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Exam 5: Product Differentiation

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Question 41

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Once developed,a firm's reputation can last a long time,even if the basis for that reputation no longer exists.

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Question 42

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What is the relationship between product differentiation and managerial creativity?

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Product differentiation is ultimately an...

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Question 43

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The Lockheed Corporation Skunk Works is an example of a(n)

It is reasonable to expect that in the near future a marketing specialist will develop a definitive list of bases of product differentiation.

Timing-based product differentiation relies solely on being a first mover.

Product features,product customization,and product complexity have few obvious close substitutes and may be sources of sustained competitive advantages.

In fragmented industries firms can use product differentiation to help consolidate a market.

If products or services are perceived as being different in a way that is valued by customers,even if there is no physical differentiation,then product differentiation exists.

Attempts to create differences in the relative perceived value of a firm's products or services are rarely made by altering the objective properties of those products or services.

Recent research shows that firms can simultaneously implement cost-leadership and product-differentiation strategies if they learn how to manage the ________ inherent in these two strategies.

Define product differentiation and discuss the role that customer perceptions play in product differentiation.

While cost leadership requires rewards for cost reduction,product differentiation requires rewards for ________.

A hedonic price is that part of a products' or services' actual price that is not attributable to a particular attribute of that product or service.

Product differentiation is ultimately an expression of the creativity of individuals and groups within firms and is limited only by the opportunities that exist,or that can be created,in a particular industry and by the willingness and ability of firms to creatively explore ways to take advantage of those opportunities.

Identify which bases of product differentiation are likely to be almost always easy to duplicate,which can sometimes be costly to duplicate and which are usually costly to duplicate and discuss under what conditions a bases of differentiation is likely to be costly to imitate and can be a source of sustained competitive advantage.

In developing a compensation policy used to implement a product-differentiation strategy,firms will

More recent work in the area of strategic management regarding Porter's assertion about being stuck in the middle

The ability of companies that produce complex software packages to tailor these packages to the specific needs of their customers is an example of product differentiation through

According to Porter,firms that are stuck in the middle attempt to sell

When a firm sells a highly differentiated product,it enjoys a quasi-monopoly in that segment of the market.