MGT498 Week 5 Knowledge Check (VERIFIED)

1. A strategy whereby companies attempt to gain competitive advantage by offering value that is not available in other products or services is known as _________. 2. Which of the following is true of product differentiation? 3. When a company mass-produces the various modules of a product and then allows customers to select which modules will be combined together, it is known as___________. 4. Which of the following is necessary for a product to be considered reliable? 5. _____occur(s) when some products or services are more convenient to use because there is a large network of other users. 6. Which of the following questions denotes the last step in a consumption chain? 7. Which of the following social responsibilities implies that a firm has an obligation to give back in some way and contribute to strengthening the fabric of its local communities, as well as the larger society? 8. Which of the following statements is true of the fundamental social responsibilities of a business? 9. Which of the following statements is true of institutional change? 10. Which of the following statements is true of shared values?