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Strategic Management > Exam 1 > Flashcards

Exam 1 Flashcards

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

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2
Q

Liability of Foreignness

A

The risks of participating in outside of a firms domestic markets in the global economy

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3
Q

Perpetual Innovation

A

term used to describe how rapidly and consistently new, information-intensive technologies replace older ones.

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4
Q

disruptive technologies

A

tech that destroys the value of an existing tech and creates new markets

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5
Q

Knowledge

A

(information, intelligence, expertise) is the basis of technology and its application

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6
Q

Strategic Flexibility

A

set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment.

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7
Q

Study The External Environment (Step 1)

A

-the general environment -the industry environment -competitor environment

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8
Q

Locate An Attractive Industry (Step 2)

A

an industry whose structural characteristics suggest above average returns

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9
Q

Identify The Strategy (Step 3)

A

Selection of a strategy linked with above-avg returns in a particular industry

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10
Q

Develop/Acquire Assets and Skills (Step 4)

A

Assets and skills required to implement a chosen strategy

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11
Q

Strategy Implementation (Step 5)

A

Selection of strategic actions linked with effective implementation of the chosen strategy

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12
Q

Superior Returns! (Step 6)

A

earning ABOVE AVG RETURNS!

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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)

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14
Q

Capability

A

Capacity for a set of resources to perform a task or an activity in an integrative manner.

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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)

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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.

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17
Q

Valuable resources

A

when they allow a firm to take advantage of opportunities or neutralize threats in its external environment

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18
Q

Identify Resources (Step 1/ RB Model)

A

inputs into a firms production process; study strengths and weaknesses compared to competitors.

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19
Q

Determine Firms Capabilities (Step 2/RB Model)

A

Capacity of an integrated set of resources to integratively perform a task or activity

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20
Q

Determine Competitive Advantage (Step 3/RB Model)

A

based up the firms resources and capabilities; ability to outperform rivals

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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

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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.

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23
Q

SUPERIOR RETURNS: STEP 6

A

Earn above avg returns

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24
Q

non-substitutable

A

when they have no structural equivalents

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25
Q

Vision

A

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)

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26
Q

Mission

A

specifies the business or businesses in which the firm intends to compete and the customers it intends to serve. (more concrete than vision)

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27
Q

Stakeholders

A

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

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28
Q

Capital Market Stakeholders

A

Shareholders and major suppliers of capital (e,g, banks)

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29
Q

Product Market Stakeholders

A

Primary Customers Suppliers Host Communities Unions

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30
Q

Organizational Stakeholders

A

Employees Managers Nonmanagers

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31
Q

Strategic Leaders

A

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.**

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32
Q

Organizational Culture

A

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.

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33
Q

Profit Pools

A

entails the total profits earned in an industry at all points along the value chain.

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34
Q

4 Steps to ID Profit Pools

A

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

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35
Q

General Environment

A

composed of dimensions in the broader society that influence an industry and the firms within it.

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36
Q

7 Environmental Segments

A

1) Demographic 2) Economic 3) Political/Legal 4) Sociocultural 5) Technological 6) Global 7) Physical

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37
Q

Industry Environment

A

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

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38
Q

Competitor Analysis

A

how companies gather and interpret information about their competitors is called competitor analysis

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39
Q

4 Parts of External Environment Analysis

A

1) Scanning 2) Monitoring 3) Forecasting 4) Assessing

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40
Q

Opportunity

A

condition in the general environment that, if exploited effectively, helps a company reach strategic competitiveness.

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41
Q

Threat

A

condition in the general environment that may hinder a company’s efforts to achieve strategic competitiveness

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42
Q

Scanning

A

entails the study of all segments in the general environment and understand implications

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43
Q

Monitoring

A

analysts observe environmental changes to see if an important trend is emerging from among those spotted through scanning.

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44
Q

Forecasting

A

analysts develop feasible projections of what might happen, and how quickly, as a result of scanning and monitoring

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45
Q

assessing

A

objective is to determine the timing and significance of the environmental change that has been discovered.

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46
Q

Demographic Segment

A

concerned with a populations size, age structure, geographic distribution, ethnic mix, and income distribution

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47
Q

Economic Environment

A

Refers to the nature and direction of the economy in which a firm competes or may compete

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48
Q

Economic Uncertainty

A

an environment in which relatively little and perhaps nothing at all is known about the future state of an economy

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49
Q

Political/Legal Segment

A

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

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50
Q

Sociocultural Segment

A

concerned with a society’s attitudes and cultural values.

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51
Q

Technological Segment

A

includes the institutions and activities involved in creating new knowledge and translating that knowledge into new outputs, products, processes, and materials.

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52
Q

Global Segment

A

Includes relevant new global markets, existing markets that are changing, important international political events, and critical cultural and institutional characteristics of global markets

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53
Q

Globalfocusing

A

allows firms to build on and use their core competencies while limiting their risks within the niche market.

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54
Q

Guanxi

A

“personal connections”- ideology of China

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55
Q

Wa

A

Japan–> group harmony and social Cohesion

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56
Q

informal economy

A

commercial activities that occur at least partly outside a governing body’s observation, taxation, and regulation.

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57
Q

Industry

A

group or firms producing products that are close substitutes.

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58
Q

5 Forces of Competition

A

Threat of New Entrants Supplier Power Buyer Power Threat of Substitutes Rivalry amongst Existing Competitors

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59
Q

7 Barriers to Entry

A

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

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60
Q

Supplier Power is Powerful When

A

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

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61
Q

Buyer Power is Powerful When

A

-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

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62
Q

Intensity of Rivalry Among Competitors

A

-Numerous or Equally balanced competitors -Slow industry growth -Lack of differentiation or Low Switching costs -High Strategic Stakes -High Exit Barriers

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63
Q

Strategic Groups

A

Set of firms emphasizing similar strategic dimensions and using a similar strategy. (Ex;Audi, BMW, Mercedes) *Rivalry within a strategic group is more intense**

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64
Q

Competitor Analysis

A

-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)

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65
Q

Competitor Intelligence

A

The set of data and information the firm gathers to better understand and anticipate competitor’s objectives, strategies, assumptions, and capabilities

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66
Q

Future Objectives (Comp. Analysis)

A

-How do our goals compare with our competitors’ goals? -Where will emphasis be placed in the future? -What is the attitude toward risk?

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67
Q

Current Strategy (Comp. Analysis)

A

How are we currently competing? Does their strategy support changes in the competitive structure?

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68
Q

Assumptions (Comp Analysis)

A

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?

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69
Q

Capabilities (Comp Analysis)

A

What are our strengths and weaknesses? How do we rate compared to our competitors?

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70
Q

Response (Comp Analysis)

A

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?

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71
Q

Complementors

A

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.

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72
Q

Legal and Ethical Practices

A

-obtaining publicly available information -attending trade fairs and shows to obtain competitors’ brochures, view exhibits, listen to discussion about their products, etc.

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73
Q

Global Mind-Set

A

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.

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74
Q

value

A

measured by a products performance characteristics and by its attributes for which customers are willing to pay.

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75
Q

Tangible Resources

A

assets that can be observed and quantified -financial resources -organizational resources -physical resources -Technological Resources

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76
Q

Intangible Resources

A

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

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77
Q

Valuable Capabilities

A

allow the firm to exploit opportunities or neutralize threats in its external environment

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78
Q

Rare Capabilities

A

are capabilities that few, if any, competitors possess.

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79
Q

Costly-to-Imitate Capabilities

A

capabilities that other firms cannot easily develop -unique historical conditions -organizational culture -casually ambiguous -social complexity

80
Q

Nonsubstitutable Capabilities

A

capabilities that do not have strategic equivalents

81
Q

Value Chain Activities

A

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
Q

Support Functions

A

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
Q

Outsourcing

A

the purchase of a value-creating activity or a support function activity from an external supplier.

84
Q

Business Level Strategy

A

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
Q

Reach (dimension of relationships)

A

concerned with the firm’s access and connection to its customers

86
Q

Richness (dimension of relationships)

A

concerned with the depth and detail of the two way flow of information between the firm and the customer.

87
Q

Affiliation (dimensions of relationships

A

concerned with facilitating useful interactions with customers.

88
Q

market segmentation

A

a process used to cluster people with similar needs into individual and identifiable groups

89
Q

Cost Leadership Strategy

A

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
Q

Differentiation Strategy

A

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
Q

Focus Strategy

A

integrated set of actions taken to produce goods or services that serve the needs of a particular competitive segment.

92
Q

Integrated Cost Leadership/Differentiation Strategy

A

involved engaging in primary value chain activities and support functions that allow a firm to simultaneously pursue low cost and differentiation.

93
Q

TQM

A

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
Q

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

A

Globalization

95
Q

Exam Reversed

The risks of participating in outside of a firms domestic markets in the global economy

A

Liability of Foreignness

96
Q

Exam Reversed

term used to describe how rapidly and consistently new, information-intensive technologies replace older ones.

A

Perpetual Innovation

97
Q

Exam Reversed

tech that destroys the value of an existing tech and creates new markets

A

disruptive technologies

98
Q

Exam Reversed

(information, intelligence, expertise) is the basis of technology and its application

99
Q

Exam Reversed

set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment.

A

Strategic Flexibility

100
Q

Exam Reversed

-the general environment -the industry environment -competitor environment

A

Study The External Environment (Step 1)

101
Q

Exam Reversed

an industry whose structural characteristics suggest above average returns

A

Locate An Attractive Industry (Step 2)

102
Q

Exam Reversed

Selection of a strategy linked with above-avg returns in a particular industry

A

Identify The Strategy (Step 3)

103
Q

Exam Reversed

Assets and skills required to implement a chosen strategy

A

Develop/Acquire Assets and Skills (Step 4)

104
Q

Exam Reversed

Selection of strategic actions linked with effective implementation of the chosen strategy

A

Strategy Implementation (Step 5)

105
Q

Exam Reversed

earning ABOVE AVG RETURNS!

A

Superior Returns! (Step 6)

106
Q

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)

107
Q

Exam Reversed

Capacity for a set of resources to perform a task or an activity in an integrative manner.

A

Capability

108
Q

Exam Reversed

resources and capabilities that serve as a source of competitive advantage for a firm over its rivals. (ex. Apples R&D)

A

Core Competencies

109
Q

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.

A

Resource Based Model of Above Avg Returns

110
Q

Exam Reversed

when they allow a firm to take advantage of opportunities or neutralize threats in its external environment

A

Valuable resources

111
Q

Exam Reversed

inputs into a firms production process; study strengths and weaknesses compared to competitors.

A

Identify Resources (Step 1/ RB Model)

112
Q

Exam Reversed

Capacity of an integrated set of resources to integratively perform a task or activity

A

Determine Firms Capabilities (Step 2/RB Model)

113
Q

Exam Reversed

based up the firms resources and capabilities; ability to outperform rivals

A

Determine Competitive Advantage (Step 3/RB Model)

114
Q

Exam Reversed

an industry with opportunities that can be exploited by the firm’s resources and capabilities

A

Locate Attractive Industry (Step 4/ RB Model)

115
Q

Exam Reversed

a strategy that best allows a firm to utilize its resources and capabilities relative to opportunities in the external environment.

A

Select a Strategy (Step 5/ RB Model)

116
Q

Exam Reversed

Earn above avg returns

A

SUPERIOR RETURNS: STEP 6

117
Q

Exam Reversed

when they have no structural equivalents

A

non-substitutable

118
Q

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)

119
Q

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)

120
Q

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

A

Stakeholders

121
Q

Exam Reversed

Shareholders and major suppliers of capital (e,g, banks)

A

Capital Market Stakeholders

122
Q

Exam Reversed

Primary Customers Suppliers Host Communities Unions

A

Product Market Stakeholders

123
Q

Exam Reversed

Employees Managers Nonmanagers

A

Organizational Stakeholders

124
Q

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.**

A

Strategic Leaders

125
Q

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.

A

Organizational Culture

126
Q

Exam Reversed

entails the total profits earned in an industry at all points along the value chain.

A

Profit Pools

127
Q

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

A

4 Steps to ID Profit Pools

128
Q

Exam Reversed

composed of dimensions in the broader society that influence an industry and the firms within it.

A

General Environment

129
Q

Exam Reversed

1) Demographic 2) Economic 3) Political/Legal 4) Sociocultural 5) Technological 6) Global 7) Physical

A

7 Environmental Segments

130
Q

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

A

Industry Environment

131
Q

Exam Reversed

how companies gather and interpret information about their competitors is called competitor analysis

A

Competitor Analysis

132
Q

Exam Reversed

1) Scanning 2) Monitoring 3) Forecasting 4) Assessing

A

4 Parts of External Environment Analysis

133
Q

Exam Reversed

condition in the general environment that, if exploited effectively, helps a company reach strategic competitiveness.

A

Opportunity

134
Q

Exam Reversed

condition in the general environment that may hinder a company’s efforts to achieve strategic competitiveness

135
Q

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entails the study of all segments in the general environment and understand implications

136
Q

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analysts observe environmental changes to see if an important trend is emerging from among those spotted through scanning.

A

Monitoring

137
Q

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analysts develop feasible projections of what might happen, and how quickly, as a result of scanning and monitoring

A

Forecasting

138
Q

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objective is to determine the timing and significance of the environmental change that has been discovered.

139
Q

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concerned with a populations size, age structure, geographic distribution, ethnic mix, and income distribution

A

Demographic Segment

140
Q

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Refers to the nature and direction of the economy in which a firm competes or may compete

A

Economic Environment

141
Q

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an environment in which relatively little and perhaps nothing at all is known about the future state of an economy

A

Economic Uncertainty

142
Q

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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

A

Political/Legal Segment

143
Q

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concerned with a society’s attitudes and cultural values.

A

Sociocultural Segment

144
Q

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includes the institutions and activities involved in creating new knowledge and translating that knowledge into new outputs, products, processes, and materials.

A

Technological Segment

145
Q

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Includes relevant new global markets, existing markets that are changing, important international political events, and critical cultural and institutional characteristics of global markets

A

Global Segment

146
Q

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allows firms to build on and use their core competencies while limiting their risks within the niche market.

A

Globalfocusing

147
Q

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“personal connections”- ideology of China

148
Q

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Japan–> group harmony and social Cohesion

149
Q

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commercial activities that occur at least partly outside a governing body’s observation, taxation, and regulation.

A

informal economy

150
Q

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group or firms producing products that are close substitutes.

151
Q

Exam Reversed

Threat of New Entrants Supplier Power Buyer Power Threat of Substitutes Rivalry amongst Existing Competitors

A

5 Forces of Competition

152
Q

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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

A

7 Barriers to Entry

153
Q

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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

A

Supplier Power is Powerful When

154
Q

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-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

A

Buyer Power is Powerful When

155
Q

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-Numerous or Equally balanced competitors -Slow industry growth -Lack of differentiation or Low Switching costs -High Strategic Stakes -High Exit Barriers

A

Intensity of Rivalry Among Competitors

156
Q

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**

A

Strategic Groups

157
Q

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-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)

A

Competitor Analysis

158
Q

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The set of data and information the firm gathers to better understand and anticipate competitor’s objectives, strategies, assumptions, and capabilities

A

Competitor Intelligence

159
Q

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-How do our goals compare with our competitors’ goals? -Where will emphasis be placed in the future? -What is the attitude toward risk?

A

Future Objectives (Comp. Analysis)

160
Q

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How are we currently competing? Does their strategy support changes in the competitive structure?

A

Current Strategy (Comp. Analysis)

161
Q

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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?

A

Assumptions (Comp Analysis)

162
Q

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What are our strengths and weaknesses? How do we rate compared to our competitors?

A

Capabilities (Comp Analysis)

163
Q

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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?

A

Response (Comp Analysis)

164
Q

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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.

A

Complementors

165
Q

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-obtaining publicly available information -attending trade fairs and shows to obtain competitors’ brochures, view exhibits, listen to discussion about their products, etc.

A

Legal and Ethical Practices

166
Q

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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.

A

Global Mind-Set

167
Q

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measured by a products performance characteristics and by its attributes for which customers are willing to pay.

168
Q

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assets that can be observed and quantified -financial resources -organizational resources -physical resources -Technological Resources

A

Tangible Resources

169
Q

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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

A

Intangible Resources

170
Q

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allow the firm to exploit opportunities or neutralize threats in its external environment

A

Valuable Capabilities

171
Q

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are capabilities that few, if any, competitors possess.

A

Rare Capabilities

171
Q

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are capabilities that few, if any, competitors possess.

A

Rare Capabilities

172
Q

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capabilities that other firms cannot easily develop -unique historical conditions -organizational culture -casually ambiguous -social complexity

A

Costly-to-Imitate Capabilities

173
Q

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capabilities that other firms cannot easily develop -unique historical conditions -organizational culture -casually ambiguous -social complexity

A

Costly-to-Imitate Capabilities

174
Q

Exam Reversed

capabilities that do not have strategic equivalents

A

Nonsubstitutable Capabilities

174
Q

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capabilities that do not have strategic equivalents

A

Nonsubstitutable Capabilities

175
Q

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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

A

Value Chain Activities

176
Q

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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

A

Support Functions

177
Q

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the purchase of a value-creating activity or a support function activity from an external supplier.

A

Outsourcing

178
Q

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integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product markets

A

Business Level Strategy

178
Q

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

A

Business Level Strategy

179
Q

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concerned with the firm’s access and connection to its customers

A

Reach (dimension of relationships)

179
Q

Exam Reversed

concerned with the firm’s access and connection to its customers

A

Reach (dimension of relationships)

180
Q

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concerned with the depth and detail of the two way flow of information between the firm and the customer.

A

Richness (dimension of relationships)

180
Q

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concerned with the depth and detail of the two way flow of information between the firm and the customer.

A

Richness (dimension of relationships)

181
Q

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concerned with facilitating useful interactions with customers.

A

Affiliation (dimensions of relationships

181
Q

Exam Reversed

concerned with facilitating useful interactions with customers.

A

Affiliation (dimensions of relationships

182
Q

Exam Reversed

a process used to cluster people with similar needs into individual and identifiable groups

A

market segmentation

182
Q

Exam Reversed

a process used to cluster people with similar needs into individual and identifiable groups

A

market segmentation

183
Q

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

A

Cost Leadership Strategy

184
Q

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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.

A

Differentiation Strategy

185
Q

Exam Reversed

integrated set of actions taken to produce goods or services that serve the needs of a particular competitive segment.

A

Focus Strategy

185
Q

Exam Reversed

integrated set of actions taken to produce goods or services that serve the needs of a particular competitive segment.

A

Focus Strategy

186
Q

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involved engaging in primary value chain activities and support functions that allow a firm to simultaneously pursue low cost and differentiation.

A

Integrated Cost Leadership/Differentiation Strategy

186
Q

Exam Reversed

involved engaging in primary value chain activities and support functions that allow a firm to simultaneously pursue low cost and differentiation.

A

Integrated Cost Leadership/Differentiation Strategy

187
Q

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

187
Q

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

Strategic Management (3 decks)

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