The cornerstone of building a competitive advantage is a deep understanding of your customer's needs.
Answer the following statement true (T) or false (F)
True
A key part of building a competitive advantage is having a deep understanding of your customer's needs.
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The proportion of an overhead activity consumed by a product is the consumption ratio
Indicate whether the statement is true or false
The relative market share of a business is equal to the ________
A) product of the business's market demand and market share B) product of the business's market demand, market share, and product price C) ratio of the business's market share to its gross profit D) difference between the business's market share and its marketing and sales expenses E) ratio of the business's market share to the total share of its three largest competitors
Which of the following is an example of licensing?
A) DMX, an electronics manufacturer, acquires Z-Elex, a start-up firm, and sells all Z-Elex's products under the DMX brand name. B) Berry, a fruit juice company, uses a well-known cartoon character to promote the company's line of children's products and pays the creator of the cartoon character a fee. C) XLC, a sporting goods firm, sponsors a number of top athletes in various sports and also hosts the XLC Sporting Achievement Awards. D) ZetaBike, a bicycle manufacturer, teams up with VitaWater, a sports drink producer, to introduce ZetaVita, an energy drink. E) Mason's, a retail chain, sells a number of different products from different manufacturers under the brand name Mason's.
How do marketers respond to charges of planned obsolescence?
A) Consumers dislike constant style changes. B) It promotes the all-American value of consumerism. C) The product will eventually wear out anyway. D) Most consumers are materialistic. E) Consumers get tired of old goods.