Question

Q. true or false:

1. A company that custom-makes an imaging device for physicians dealing with a certain type of cancer patient likely has a niche play business model.

2. The two types of competitive advantages are differentiated by their source. One type is related to external forces, and the other internal forces.

3. According to the lecture, in order to gain a positional advantage of your competitors, you should hire people who are highly skilled in their area of expertise.

4. One type of capability-based advantage is having good leadership in the company.

5. A strong IP portfolio is one way to gain a positional advantage over other companies.

6. In the parternship business model, companies seek to have a diverse set of options for the customer so that customers choose their products over their competitors.

7. Capability-based advantages are more quantifiable than positional advantages.

8. Being the second company to enter a market (ust after the flirst) is part of the me-too business strategy.

9. In the first mover business strategy, a company is the first to offer a product to the market.

10. Two companies may share competitive advantage over the other.

Answer 1

A1. True

Nich business model is where a business targets its product/services to a particular section of the society instead of everyone. This niche can be based on lifestyle, demographic factors like gender and income or even the profession as in this case.

The niche marketing helps in enhancing the features of the products/services to meet the demands or requirements of the particular chosen group. Also, it streamlines the marketing budget and activities as it is targeted at just one niche group.