What is buyer selection strategy according to Michael Porter’s Competitive Strategy?
A) A strategy to reduce production costs
B) A strategy to carefully choose which customer segments to target
C) A strategy to increase employee satisfaction
D) A strategy to expand globally
Answer: B) A strategy to carefully choose which customer segments to target
What is the primary goal of buyer selection strategy?
A) To reduce production costs
B) To focus on profitable and strategically aligned buyers
C) To increase employee engagement
D) To expand into new markets
Answer: B) To focus on profitable and strategically aligned buyers
Which of the following is a key principle of buyer selection strategy?
A) Focus on price-sensitive buyers
B) Focus on buyers with high bargaining power
C) Focus on buyers who align with the company’s capabilities
D) Focus on buyers with unstable demand
Answer: C) Focus on buyers who align with the company’s capabilities
What is the importance of aligning with company capabilities in buyer selection strategy?
A) It ensures the company can meet the buyers’ needs effectively
B) It reduces production costs
C) It increases employee satisfaction
D) It expands the company’s market share
Answer: A) It ensures the company can meet the buyers’ needs effectively
Which of the following is an example of a profitable buyer?
A) A buyer who is price-sensitive
B) A buyer who demands excessive service
C) A buyer who is willing to pay premium prices
D) A buyer with high switching costs
Answer: C) A buyer who is willing to pay premium prices
What is the impact of targeting buyers with low bargaining power?
A) It reduces the buyers’ ability to dictate terms or prices
B) It increases production costs
C) It reduces customer satisfaction
D) It increases employee engagement
Answer: A) It reduces the buyers’ ability to dictate terms or prices
Which of the following is a key step in developing a buyer selection strategy?
A) Segment the market
B) Reduce production costs
C) Increase employee satisfaction
D) Expand globally
Answer: A) Segment the market
What is the purpose of segmenting the market in buyer selection strategy?
A) To divide the market into distinct buyer groups
B) To reduce production costs
C) To increase employee engagement
D) To expand into new markets
Answer: A) To divide the market into distinct buyer groups
What is the purpose of evaluating buyer attractiveness in buyer selection strategy?
A) To assess each segment based on profitability and alignment with the company’s strengths
B) To reduce production costs
C) To increase employee satisfaction
D) To expand globally
Answer: A) To assess each segment based on profitability and alignment with the company’s strengths
Which of the following is a criterion for evaluating buyer attractiveness?
A) Profitability
B) Employee satisfaction
C) Production costs
D) Market share
Answer: A) Profitability
What is the purpose of prioritizing target segments in buyer selection strategy?
A) To focus on the most attractive buyer segments
B) To reduce production costs
C) To increase employee engagement
D) To expand into new markets
Answer: A) To focus on the most attractive buyer segments
What is the purpose of tailoring value propositions in buyer selection strategy?
A) To meet the needs of the selected buyer segments
B) To reduce production costs
C) To increase employee satisfaction
D) To expand globally
Answer: A) To meet the needs of the selected buyer segments
What is the purpose of monitoring and adjusting in buyer selection strategy?
A) To continuously evaluate the performance of selected buyer segments
B) To reduce production costs
C) To increase employee engagement
D) To expand into new markets
Answer: A) To continuously evaluate the performance of selected buyer segments
Which of the following is a benefit of buyer selection strategy?
A) Improved profitability
B) Reduced production costs
C) Increased employee satisfaction
D) Expanded market share
Answer: A) Improved profitability
How does buyer selection strategy improve profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By focusing on high-value buyers
How does buyer selection strategy enhance competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By aligning with buyers who value the company’s unique value proposition
How does buyer selection strategy improve resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
How does buyer selection strategy enhance customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
Which of the following is an example of a company using buyer selection strategy?
A) Louis Vuitton targeting high-income buyers
B) A company reducing production costs
C) A company increasing employee engagement
D) A company expanding into new markets
Answer: A) Louis Vuitton targeting high-income buyers
What is a challenge in buyer selection strategy?
A) Identifying profitable buyers
B) Reducing production costs
C) Increasing employee satisfaction
D) Expanding globally
Answer: A) Identifying profitable buyers
What is the impact of market dynamics on buyer selection strategy?
A) Changes in buyer behavior or industry trends can impact the attractiveness of selected segments
B) It reduces production costs
C) It increases employee engagement
D) It expands market share
Answer: A) Changes in buyer behavior or industry trends can impact the attractiveness of selected segments
What is the role of buyer selection strategy in competitive strategy?
A) It helps companies focus on the most profitable and strategically aligned buyers
B) It reduces production costs
C) It increases employee satisfaction
D) It expands globally
Answer: A) It helps companies focus on the most profitable and strategically aligned buyers
What is the role of buyer selection strategy in enhancing competitive advantage?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
What is the role of buyer selection strategy in efficient resource allocation?
A) By directing resources toward the most promising customer segments
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By directing resources toward the most promising customer segments
What is the role of buyer selection strategy in enhancing customer relationships?
A) By fostering loyalty and long-term partnerships
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By fostering loyalty and long-term partnerships
What is the role of buyer selection strategy in competitive positioning?
A) By aligning with buyers who value the company’s unique value proposition
B) By reducing production costs
C) By increasing employee engagement
D) By expanding into new markets
Answer: A) By aligning with buyers who value the company’s unique value proposition
What is the role of buyer selection strategy in improving profitability?
A) By focusing on high-value buyers
B) By reducing production costs
C) By increasing employee satisfaction
D) By expanding globally
Answer: A) By focusing on high-value buyers
