A Differentiation Strategy Can Be Effective in Controlling the Power

question 58

Multiple Choice

A differentiation strategy can be effective in controlling the power of substitutes in an industry because:

• A) customers have low switching costs.
• B) substitute products are lower quality.
• C) a differentiating firm can always lower prices.
• D) customers develop brand loyalty.

Understand the factors to monitor for assessing the effectiveness of marketing strategies and the benefits of CRM systems in this process.

Know the predictive value of post-consumption questions on future consumer behaviors.

Differentiate between sales and financial objectives in marketing.

Understand the concept of return on marketing investment and its significance in evaluating business performance.

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Definitions:

Subjectivism

The philosophical stance that knowledge and value are dependent on and limited by individual perception and experience.

Superstitious Robot

A hypothetical or fictional robot that acts or makes decisions based on superstitious beliefs rather than logical or rational processes.

Futurama

An American animated science fiction sitcom created by Matt Groening, depicting life in the 31st century.

Fallacy Of Subjectivism

The logical error of assuming that individual feelings or subjective experiences can determine the truth of a claim.