1. Strategy is all about understanding your competitive environment and then positioning yourself in that environment.

   • True
   • False

2. What is the best definition of Positioning?

   • The economic value minus the perceived value.
   • How a firm sets itself apart relative to the industry
   • Being the Low Cost leader in a given industry
   • A Focus on Large Buyers who have less power to negotiate because of few alternatives.

3. Which are the three types of competitive strategies?

   • Low cost player, marketing strategy, product line
   • Low cost player, differentiated player, focused strategy
   • Differentiated player like Mercedes
   • A product line, marketing strategy, dual advantage

4. You have chosen a particular product category in which to compete with a fairly narrow product line. You are a _________ competitor.

   • competitive advantage
   • low cost
   • broad
   • focused

5. Which company discussed in the lecture is a differentiated firm?

   • Ritz Carleton
   • Chevrolet
   • Revlon Makeup
   • Dell

6. When you have both a higher perceived value and a lower-cost structure than your competition, this is known as a __________.

   • low cost advantage
   • differentiated advantage
   • dual advantage
   • competition

7. Which of the following is the best definition of competitive advantage?

   • Companies that have a cost or differentiation advantage over another competitor
   • Companies that are all things to all people
   • Companies with a hierarchal structure
   • Companies with threat of substitutes