Chap 8: Business Level Strategy Flashcards

1
Q

This strategy is formulated at the middle level management with strong and close coordination with the corporate and functional levels

A

Business strategy

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2
Q

Is designed to outperform or battle against all competitors

A

Competitive strategy

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3
Q

Implies a wider geographic area, several types of buyers, different product lines, and complex distribution channels

A

Broad market

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4
Q

A business level strategy that enables a company to produce a comparatively similar product, more efficiently than its competitors

A

Lower cost strategy

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5
Q

Can be adopted by companies that aim to serve a broad target market with low cost products or services

A

Cost leadership

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6
Q

A strategy that is more appropriate to employ when a companies target market is narrow, and it aims to compete in cost

A

Cost focus

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7
Q

A company intends to compete using the uniqueness of its product from the perspective of the customers, relative to its value, quality, features, and even the services provided after the sale

A

Differentiation strategy

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8
Q

Can be in the form of packaging, features, design, technology, brand image, innovation, and customer service

A

Differentiation

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9
Q

Is strategy designed the serve a wider target market and achieve competitive advantage by offering products which are unique relative to the quality and value from the customers’ view

A

Differentiation

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10
Q

A competitive business strategy that focuses on the needs of a narrow market by providing a product or service that is differentiated from competitors

A

Differentiation focus

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11
Q

It aims to achieve competitive advantage by working with other companies

A

Cooperative strategy

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12
Q

Exists when competitors, expressly or impliedly agree to reduce their production, so that the prices of goods produce will increase or remain high

A

Collusion

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13
Q

Cooperating companies conspire through direct communication and negotiation

A

Explicit collusion

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14
Q

Cooperating companies conspire indirectly through informal means

A

Tacit collusion

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15
Q

A partnership established by similar companies in an industry, who put together their resources, but not their core competencies for a particular project that is too expensive for one company to undertake

A

Mutual service consortium

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16
Q

Similar participating companies, temporarily establish an independent separate unit

A

Joint venture

17
Q

Happens when a company in a particular country grants rights to another company in another country to produce or sell the products of the former

A

Licensing

18
Q

Is established when a company makes a long term agreement with its key supplier or distributor for mutual advantage

A

Value chain partnership

19
Q

Are designed to provide overall direction of a company

A

Corporate level strategies

20
Q

Illustrates that a strategic environmental analysis and evaluation must be conducted first before a strategy, whether planned a reactive, is formulated

A

Strategic management model

21
Q

Competing in the market location of a competitor

A

Offensive tactic

22
Q

Competing in the current market location

A

Defensive tactic

23
Q

A company attacks, its competitor head to head from pricing down to distribution

A

Frontal assault

24
Q

A company attacks the market where its competitor is weak

A

Flanking maneuver

25
Q

An offensive attack characterized by the use of small intermittent attacks on the market, held by a competitor

A

Guerrilla warfare

26
Q

This offensive attack redefines the market, where a company offers a new product that makes its competitors product outdated

A

Bypass attack

27
Q

When the entry barriers are increased, considerably in new entrance is discouraged to enter a market

A

Increase entry barriers

28
Q

Expected and trends are discouraged to join a market or industry when they perceive aggressive retaliation from existing companies

A

Increase the expected, aggressive retaliation

29
Q

Possible new entrance are discouraged to join when they are expecting a low profit level in the market

A

Lower the inducement for possible attacks