The Term Value Innovation Is Used to Describe

question 62

Multiple Choice

The term value innovation is used to describe:

• A) the way a company decides to group customers based on important differences in their needs to gain a competitive advantage.
• B) a business's overall competitive theme, the way it positions itself in the marketplace to gain a competitive advantage, and the different positioning strategies that can be used in different industry settings.
• C) what happens when innovation pushes out the efficiency frontier in an industry, allowing for greater value to be offered through superior differentiation at a lower cost than was previously thought possible.
• D) what happens when a company decides to ignore different segments, and produce a standardized product for the average consumer.
• E) what happens when a company decides to serve many segments, or even the entire market, producing different offerings for different segments.

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Definitions:

Fossil Fuels

These are natural fuels such as coal, oil, and natural gas, formed from the remains of living organisms and used for energy.

Nonrenewable Natural Resource

A natural resource, such as fossil fuels or minerals, that cannot be replaced or replenished once it is used, leading to potential depletion.

Timber

Wood that has been processed into beams and planks, a stage in the production process that precedes finished wood products.

Tin

A chemical element with the symbol Sn and atomic number 50, known for its malleability, ductility, and resistance to corrosion, used in various alloys and as a protective coating for other metals.