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Hrm/531 Week 5

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Hrm/531 Week 5
CHAPTER 5: PRODUCT DIFFERENTIATION

TRUE/FALSE QUESTIONS

1.
Wal-Mart exemplifies a firm pursuing a product differentiation strategy while Victoria's Secret exemplifies a firm pursuing a cost leadership strategy.

True

False
Answer: False
Page: 146
Difficulty: Easy
Chapter Objective: 1

2.
Product differentiation is a business strategy whereby firms attempt to gain a competitive advantage by increasing the perceived value of their products and services relative to the perceived value of other firms' products or services.

True

False
Answer: True
Page: 146
Difficulty: Easy
Chapter Objective: 1

3.
Attempts to create differences in the relative perceived value of a firm's products or services are rarely made by altering …show more content…
Firms selling differentiated products face a horizontal demand curve.

True

False
Answer: False
Page: 154
Difficulty: Hard
Chapter Objective: 3

20.
Edward Chamberlin described firms selling differentiated products and facing a downward-sloping demand curve as being in an industry characterized by monopolistic competition.

True

False
Answer: True
Page: 154
Difficulty: Hard
Chapter Objective: 3

21.
Product differentiation helps reduce the threat of new entry by forcing potential entrants to an industry to absorb not only the standard costs of beginning business but also the additional costs associated with overcoming incumbent firms' product differentiation advantages.

True

False
Answer: True
Page: 153
Difficulty: Moderate
Chapter Objective: 4

22.
Product differentiation effectively reduces rivalry to zero.

True

False
Answer: False
Page: 154
Difficulty: Moderate
Chapter Objective: 4

23.
Product differentiation increases the threat of substitutes by making a firm's current products appear less attractive than substitutes.

True

False
Answer: False
Page: 155
Difficulty: Easy
Chapter Objective: …show more content…
Reputation
B.
Product complexity
C.
Consumer marketing
D.
Product mix
Answer: D
Page: 147
Difficulty: Moderate
Chapter Objective: 2

53.
When the television show American Idol shows the judges drinking beverages from cups with the Coca-Cola label, or when a corporate sponsor places its logo on a NASCAR car, this is an attempt at product differentiation by linking with other firms through
A.
Product placements
B.
Reputation
C.
Product mix
D.
Architectural competence.
Answer: A
Page: 152
Difficulty: Hard
Chapter Objective: 2

54.
Product differentiation is ultimately an expression of the __________ of individuals and groups within firms and is limited only by the _________ that exist, or that can be created in a particular industry.
A.
creativity; resources
B.
resources; opportunities
C.
creativity; opportunities
D.
opportunities; resources
Answer: C
Page: 153
Difficulty: Moderate
Chapter Objective: 3

55.
In general, firms selling differentiated products face a demand curve that is
A.
upward sloping.
B.
horizontal.
C.
vertical.
D.
downward sloping.
Answer: D
Page: 154
Difficulty: Hard
Chapter Objective:
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