MGMT 466 Exam 2 - FLASHCARDS - Chapter 4
What is concerned with making choices among two or more alternatives?
Strategy
What uses digital technology to help a firm understand its customers and their needs with greater clarity as a foundation for developing innovations that create more value for those customers?
Digital strategy
True or false: Information and the technologies available to gather and analyze it are at the core of a firm’s effort to form a digital strategy?
TRUE
True or false: A digital strategy is developed and implemented in combination with other firm strategies?
TRUE
What do firms seek to do through selecting and implementing one or more strategies?
− gain strategic competitiveness.
− earn above-average returns
True or false: strategies are purposeful?
TRUE
True or false: strategies engage rivals in marketplace competition?
TRUE
True or false: strategies demonstrate a shared understanding of the firm’s vision and mission?
TRUE
True or false: A strategy consistent with the conditions and realities of a firm’s external and internal environments marshals, integrates, and allocates available resources, capabilities, and competencies to align them properly with opportunities in the external environment?
TRUE
What is an integrated and coordinated set of commitments and actions a firm uses?
Business level strategy
True or false: a business level strategy is something that every firm must develop and implement?
TRUE
What is the purpose of a business level strategy?
The purpose of a business-level strategy is to create differences between the firm’s position and those of its competitors
True or false: to position itself differently from competitors, a firm must decide if it intends to perform activities differently or if it will perform different activities?
TRUE
True or false: strategy defines the path that provides the direction of actions organizational leaders take to help their firms achieve success?
TRUE
True or false: strategic competitiveness results only when the firm satisfies a group of customers by using its competitive advantages as the basis for competing in individual product markets?
TRUE
True or false: Effective global competitors establish reach, richness, and affiliation with their customers?
TRUE
What is the dimension of relationships with customers that revolves around the firm’s access and connection to customers?
Reach
What is depth and detail of the two-way flow of information between the firm and customers?
Richness
What is concerned with facilitating useful interactions with customers?
Affiliation
What is the process of dividing customers into groups based on their needs?
Market segmentation
What is the dimension of relationships with customers that revolves around the firm’s access and connection to customers?
Reach
True or false: business models are part of a comprehensive business-level strategy?
TRUE
What is a framework for how the firm will use processes to create, deliver, and capture value?
Business model
What is the path the firm will follow to gain a competitive advantage by exploiting its core competencies in a specific product market?
Business level strategy