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Worksheets10ECBUS Competitive Advantage
Total questions: 15
Worksheet time: 8mins
What is the main advantage of a business obtaining a competitive advantage?
Increased expenses and lower sales
Higher taxes and reduced revenue
Ability to outperform other businesses in the market
Inability to satisfy consumer needs
Which of the following is not a method for a business to reduce production costs?
Increasing advertising and marketing costs
Sourcing cheaper materials from suppliers
Investing in better technology
Outsourcing operations
What is the difference between quality and perceived quality?
Quality is about the product's features, while perceived quality is about its performance
Quality is about the product's durability, while perceived quality is about its aesthetics
Quality is about the product's serviceability, while perceived quality is about a judgement of the value
Quality is about the product's reliability, while perceived quality is about its conformance
Why is a brand so important when it comes to selling luxury goods?
It helps in reducing production costs
It helps the consumer to quickly identify the product's features
It allows the business to outperform others in the market
It sets the product apart from similar products and creates an identity
What is the main purpose of advertising for a business?
To increase taxes and expenses
To reduce production costs
To draw the public's attention to the product
To outsource operations to other countries
What is the benefit of larger businesses in terms of production costs?
They have lower costs due to increased labour costs
They have lower costs due to economies of scale
They have higher costs due to increased advertising and marketing
They have higher costs due to economies of scale
What is the main advantage of being responsive to consumer needs?
It leads to higher taxes and expenses
It allows the business to bring products to market 'on time'
It reduces the need for customer service
It increases production costs
What is the main purpose of ethics in the production of goods and services?
To harm humans, animals, and the environment
To ensure the product is of high quality
To provide a guide to what is right and wrong
To increase production costs
What is the main advantage of a business creating a brand for its products?
It helps the consumer to quickly identify who made the product
It allows the business to outsource operations
It increases production costs
It reduces the need for customer service
What is the main purpose of customer service for a business?
To outsource operations to other countries
To reduce production costs
To treat the customer well and provide after-sales service
To increase taxes and expenses
What is the main advantage of a business offering lower prices to consumers?
It leads to higher taxes and expenses
It allows the business to better satisfy the consumer
It reduces the need for customer service
It increases production costs
What is the main advantage of a business creating something entirely new in the market?
It increases production costs
It allows the business to outperform other businesses in the market
It reduces the need for customer service
It leads to higher taxes and expenses
What is the main advantage of a business being more responsive to consumer needs?
It allows the business to bring products to market 'on time'
It reduces the need for customer service
It leads to higher taxes and expenses
It increases production costs
What is the main advantage of a business being able to better satisfy the consumer than other similar businesses?
It allows the business to outperform other businesses in the market
It leads to higher taxes and expenses
It reduces the need for customer service
It increases production costs
What is the main advantage of a business making the consumer aware of the product or service?
It draws the public's attention to the product
It increases production costs
It reduces the need for customer service
It allows the business to outperform other businesses in the market
