Question

QUESTION 8 Cost leadership is a strategy in which a firm outperforms competitors in producing products or services by Producing a new or innovative product or service Producing the highest quality product or service Producing a product or service at or among the lowest cost Producing inferior products or services that can be bought on the cheap QUESTION 9 The differentiation strategy is implemented by creating a perception among consumers that the product or service is unique in some important way, usually by being of higher quality True False QUESTION 10 This competitive strategy allows the firm to charge higher prices and outperform the competition in profits Cost Leadership Differentiation Neither of these Both of these

Answer 1

Answer 1) C. Producing a product or service at or among the lowest price

Explanation: In cost leadership startegy the company aims to get benefits from economies of scale by producing standardized products by using advanced technology.

Answer 2) True

Explanation: The differentitaion startegy is about creating perception among the customers about unique high quality product. It focuses on providing some unique product to the marketplace that is different and better from their competitors.

Answer 3) b. Differentiation

Explanation: The differentitaion startegy creates perception among the customers about unique high quality product. It focuses on providing some unique product to the marketplace that is different and better from their competitors. This perception helps the company in charging high prices and outperform the competitors in profits.