Business-Level Strategy

Question 1

An integrated and coordinated set of commitments and actions the firms uses to gain a competitive advantage by exploiting core competencies in a specific product-market

Answer 1

business-level strategy

Question 2

The process of dividing customers into groups based on their needs

Answer 2

market segmentation

Question 3

Describes what a firm does to create, deliver, and capture value for its stakeholders

Answer 3

business model

Question 4

An integrated set of actions to produce products with features that are acceptable to customers at the lowest cost, relative to competitors

Answer 4

cost leadership

Question 5

An integrated set of actions taken to produce products (at an acceptable cost) that customers perceive as being different in ways that are important to them

Answer 5

differentiation strategy

Question 6

An integrated set of actions taken to produce products that serve the needs of a particular segment of customers

Answer 6

focus strategy

Question 7

Finds a firm engaging simultaneously in primary value-chain activities and support functions to achieve a low-cost position with some product differentiation

Answer 7

integrated cost leadership/differentiation strategy

Question 8

Involves the implementation of appropriate tools/techniques to provide products and services to customers with the best quality

Answer 8

total quality management (TQM)