GLOBUS Exam quizlet with 100% correct answers

T/F: Differentiation and cost leadership are only effective in manufacturing industries. F T/F: The major value drivers that managers have at their disposal when using a differentiation strategy include product features, customer service, and complements T T/F: A differentiator will always benefit when products have become commonditized F T/F: A cost leader is the firm most likely to survive a price war T A __________ primarily details the goal-directed actions managers take in their quest for competitive advantage when competing in a single product market. A) Business-Level stategy B) Code of ethics C) Mission statement D) Functional level strategy A When a firm makes choices between a cost or value position to achieve competitive advantage, it is primarily involved in: A) Collective Bargaining B) Strategic Trade-offs C) Arbitration D) Mediation B Beach Grub is a chain of "fast casual" restaurants that sells its menu items at higher prices than its competitors. Yet, the restaurant has a large customer base due to its wide product portfolio and superior customer service. Which of the following generic business strategies has Beach Grub adopted in this scenario? A) cost-leadership B) differentiation C) market penetration D) product diversification B Bargain Styles Inc. is an apparel company that caters to the highly price-conscious customers. Through its simple apparel designs, acceptable quality levels, and minimal customer service, the company has been able to sell its merchandise at the lowest prices in the industry. Which of the following generic business strategies is Bargain Styles applying? A) cost-leadership B) differentiation C) niche marketing D) product diversification A