The generic types of competitive strategies include: Select one: a. Build market share, maintain market share, and surrender market share b. Low-cost provider, broad differentiation, focused low-cost, focused differentiation, and best-cost provider c. Low-cost/Low-price, high quality/high price, medium-cost/medium price d. Offensive strategies and defensive strategies

b. Low-cost provider, broad differentiation, focused low-cost, focused differentiation, and best-cost provider.

Explaination: The Five Generic Competitive Stages are:

1) LOW-COST PROVIDER

-striving to achieve lower overall costs than rivals on comparable products that attract a broad spectrum of buyers, usually by underpricing rivals.

2) BROAD DIFFERENTIATION

—seeking to differentiate the company's product offering from rivals' products by offering superior attributes that will appeal to a

broad spectrum of buyers.

3) FOCUSED LOW-COST

—concentrating on a narrow buyer segment (or market

niche) and outcompeting rivals on costs, thus being able to serve niche members

at a lower price.

4) FOCUSED DIFFERENTIATION

—concentrating on a narrow buyer segment (or

market niche) and outcompeting rivals by offering niche members customized

attributes that meet their tastes and requirements better than rivals' products.

5) BEST-COST PROVIDER

—giving customers more value for their money by satisfying buyers' expectations on key quality, features, performance, and/or service attributes while beating their price expectations. This option is a hybrid strategy that blends elements of low-cost provider and differentiation strategies; the aim is to have the lowest (best) costs and prices among sellers offering products with comparable differentiating attributes.

It is NOT a market share dominator strategy.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.