The Competitive Strategy in Which the Firm Succeeds by Developing

question 72

Multiple Choice

The competitive strategy in which the firm succeeds by developing and maintaining a unique value for the product, as perceived by the customer, is termed:

• A)Differentiation.
• B)Specialization advantage.
• C)Design strategy.
• D)Benchmarking.
• E)Product Specialization.

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Definitions:

Marginal Cost Curve

A graph that shows the change in the cost of producing one more unit of a good.

Profit-Maximizing

The process or strategy of adjusting production and sale to achieve the highest possible profit.

Input Price

The cost associated with purchasing the inputs or resources required for production, including materials, labor, and capital.

Producer Surplus

The disparity between the amount sellers are ready to accept for a good or service and the price they actually receive.