Midterm Slides (anything could've missed...) Flashcards

1
Q

Is there a single agreed definition of strategy?

A

No,

has many definitions ranging from Porter, to Barney, etc

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2
Q

What happens with products in red oceans?

A

Well the level of competition turns the waters red and the products into more of a commododity

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3
Q

What are some examples of key blue ocean creations?

A

Ford Model T, Chrysler minivan, Apple Personal computer, etc

These were ALL created via value pioneering actually, with existing technologies. None of them was an entirely new technological discover outright

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4
Q

For the strategies to fight low cost rivals, what are companies three options?

A

attack

coexist uneasily

become low cost players themselves

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5
Q

A two pronged strategy of being low cost and high only delivers results when…

A

The low cost operation is launched offensively to make money, NOT as a purely defensive ploy to hurt low-cost rivals

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6
Q

Define a sustained competitive advantage

A

Enables a company to maintain above-average projects for a number of years

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7
Q

Price competition increases when buyers experience low switching costs and…

A

the industry is characterized by high fixed costs

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8
Q

What is the objective of mapping strategic groups?

A

The objective of mapping strategic groups is to identify direct competitors

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9
Q

What is the industry life cycle when it is still niche, and the uncertain technology is advertised as solving a “solution”?

A

Embryonic

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10
Q

What is the industry life cycle when the market has expanded beyond niche, and customers are starting to become informed about it?

A

growing

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11
Q

What is the industry life cycle when demand approaches saturation and industry excess capacity builds up causing customers to gain bargaining power?

A

Shakeout

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12
Q

What is the industry life cycle when the market is volatile with a proliferation of products and markets served?

A

Mature

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13
Q

What is the industry life cycle when the market is consolidated and contracts?

A

Decline

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14
Q

At what stage does demand reach total saturation?

A

Maturity

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15
Q

According to the VRIO model, what are the two criteria that must be satisfied in order to sustain a competitive advantage?

A

inimitability and nonsubstitutability

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16
Q

According to Chan Kim and Mauborgne, a blue ocean strategy would allow firm to do what?

A

Simultaneously pursue cost leadership and differentiation