A company’s premier product is facing competition from a number of low-priced co
ID: 421280 • Letter: A
Question
A company’s premier product is facing competition from a number of low-priced competitors entering the marketplace. While the company has a strong brand image and a reputation for quality, their sales are declining. They are considering whether they should introduce new products to meet competitors’ actions.
1. What is the company’s BEST option for remaining competitive?
A. Reduce the price of the product and compete with the new competitors on price.
B. Reformulate the product and compete by highlight the value of their product.
C. Develop a low-priced product that can compete at the lower price point.
D. Sell the same product but market it to customers who are not price conscious.
2. The company conducts additional market research and determines that it must create new product packaging and a new marketing campaign. The MOST important role that HR can play is to
A. Determine the number of new employees that must be hired to reformulate the product
B. Contribute to the product development and communication plan
C. Research the competitive products in the marketplace
D. Hire new employees as they are needed in the production process.
3. The new product is successful in the marketplace; however, the company’s competitors take note of the new product and begin to incorporate similar features into their products. The biggest challenge for the company now is to
1. Retain the employees who accomplished the turnaround
2. Recruit new employees who can bring a fresh perspective to the product
3. Reevaluate production processes and cut cost
4. Determine the direction the product will take in the future
Explanation / Answer
Answer:- 1. What is the company’s BEST option for remaining competitive?
Correct option:- B. Reformulate the product and compete by highlight the value of their product.
Answer:-
2. The company conducts additional market research and determines that it must create new product packaging and a new marketing campaign. The MOST important role that HR can play is to
Correct Answer:- A. Determine the number of new employees that must be hired to reformulate the product
Answer:- 3. The new product is successful in the marketplace; however, the company’s competitors take note of the new product and begin to incorporate similar features into their products. The biggest challenge for the company now is to
Correct Answer:- 2. Recruit new employees who can bring a fresh perspective to the product
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.