BUS 475 EXAM 2 LATEST ACTUAL EXAM 100 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

BUS 475 EXAM 2 LATEST 2023-2024 ACTUAL EXAM

100 QUESTIONS AND CORRECT DETAILED ANSWERS

(VERIFIED ANSWERS) |ALREADY GRADED A+

The essence of a broad differentiation strategy is to

A. Appeal to the high-end part of the market and concentrate on providing a topof-the-line product to consumers.

B. Incorporate a greater number of differentiating features into its

products/services than rivals.

C. Offer unique product attributes in ways that are valuable and appealing and that

buyers consider worth paying for.

D. Lower buyer switching costs.

E. Outspend rivals on advertising and promotion in order to inform and convince b

- ANSWER- C. Offer unique product attributes in ways that are valuable and

appealing and that buyers consider worth paying for.

A differentiation strategy works best when

A. Many rival firms are also pursuing a differentiation approach.

B. Buyer's needs are homogeneous.

C. There are few other ways to make a product unique to buyers.

D. Technological change is fast-paced and competition revolves around rapidly

evolving product features.

E. Firms have ample excess cash to invest in R&D activities. - ANSWER- D.

Technological change is fast-paced and competition revolves around rapidly

evolving product features.

A healthy fast-casual restaurant that offers only vegetarian and vegan meals insists

on portraying organic ingredients in its advertisements, charges a higher price for

its meals, and has a rigorous quality control process to insure the cleanliness of its

facilities. What strategy is the manufacturer using to deliver superior value to

customers?

A. Leveraging its power over suppliers.

B. Signaling value by targeting sophisticated buyers.

C. Lowering the buyer's overall cost.

D. Incorporating ta - ANSWER- B. Signaling value by targeting sophisticated

buyers.

A low-cost provider strategy can defeat a differentiation strategy when

A. Sellers are not charging a price premium.

B. There are few ways to differentiate a product or a service and many buyers

perceive these differences valuable.

C. Many rivals are pursuing a similar differentiation approach.

D. Customers are basically satisfied and don't think extra attributes are worth a

higher price features.

E. A company can offset thinner profit margins per unit by selling enough

additional units to incr - ANSWER- D. Customers are basically satisfied and don't

think extra attributes are worth a higher price features.

A focused differentiation strategy aims at securing competitive advantage by

A. Offering a product carefully designed to appeal to the unique preferences and

needs of a narrow, well-defined group of buyers.

B. Catering to buyers looking for an upscale product at an attractively low price.

C. Developing product attributes that no other company in the industry has.

D. Providing niche members with a top-of-the-line product at a premium price.

E. Convincing a narrow, well-defined group of buyers th - ANSWER- A. Offering

a product carefully designed to appeal to the unique preferences and needs of a

narrow, well-defined group of buyers.

A firm pursuing a best-cost provider strategy

A. Tries to outcompete a low-cost provider by attracting buyers on the basis of

charging the best price.

B. Seeks to be the low-cost provider in the largest and fastest growing (or best)

market segment.

C. Tries to have the best cost (as compared to rivals) for each activity in the

industry's value chain.

D. Seeks to deliver superior value to buyers by satisfying their expectations on key

attributes and beating rivals in meeting customer expectation - ANSWER- D.

Seeks to deliver superior value to buyers by satisfying their expectations on key

attributes and beating rivals in meeting customer expectations on price.

The marketing emphasis of a company pursuing a broad differentiation strategy is

to

A. Underprice rival brands with comparable features.

B. Communicate the product's ability to serve the customer's every need.

C. Tout differentiating features and charge a premium price that more than covers

the extra costs of differentiating features.

D. Out-advertise rivals and make frequent use of discount coupons.