What are the four competitive strategies based on Porter's five forces model?
What will be an ideal response?
An organization responds to the structure of its industry by choosing a competitive
strategy. Porter defined four fundamental competitive strategies. According to Porter, a firm can
engage in one of these four fundamental competitive strategies. An organization can focus on
being the cost leader, or it can focus on differentiating its products from those of the competition.
Further, an organization can employ the cost or differentiation strategy across an industry, or it
can focus its strategy on a particular industry segment. In order to be effective, the organization's
goals, objectives, culture, and activities must be consistent with the organization's strategy.
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Abby has been working at her new job for six months. She perceives that her coworkers all treat her with respect and make sure that she has a say in decisions that affect them all. Abby’s workplace is strong in what form of justice?
a. informational b. interactional c. procedural d. distributive
What is a product line?
a. Common product architecture b. Multiple variations of a product which adhere to the same design and are modified to suit different market niches c. The technology and workflow within a company d. The organization of the R&D team
Under collision coverage, the insurer's pay-out is limited by the actual cash value of a similar auto
Indicate whether the statement is true or false.
The most effective sales promotion efforts are highly interrelated with other promotional activities.
Answer the following statement true (T) or false (F)