As Seen in the Entrepreneurial Snapshot, What Year Was the Oldest

question 30

Multiple Choice

As seen in the Entrepreneurial Snapshot, what year was the oldest family business in the United States founded?

• A) 1492
• B) 1623
• C) 1774
• D) 1802

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Definitions:

Differentiation Focus Strategy

A competitive approach where a business targets a specific segment of the market and offers unique features that appeal to that niche.

Cost Leadership Strategy

A competitive strategy where a company aims to become the lowest cost producer in the industry, offering its products or services at a lower price than competitors.

Differentiation Strategy

A marketing approach where a company makes its product or service stand out from competitors through distinct features, quality, or services.

Significant Points

Key or important aspects, facts, or features that are noteworthy.