Briefly describe product specialization and market specialization
What will be an ideal response?
With product specialization, the firm sells a certain product to several different market segments. A microscope manufacturer, for instance, sells to university, government, and commercial laboratories, making different instruments for each and building a strong reputation in the specific product area. The downside risk is that the product may be supplanted by an entirely new technology. With market specialization, the firm concentrates on serving many needs of a particular customer group, such as by selling an assortment of products only to university laboratories. The firm gains a strong reputation among this customer group and becomes a channel for additional products its members can use. The downside risk is that the customer group may suffer budget cuts or shrink in size.
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When practicing self-leadership, ______ strategies involves modification of certain key mental thought processes to be more positive and optimistic in our thinking patterns.
A. natural reward B. cognitive dissonance C. behavior focused D. constructive thought pattern
Whether supplier-seller relationships in an industry represent a strong or weak source of competitive pressure is a function of
A. whether the profits of suppliers are relatively high or low. B. whether demand for supplier products is high and they are in short supply. C. the average number of suppliers that each seller/industry member purchases from. D. how aggressively rival industry members are trying to differentiate their products. E. whether the prices of the items being furnished by the suppliers are rising or falling.
The decision whether a pension plan should be offered is the responsibility of the
A. union and Department of Labor representatives. B. employees. C. employer. D. Pension Benefit Guaranty Corporation.
Buckbee Corporation manufactures and sells one product. The following information pertains to the company's first year of operations: Variable costs per unit: Direct materials$97Fixed costs per year: Direct labor$629,000Fixed manufacturing overhead$2,849,000Fixed selling and administrative expenses$1,056,000 The company does not have any variable manufacturing overhead costs or variable selling and administrative expenses. During its first year of operations, the company produced 37,000 units and sold 32,000 units. The company's only product is sold for $261 per unit.The unit product cost under super-variable costing is:
A. $224 per unit B. $191 per unit C. $114 per unit D. $97 per unit