The Basic Proposition of the Blue Ocean Strategy Is That

question 57

Multiple Choice

The basic proposition of the blue ocean strategy is that many successful companies have built their competitive advantage by:

• A) redefining their product offering through value innovation and creating a new market space.
• B) initiating a price war in order to grow volume and drive its weaker rivals out of the industry.
• C) developing brand loyalty to protect them from intense price rivalry within their industry.
• D) charging premium prices for their goods or services.
• E) adopting lean production and flexible manufacturing technologies.

Understand the duty of insurers to investigate claims and the consequences of bad faith denial.

Recognize the defenses an insurance company can use against payment on a policy and the specific conditions under which these defenses are applicable.

Comprehend the factors determining the extent of the insurer's liability in different types of insurance contracts (e.g., life, fire insurance).

Identify the conditions under which an insurance contract can be considered ambiguous, and the principles for resolving such ambiguities.

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Definitions:

Strategic Alliance

A formal agreement between two or more parties to pursue a set of agreed-upon objectives while remaining independent organizations.

Intimate Friendship

A close and personal relationship characterized by deep affection, trust, and mutual understanding.

Business Friendship

A friendly relationship between individuals who engage in business transactions, aiming to create a positive, cooperative environment.

Business Friendship

refers to a relationship between professionals that, while based on mutual business interests, includes elements of personal connection and trust.