Question
1. Describe the difference between fixed costs and variable costs. 2. What is meant by a price ceiling? Describe the logic of considering a product's
1. Describe the difference between fixed costs and variable costs.
2. What is meant by a price ceiling? Describe the logic of considering a product's VTC to be its price ceiling.
3. What is meant by a price floor? Describe the logic of considering a product's variable costs to be its price floor.
4. What is a pioneer advantage? Describe some examples of market conditions that would make a pioneer advantage possible. Why does a pioneer advantage support a penetration strategy?
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Crafting and Executing Strategy The Quest for Competitive Advantage
Authors: Arthur Thompson, Margaret Peteraf, John Gamble, A. J. Strickland III
19th edition
78029503, 978-0078029509
