Name and describe the two broad-based strategy options that a firm can select when pursuing a competitive advantage in the marketplace.
What will be an ideal response?
Strategies can be condensed into either a cost-based strategy or a differentiation-based strategy. The cost-based strategy requires a firm to be the lowest-cost producer in its market, employing practices ranging from using low-cost labor to installing highly efficient manufacturing equipment. Using creative approaches, small firms can be very competitive using this type of strategy.
Differentiation-based strategies are based on product or service differentiation. That is, firms using this strategy must offer a product or service that is perceived to be unique in some way (e.g., convenient to operate, recognized as user-friendly) that the consumer desires.
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Discuss the importance of collaborative writing in the workplace
What will be an ideal response?
Which of the following is an example of a committed fixed cost?
a. investment in production facilities b. advertising c. preventive maintenance d. employee training programs
The extent to which different groups are represented in different industry sectors and occupational groups is referred to as:
a. horizontal segregation b. vertical segregation c. structural discrimination d. job segregation
A conclusion depends upon your purpose in describing the topic. If you write "This computer carries a 10-year warranty on parts and labor," your purpose is a
A) Guarantee. B) Testimony. C) Comparison/contrast. D) Sales.