Exam 1 Flashcards
(197 cards)
1
Q
Globalization
A
Increasing economic interdependence among countries and their organizations as reflected in the flow of goods and services, financial capital, and knowledge across country borders
2
Q
Liability of Foreignness
A
The risks of participating in outside of a firms domestic markets in the global economy
3
Q
Perpetual Innovation
A
term used to describe how rapidly and consistently new, information-intensive technologies replace older ones.
4
Q
disruptive technologies
A
tech that destroys the value of an existing tech and creates new markets
5
Q
Knowledge
A
(information, intelligence, expertise) is the basis of technology and its application
6
Q
Strategic Flexibility
A
set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment.
7
Q
Study The External Environment (Step 1)
A
-the general environment -the industry environment -competitor environment
8
Q
Locate An Attractive Industry (Step 2)
A
an industry whose structural characteristics suggest above average returns
9
Q
Identify The Strategy (Step 3)
A
Selection of a strategy linked with above-avg returns in a particular industry
10
Q
Develop/Acquire Assets and Skills (Step 4)
A
Assets and skills required to implement a chosen strategy
11
Q
Strategy Implementation (Step 5)
A
Selection of strategic actions linked with effective implementation of the chosen strategy
12
Q
Superior Returns! (Step 6)
A
earning ABOVE AVG RETURNS!
13
Q
Resources
A
inputs into a firm’s production process , such as capital equipment, the skills of individual employees, patents, finances, and talented managers. (categorized into physical, human, and organizational capital)
14
Q
Capability
A
Capacity for a set of resources to perform a task or an activity in an integrative manner.
15
Q
Core Competencies
A
resources and capabilities that serve as a source of competitive advantage for a firm over its rivals. (ex. Apples R&D)
16
Q
Resource Based Model of Above Avg Returns
A
assumes that each organization is a collection of unique resources and capabilities. This is the basis of a firms strategy and ability to earn above avg returns.
17
Q
Valuable resources
A
when they allow a firm to take advantage of opportunities or neutralize threats in its external environment
18
Q
Identify Resources (Step 1/ RB Model)
A
inputs into a firms production process; study strengths and weaknesses compared to competitors.
19
Q
Determine Firms Capabilities (Step 2/RB Model)
A
Capacity of an integrated set of resources to integratively perform a task or activity
20
Q
Determine Competitive Advantage (Step 3/RB Model)
A
based up the firms resources and capabilities; ability to outperform rivals
21
Q
Locate Attractive Industry (Step 4/ RB Model)
A
an industry with opportunities that can be exploited by the firm’s resources and capabilities
22
Q
Select a Strategy (Step 5/ RB Model)
A
a strategy that best allows a firm to utilize its resources and capabilities relative to opportunities in the external environment.
23
Q
SUPERIOR RETURNS: STEP 6
A
Earn above avg returns
24
Q
non-substitutable
A
when they have no structural equivalents
25
Vision
What the firm wants to be and, in broad terms, what it wants to ultimately achieve. (Gives shape to intended future; values and aspirations) (Foundation of firms mission)
26
Mission
specifies the business or businesses in which the firm intends to compete and the customers it intends to serve. (more concrete than vision)
27
Stakeholders
individuals, groups, and organizations who can affect the firms vision and mission, are affected by strategic outcomes achieved, and have enforceable claims on the firm's performance
28
Capital Market Stakeholders
Shareholders and major suppliers of capital (e,g, banks)
29
Product Market Stakeholders
Primary Customers Suppliers Host Communities Unions
30
Organizational Stakeholders
Employees Managers Nonmanagers
31
Strategic Leaders
people located in different areas and levels of the firm using the strategic management process to select strategic actions that help the firm achieve its vision and fulfill its mission. \*\*Most effective strategic leaders provide a vision as the foundation of the firms mission and strategies.\*\*
32
Organizational Culture
refers to the complex set of ideologies, symbols, and core values that are shared throughout the firm and that influence how the firm conducts business.
33
Profit Pools
entails the total profits earned in an industry at all points along the value chain.
34
4 Steps to ID Profit Pools
1) Define pool's boundaries 2) estimate the pool's overall size 3) Estimate the size of the value-chain activity in the pool 4) reconcile the calculations
35
General Environment
composed of dimensions in the broader society that influence an industry and the firms within it.
36
7 Environmental Segments
1) Demographic 2) Economic 3) Political/Legal 4) Sociocultural 5) Technological 6) Global 7) Physical
37
Industry Environment
set of factors that directly influence a firm and its competitive actions and responses: threat of new entrants, supplier power, buyer power, threat of substitutes, rivalry amongst competitors
38
Competitor Analysis
how companies gather and interpret information about their competitors is called competitor analysis
39
4 Parts of External Environment Analysis
1) Scanning 2) Monitoring 3) Forecasting 4) Assessing
40
Opportunity
condition in the general environment that, if exploited effectively, helps a company reach strategic competitiveness.
41
Threat
condition in the general environment that may hinder a company's efforts to achieve strategic competitiveness
42
Scanning
entails the study of all segments in the general environment and understand implications
43
Monitoring
analysts observe environmental changes to see if an important trend is emerging from among those spotted through scanning.
44
Forecasting
analysts develop feasible projections of what might happen, and how quickly, as a result of scanning and monitoring
45
assessing
objective is to determine the timing and significance of the environmental change that has been discovered.
46
Demographic Segment
concerned with a populations size, age structure, geographic distribution, ethnic mix, and income distribution
47
Economic Environment
Refers to the nature and direction of the economy in which a firm competes or may compete
48
Economic Uncertainty
an environment in which relatively little and perhaps nothing at all is known about the future state of an economy
49
Political/Legal Segment
Arena in which organizations and interest groups compete for attention, resources, and a voice overseeing the body of laws and regulations guiding interactions among nations as well as between firms and various local governmental agencies
50
Sociocultural Segment
concerned with a society's attitudes and cultural values.
51
Technological Segment
includes the institutions and activities involved in creating new knowledge and translating that knowledge into new outputs, products, processes, and materials.
52
Global Segment
Includes relevant new global markets, existing markets that are changing, important international political events, and critical cultural and institutional characteristics of global markets
53
Globalfocusing
allows firms to build on and use their core competencies while limiting their risks within the niche market.
54
Guanxi
"personal connections"- ideology of China
55
Wa
Japan--\> group harmony and social Cohesion
56
informal economy
commercial activities that occur at least partly outside a governing body's observation, taxation, and regulation.
57
Industry
group or firms producing products that are close substitutes.
58
5 Forces of Competition
Threat of New Entrants Supplier Power Buyer Power Threat of Substitutes Rivalry amongst Existing Competitors
59
7 Barriers to Entry
1- Economies of Scale 2- Product Differentiation 3-Capital Requirements 4-Switching Costs 5- Access to Distribution Channels 6- Cost Disadvantages Independent of Scale 7-Government Policy
60
Supplier Power is Powerful When
1- dominated by a few large companies and is more concentrated that the industry to which it sells 2- Satisfactory substitutes are not available to industry firms 3- Industry firms are not a significant customer for the supplier group 4-Suppliers' goods are critical to buyers' marketplace success 5-effectiveness of suppliers products has created high switching costs for the industry firms 6- It poses a credible threat to integrate forward into the buyers' industry
61
Buyer Power is Powerful When
-They purchase a large portion of an industry's total output - sales of the product account for a large portion of the seller's annual revenues -They could switch to another product at little cost - The industry's products are undifferentiated or standardized, and buyers pose credible threat if they were to integrate backward into sellers industry
62
Intensity of Rivalry Among Competitors
-Numerous or Equally balanced competitors -Slow industry growth -Lack of differentiation or Low Switching costs -High Strategic Stakes -High Exit Barriers
63
Strategic Groups
Set of firms emphasizing similar strategic dimensions and using a similar strategy. (Ex;Audi, BMW, Mercedes) \*Rivalry within a strategic group is more intense\*\*
64
Competitor Analysis
-Final part of the external environment requiring study. --What drive the competitor (as shown by future objectives) --What the competitor is doing and can do (as revealed by its current strategy) --What the competitor believes about the industry(shown by assumptions) --What the competitors capabilities are (shown by strengths and weaknesses)
65
Competitor Intelligence
The set of data and information the firm gathers to better understand and anticipate competitor's objectives, strategies, assumptions, and capabilities
66
Future Objectives (Comp. Analysis)
-How do our goals compare with our competitors' goals? -Where will emphasis be placed in the future? -What is the attitude toward risk?
67
Current Strategy (Comp. Analysis)
How are we currently competing? Does their strategy support changes in the competitive structure?
68
Assumptions (Comp Analysis)
Do we assume the future will be volatile? Are we operating under a status quo? What assumptions do our competitors hold about the industry and themselves?
69
Capabilities (Comp Analysis)
What are our strengths and weaknesses? How do we rate compared to our competitors?
70
Response (Comp Analysis)
What will our competitors do in the future\> Where do we hold an advantage over our competitors? How will this change our relationship with our competitors?
71
Complementors
Companies or networks of companies that sell goods or services that are compatible with the local firm's goods or service. It in turn creates additional value from that firm.
72
Legal and Ethical Practices
-obtaining publicly available information -attending trade fairs and shows to obtain competitors' brochures, view exhibits, listen to discussion about their products, etc.
73
Global Mind-Set
the ability to analyze, understand, and manage an internal organization in ways that are not dependent on the assumptions of a single country, culture, or context.
74
value
measured by a products performance characteristics and by its attributes for which customers are willing to pay.
75
Tangible Resources
assets that can be observed and quantified -financial resources -organizational resources -physical resources -Technological Resources
76
Intangible Resources
assets that are rooted deeply in the firms history, accumulate over time, and are relatively difficult for competitors to analyze and imitate. -HR -Innovation Resources -Reputational Resources
77
Valuable Capabilities
allow the firm to exploit opportunities or neutralize threats in its external environment
78
Rare Capabilities
are capabilities that few, if any, competitors possess.
79
Costly-to-Imitate Capabilities
capabilities that other firms cannot easily develop -unique historical conditions -organizational culture -casually ambiguous -social complexity
80
Nonsubstitutable Capabilities
capabilities that do not have strategic equivalents
81
Value Chain Activities
activities or tasks the firm completes in order to produce, products and then sell, distribute, and service those products in ways that create value for customers
82
Support Functions
include the activities or tasks the firm completes in order to support the work being done to produce, sell, distribute, and service those products the firm is producing
83
Outsourcing
the purchase of a value-creating activity or a support function activity from an external supplier.
84
Business Level Strategy
integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product markets
85
Reach (dimension of relationships)
concerned with the firm's access and connection to its customers
86
Richness (dimension of relationships)
concerned with the depth and detail of the two way flow of information between the firm and the customer.
87
Affiliation (dimensions of relationships
concerned with facilitating useful interactions with customers.
88
market segmentation
a process used to cluster people with similar needs into individual and identifiable groups
89
Cost Leadership Strategy
integrated set of actions taken to produce goods or services with features that are acceptable to customers at the lowest cost, relative to those of competitors
90
Differentiation Strategy
integrated set of actions taken to produce goods or services (at an acceptable cost) that customers perceive as being different in ways that are important to them.
91
Focus Strategy
integrated set of actions taken to produce goods or services that serve the needs of a particular competitive segment.
92
Integrated Cost Leadership/Differentiation Strategy
involved engaging in primary value chain activities and support functions that allow a firm to simultaneously pursue low cost and differentiation.
93
TQM
managerial process that emphasizes an organization;s commitment to the customer and to continuous improvement of all processes through problem solving approaches based on empowerment of employees
94
# Exam Reversed
Increasing economic interdependence among countries and their organizations as reflected in the flow of goods and services, financial capital, and knowledge across country borders
Globalization
95
# Exam Reversed
The risks of participating in outside of a firms domestic markets in the global economy
Liability of Foreignness
96
# Exam Reversed
term used to describe how rapidly and consistently new, information-intensive technologies replace older ones.
Perpetual Innovation
97
# Exam Reversed
tech that destroys the value of an existing tech and creates new markets
disruptive technologies
98
# Exam Reversed
(information, intelligence, expertise) is the basis of technology and its application
Knowledge
99
# Exam Reversed
set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment.
Strategic Flexibility
100
# Exam Reversed
-the general environment -the industry environment -competitor environment
Study The External Environment (Step 1)
101
# Exam Reversed
an industry whose structural characteristics suggest above average returns
Locate An Attractive Industry (Step 2)
102
# Exam Reversed
Selection of a strategy linked with above-avg returns in a particular industry
Identify The Strategy (Step 3)
103
# Exam Reversed
Assets and skills required to implement a chosen strategy
Develop/Acquire Assets and Skills (Step 4)
104
# Exam Reversed
Selection of strategic actions linked with effective implementation of the chosen strategy
Strategy Implementation (Step 5)
105
# Exam Reversed
earning ABOVE AVG RETURNS!
Superior Returns! (Step 6)
106
# Exam Reversed
inputs into a firm's production process , such as capital equipment, the skills of individual employees, patents, finances, and talented managers. (categorized into physical, human, and organizational capital)
Resources
107
# Exam Reversed
Capacity for a set of resources to perform a task or an activity in an integrative manner.
Capability
108
# Exam Reversed
resources and capabilities that serve as a source of competitive advantage for a firm over its rivals. (ex. Apples R&D)
Core Competencies
109
# Exam Reversed
assumes that each organization is a collection of unique resources and capabilities. This is the basis of a firms strategy and ability to earn above avg returns.
Resource Based Model of Above Avg Returns
110
# Exam Reversed
when they allow a firm to take advantage of opportunities or neutralize threats in its external environment
Valuable resources
111
# Exam Reversed
inputs into a firms production process; study strengths and weaknesses compared to competitors.
Identify Resources (Step 1/ RB Model)
112
# Exam Reversed
Capacity of an integrated set of resources to integratively perform a task or activity
Determine Firms Capabilities (Step 2/RB Model)
113
# Exam Reversed
based up the firms resources and capabilities; ability to outperform rivals
Determine Competitive Advantage (Step 3/RB Model)
114
# Exam Reversed
an industry with opportunities that can be exploited by the firm's resources and capabilities
Locate Attractive Industry (Step 4/ RB Model)
115
# Exam Reversed
a strategy that best allows a firm to utilize its resources and capabilities relative to opportunities in the external environment.
Select a Strategy (Step 5/ RB Model)
116
# Exam Reversed
Earn above avg returns
SUPERIOR RETURNS: STEP 6
117
# Exam Reversed
when they have no structural equivalents
non-substitutable
118
# Exam Reversed
What the firm wants to be and, in broad terms, what it wants to ultimately achieve. (Gives shape to intended future; values and aspirations) (Foundation of firms mission)
Vision
119
# Exam Reversed
specifies the business or businesses in which the firm intends to compete and the customers it intends to serve. (more concrete than vision)
Mission
120
# Exam Reversed
individuals, groups, and organizations who can affect the firms vision and mission, are affected by strategic outcomes achieved, and have enforceable claims on the firm's performance
Stakeholders
121
# Exam Reversed
Shareholders and major suppliers of capital (e,g, banks)
Capital Market Stakeholders
122
# Exam Reversed
Primary Customers Suppliers Host Communities Unions
Product Market Stakeholders
123
# Exam Reversed
Employees Managers Nonmanagers
Organizational Stakeholders
124
# Exam Reversed
people located in different areas and levels of the firm using the strategic management process to select strategic actions that help the firm achieve its vision and fulfill its mission. \*\*Most effective strategic leaders provide a vision as the foundation of the firms mission and strategies.\*\*
Strategic Leaders
125
# Exam Reversed
refers to the complex set of ideologies, symbols, and core values that are shared throughout the firm and that influence how the firm conducts business.
Organizational Culture
126
# Exam Reversed
entails the total profits earned in an industry at all points along the value chain.
Profit Pools
127
# Exam Reversed
1) Define pool's boundaries 2) estimate the pool's overall size 3) Estimate the size of the value-chain activity in the pool 4) reconcile the calculations
4 Steps to ID Profit Pools
128
# Exam Reversed
composed of dimensions in the broader society that influence an industry and the firms within it.
General Environment
129
# Exam Reversed
1) Demographic 2) Economic 3) Political/Legal 4) Sociocultural 5) Technological 6) Global 7) Physical
7 Environmental Segments
130
# Exam Reversed
set of factors that directly influence a firm and its competitive actions and responses: threat of new entrants, supplier power, buyer power, threat of substitutes, rivalry amongst competitors
Industry Environment
131
# Exam Reversed
how companies gather and interpret information about their competitors is called competitor analysis
Competitor Analysis
132
# Exam Reversed
1) Scanning 2) Monitoring 3) Forecasting 4) Assessing
4 Parts of External Environment Analysis
133
# Exam Reversed
condition in the general environment that, if exploited effectively, helps a company reach strategic competitiveness.
Opportunity
134
# Exam Reversed
condition in the general environment that may hinder a company's efforts to achieve strategic competitiveness
Threat
135
# Exam Reversed
entails the study of all segments in the general environment and understand implications
Scanning
136
# Exam Reversed
analysts observe environmental changes to see if an important trend is emerging from among those spotted through scanning.
Monitoring
137
# Exam Reversed
analysts develop feasible projections of what might happen, and how quickly, as a result of scanning and monitoring
Forecasting
138
# Exam Reversed
objective is to determine the timing and significance of the environmental change that has been discovered.
assessing
139
# Exam Reversed
concerned with a populations size, age structure, geographic distribution, ethnic mix, and income distribution
Demographic Segment
140
# Exam Reversed
Refers to the nature and direction of the economy in which a firm competes or may compete
Economic Environment
141
# Exam Reversed
an environment in which relatively little and perhaps nothing at all is known about the future state of an economy
Economic Uncertainty
142
# Exam Reversed
Arena in which organizations and interest groups compete for attention, resources, and a voice overseeing the body of laws and regulations guiding interactions among nations as well as between firms and various local governmental agencies
Political/Legal Segment
143
# Exam Reversed
concerned with a society's attitudes and cultural values.
Sociocultural Segment
144
# Exam Reversed
includes the institutions and activities involved in creating new knowledge and translating that knowledge into new outputs, products, processes, and materials.
Technological Segment
145
# Exam Reversed
Includes relevant new global markets, existing markets that are changing, important international political events, and critical cultural and institutional characteristics of global markets
Global Segment
146
# Exam Reversed
allows firms to build on and use their core competencies while limiting their risks within the niche market.
Globalfocusing
147
# Exam Reversed
"personal connections"- ideology of China
Guanxi
148
# Exam Reversed
Japan--\> group harmony and social Cohesion
Wa
149
# Exam Reversed
commercial activities that occur at least partly outside a governing body's observation, taxation, and regulation.
informal economy
150
# Exam Reversed
group or firms producing products that are close substitutes.
Industry
151
# Exam Reversed
Threat of New Entrants Supplier Power Buyer Power Threat of Substitutes Rivalry amongst Existing Competitors
5 Forces of Competition
152
# Exam Reversed
1- Economies of Scale 2- Product Differentiation 3-Capital Requirements 4-Switching Costs 5- Access to Distribution Channels 6- Cost Disadvantages Independent of Scale 7-Government Policy
7 Barriers to Entry
153
# Exam Reversed
1- dominated by a few large companies and is more concentrated that the industry to which it sells 2- Satisfactory substitutes are not available to industry firms 3- Industry firms are not a significant customer for the supplier group 4-Suppliers' goods are critical to buyers' marketplace success 5-effectiveness of suppliers products has created high switching costs for the industry firms 6- It poses a credible threat to integrate forward into the buyers' industry
Supplier Power is Powerful When
154
# Exam Reversed
-They purchase a large portion of an industry's total output - sales of the product account for a large portion of the seller's annual revenues -They could switch to another product at little cost - The industry's products are undifferentiated or standardized, and buyers pose credible threat if they were to integrate backward into sellers industry
Buyer Power is Powerful When
155
# Exam Reversed
-Numerous or Equally balanced competitors -Slow industry growth -Lack of differentiation or Low Switching costs -High Strategic Stakes -High Exit Barriers
Intensity of Rivalry Among Competitors
156
# Exam Reversed
Set of firms emphasizing similar strategic dimensions and using a similar strategy. (Ex;Audi, BMW, Mercedes) \*Rivalry within a strategic group is more intense\*\*
Strategic Groups
157
# Exam Reversed
-Final part of the external environment requiring study. --What drive the competitor (as shown by future objectives) --What the competitor is doing and can do (as revealed by its current strategy) --What the competitor believes about the industry(shown by assumptions) --What the competitors capabilities are (shown by strengths and weaknesses)
Competitor Analysis
158
# Exam Reversed
The set of data and information the firm gathers to better understand and anticipate competitor's objectives, strategies, assumptions, and capabilities
Competitor Intelligence
159
# Exam Reversed
-How do our goals compare with our competitors' goals? -Where will emphasis be placed in the future? -What is the attitude toward risk?
Future Objectives (Comp. Analysis)
160
# Exam Reversed
How are we currently competing? Does their strategy support changes in the competitive structure?
Current Strategy (Comp. Analysis)
161
# Exam Reversed
Do we assume the future will be volatile? Are we operating under a status quo? What assumptions do our competitors hold about the industry and themselves?
Assumptions (Comp Analysis)
162
# Exam Reversed
What are our strengths and weaknesses? How do we rate compared to our competitors?
Capabilities (Comp Analysis)
163
# Exam Reversed
What will our competitors do in the future\> Where do we hold an advantage over our competitors? How will this change our relationship with our competitors?
Response (Comp Analysis)
164
# Exam Reversed
Companies or networks of companies that sell goods or services that are compatible with the local firm's goods or service. It in turn creates additional value from that firm.
Complementors
165
# Exam Reversed
-obtaining publicly available information -attending trade fairs and shows to obtain competitors' brochures, view exhibits, listen to discussion about their products, etc.
Legal and Ethical Practices
166
# Exam Reversed
the ability to analyze, understand, and manage an internal organization in ways that are not dependent on the assumptions of a single country, culture, or context.
Global Mind-Set
167
# Exam Reversed
measured by a products performance characteristics and by its attributes for which customers are willing to pay.
value
168
# Exam Reversed
assets that can be observed and quantified -financial resources -organizational resources -physical resources -Technological Resources
Tangible Resources
169
# Exam Reversed
assets that are rooted deeply in the firms history, accumulate over time, and are relatively difficult for competitors to analyze and imitate. -HR -Innovation Resources -Reputational Resources
Intangible Resources
170
# Exam Reversed
allow the firm to exploit opportunities or neutralize threats in its external environment
Valuable Capabilities
171
# Exam Reversed
are capabilities that few, if any, competitors possess.
Rare Capabilities
171
# Exam Reversed
are capabilities that few, if any, competitors possess.
Rare Capabilities
172
# Exam Reversed
capabilities that other firms cannot easily develop -unique historical conditions -organizational culture -casually ambiguous -social complexity
Costly-to-Imitate Capabilities
173
# Exam Reversed
capabilities that other firms cannot easily develop -unique historical conditions -organizational culture -casually ambiguous -social complexity
Costly-to-Imitate Capabilities
174
# Exam Reversed
capabilities that do not have strategic equivalents
Nonsubstitutable Capabilities
174
# Exam Reversed
capabilities that do not have strategic equivalents
Nonsubstitutable Capabilities
175
# Exam Reversed
activities or tasks the firm completes in order to produce, products and then sell, distribute, and service those products in ways that create value for customers
Value Chain Activities
176
# Exam Reversed
include the activities or tasks the firm completes in order to support the work being done to produce, sell, distribute, and service those products the firm is producing
Support Functions
177
# Exam Reversed
the purchase of a value-creating activity or a support function activity from an external supplier.
Outsourcing
178
# Exam Reversed
integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product markets
Business Level Strategy
178
# Exam Reversed
integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product markets
Business Level Strategy
179
# Exam Reversed
concerned with the firm's access and connection to its customers
Reach (dimension of relationships)
179
# Exam Reversed
concerned with the firm's access and connection to its customers
Reach (dimension of relationships)
180
# Exam Reversed
concerned with the depth and detail of the two way flow of information between the firm and the customer.
Richness (dimension of relationships)
180
# Exam Reversed
concerned with the depth and detail of the two way flow of information between the firm and the customer.
Richness (dimension of relationships)
181
# Exam Reversed
concerned with facilitating useful interactions with customers.
Affiliation (dimensions of relationships
181
# Exam Reversed
concerned with facilitating useful interactions with customers.
Affiliation (dimensions of relationships
182
# Exam Reversed
a process used to cluster people with similar needs into individual and identifiable groups
market segmentation
182
# Exam Reversed
a process used to cluster people with similar needs into individual and identifiable groups
market segmentation
183
# Exam Reversed
integrated set of actions taken to produce goods or services with features that are acceptable to customers at the lowest cost, relative to those of competitors
Cost Leadership Strategy
184
# Exam Reversed
integrated set of actions taken to produce goods or services (at an acceptable cost) that customers perceive as being different in ways that are important to them.
Differentiation Strategy
185
# Exam Reversed
integrated set of actions taken to produce goods or services that serve the needs of a particular competitive segment.
Focus Strategy
185
# Exam Reversed
integrated set of actions taken to produce goods or services that serve the needs of a particular competitive segment.
Focus Strategy
186
# Exam Reversed
involved engaging in primary value chain activities and support functions that allow a firm to simultaneously pursue low cost and differentiation.
Integrated Cost Leadership/Differentiation Strategy
186
# Exam Reversed
involved engaging in primary value chain activities and support functions that allow a firm to simultaneously pursue low cost and differentiation.
Integrated Cost Leadership/Differentiation Strategy
187
# Exam Reversed
managerial process that emphasizes an organization;s commitment to the customer and to continuous improvement of all processes through problem solving approaches based on empowerment of employees
TQM
187
# Exam Reversed
managerial process that emphasizes an organization;s commitment to the customer and to continuous improvement of all processes through problem solving approaches based on empowerment of employees
TQM
