Which of the Following Statements Is True Regarding Customer Preferences

question 7

Multiple Choice

Which of the following statements is true regarding customer preferences?

• A) The importance of technological features to customers stays constant over time.
• B) Customers themselves are unsure about the importance of different features offered by a technology.
• C) All pioneers have faced customer uncertainty.
• D) Established customer preferences are undesirable by producers.

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Definitions:

Distinguishing Products

The process of identifying unique characteristics and benefits of products to differentiate them from competitors in the market.

Generic Strategies Model

The Generic Strategies Model is a framework developed by Michael Porter that outlines three strategies organizations can use to achieve competitive advantage: cost leadership, differentiation, and focus.

Focused Cost Leadership

A strategic approach where a company aims to be the lowest-cost producer in a particular niche or segment, offering prices lower than competitors while targeting specific customer groups.

Differentiation

In business, the process of making a product or service distinct from competitors in the market, often by emphasizing unique features or benefits.