Provide two examples of businesses that practice low-cost strategies and two examples of businesses that practice differentiation strategies.
What will be an ideal response?
Student answers will vary and should reflect an accurate understanding of the practice of low-cost and differentiation strategies as presented in the textbook. For example, Walmart Stores practices a low-cost strategy. The company uses the power of its giant size to negotiate favorable prices from suppliers, enabling it to sell at prices below those of most competing retailers. Their size allows them to provide their goods and services more efficiently (at lower cost), which leads to higher sales. Market share, and profits. Nordstrom's well-known commitment to outstanding, personalized customer service in the retail apparel industry is an excellent example of a differentiation strategy.
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Listening to a message then summarizing it back to the sender for verification is known as
a. paraphrasing. b. rewording. c. rephrasing. d. reflecting.
Assume that your firm is a market leader in manufacturing detergent. How would the firm use position defense as a defensive marketing strategy to maintain its share?
What will be an ideal response?
If a bailee misdelivers the bailed property at the termination of the bailment, the ________.
A. bailor assumed the risk and is liable B. bailee does not have the burden of showing that the accident occurred despite exercising due care C. property should not be returned to the bailor D. bailee is liable to the bailor
According to integrated social contracts theory, the ethical standards a company should try to uphold
A. are governed by the school of ethical universalism. B. should be determined by the company's moral managers. C. should be absolute and avoid wiggle room according to the circumstances of the situation. D. are governed by each country's Code of Required Ethical Conduct, which sets forth that each individual/group/business/organization has a "social contract" to observe the ethical and moral standards that the country has adopted. E. are governed both by a limited number of universal ethical principles and the circumstances of local cultures, traditions, and shared values.