Offering Quality Products That Command a Premium Price, Providing Superior

question 50

Multiple Choice

Offering quality products that command a premium price, providing superior customer service, having the lowest production costs and lower prices, or dominating channels of distribution are ways of

• A)achieving a competitive advantage.
• B)practicing cross-merchandising strategy.
• C)creating market space.
• D)practicing bait-and-switch marketing.
• E)establishing a marketing stub.

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Definitions:

Uncontrollable

Refers to anything beyond one's power or authority to command, regulate, or restrain.

Fundamental Attribution Error

The fundamental attribution error is a cognitive bias where people disproportionately attribute others' actions to their personality or disposition rather than situational factors.

Actor/Observer Bias

The tendency to attribute one's own actions to external causes while attributing others' actions to their internal characteristics.

Ingroup/Outgroup Bias

The tendency to favor members of one's own group (the ingroup) over those from different groups (outgroup), often leading to prejudice and discrimination.