Chapter 2 Flashcards
1
Q
Cost-leadership Strategy
A
LOW COST
- Efficient production and delivery of products/services
- Lead industry in both price and convenience
e.g., Walmart Dell
2
Q
Differentiation Strategy
A
INNOVATION
- Provides new cutting edge services
- Objective is fast commercialization of new ideas
e.g., Apple, Volvo
3
Q
Specialization Strategy
A
CUSTOMIZATION
- Tailor and shape products/services to fit each customers need
- Objective is long-term customer loyalty and profitability
4
Q
Growth Strategy
A
GROWTH
- Expand company to increase sales or achieve economies of scale
e.g., Facebook
5
Q
Cost Leadership Staffing Implications
A
- Efficiency focus
- Adaptable
- Trainable
- Willing to follow standardized procedure
6
Q
Differentiation Strategy Implications
A
- Top research talent
- Enterprenurial mindset
- Creativity
- High tolerance for ambiguity
7
Q
Specialization Strategy Implications
A
- Adaptable
- Learning oriented
- Networking Skills
8
Q
Growth Strategy Implications
A
- Fit with company culture
- Future oriented
- Flexible
- Willing to take controlled risks
