, direct you to a destination, and enable you to order a movie while on the road. Delphi Automobile Systems most likely uses

Accepted Answer

Delphi Automobile Systems likely uses a differentiation strategy as they offer unique features and services that set their products apart from competitors, such as 24-hour emergency service and in-car entertainment options.

Question 15

Many people are concerned about eating healthy, but many of these same people still grab lunch at fast-food restaurants because the restaurants are convenient and they like cheeseburgers. Burger King has created a veggie burger that "tastes like the real thing without all the fat." Burger King is most likely using a ________ to attract this large market that encompasses many different segments.

Accepted Answer

Burger King is using a differentiation strategy by offering a veggie burger that appeals to health-conscious consumers who still want the taste of a traditional burger, setting their product apart from competitors.

Question 16

Figure 22-3
-In the generic business strategies shown in Figure 22-3 above, which box represents a cost focus strategy?

Accepted Answer

The answer of  Figure 22-3
-In the generic business strategies...

Question 17

A cost leadership strategy refers to one of the generic business strategies that

Accepted Answer

A cost leadership strategy aims to become the lowest-cost producer in the industry, allowing the company to offer lower prices to a broad market, thereby gaining a competitive advantage.

Question 18

Figure 22-3
-In the generic business strategies shown in Figure 22-3 above, Box C refers to a ________ strategy.

Accepted Answer

The answer of  Figure 22-3
-In the generic business strategies...

Question 19

The four generic business strategies involve combinations of competitive scope or the breadth of the target markets and

Accepted Answer

The four generic business strategies are based on combinations of competitive scope and an emphasis on either cost leadership or product differentiation.

Question 20

Which of these is one of the four generic business strategies?

Accepted Answer

Differentiation is one of the four generic business strategies identified by Michael Porter, alongside cost leadership, cost focus, and differentiation focus.

Quiz 22: Pulling It All Together: the Strategic Marketing Proces

The four generic business strategies involve combinations of ________ and an emphasis on costs versus product differentiation.

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, which box represents a cost-leadership strategy?

One of the generic business strategies that requires a product to have significant points of difference to charge a higher price while targeting a broad array of market segments is referred to as a

The four generic business strategies include all of these except which?

According to a generic business strategy framework, there are two fundamental alternatives a firm can use to seek a competitive advantage. One of these is to

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, which box represents a differentiation strategy?

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, Box D refers to a ________ strategy.

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, which box represents a differentiation focus strategy?

According to the four generic business strategies framework, a ________ strategy focuses on reducing expenses and, in turn, lowers product prices, while targeting a broad array of market segments.

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, Box B refers to a ________ strategy.

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, Box A refers to a ________ strategy.

A differentiation strategy refers to one of the generic business strategies that

Delphi Automobile Systems manufactures and sells satellite communications systems for automobiles that connect you and your car to 24-hour-a-day emergency service, direct you to a destination, and enable you to order a movie while on the road. Delphi Automobile Systems most likely uses

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, which box represents a cost focus strategy?

A cost leadership strategy refers to one of the generic business strategies that

Figure 22-3 -In the generic business strategies shown in Figure 22-3 above, Box C refers to a ________ strategy.

The four generic business strategies involve combinations of competitive scope or the breadth of the target markets and

Which of these is one of the four generic business strategies?