IDSC 3001 Test A University of Minnesota-Twin Cities | UPDATED Questions with 100% Verified Answers

IDSC 3001 Test A University of Minnesota-Twin Cities | UPDATED
Questions with 100% Verified Answers

Question:
Commodity

Answer:
A basic good that can be interchanged with nearly identical offerings by others


Question:
Viral marketing

Answer:
Leverage consumers to promote a product or service


Question:
Value chain

Answer:
The set of activities through which a product or service is created and delivered to
customers


Question:
Distribution channel

Answer:
The path through which products or services get to customers


Question:
Brand

Answer:
The symbolic embodiment of all information connected with a product or service


Question:
Sustainable competitive advantage

Answer:
Financial performance that consistently outperforms industry averages

, Question:
Price transparency

Answer:
The degree to which complete information is available


Question:
Switching costs

Answer:
The cost a consumer incurs when moving from one product to another


Question:
Porter's 5 forces

Answer:
A framework considering the interplay between new entrants, existing competitors,
suppliers, buyers, and substitute products and services


Question:
Fast follower

Answer:
Exists when savvy rivals watch a pioneer's efforts, learn from their successes, then enter
the market with a comparable or superior product at a lower cost


Question:
Economies of scale

Answer:
When costs can be spread across increasing units of production or in serving multiple
customers


Question:
Metcalfe's Law (Network effects)

Answer:
When the value of a product or service increases as its number of user expands