strategy Flashcards

1
Q

strategy

A

plan of action that develops a business competitive advantage; achieved by doing different things and doing things differently

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2
Q

cost leadership vs. differentiation

A

differentiation: deliver distinctive value - “do different things”
cost leadership: drive down costs - “do things differently”

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3
Q

generic strategies

A

strategies that can be applied to any size or form of business (cost leadership/differentiation)

broad or narrow; 1. cost leadership 2. focused low cost 3. broad differentiation 4. focused differentiation

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4
Q

economic logic

A

how firm makes money above its cost of capital

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5
Q

focused differentiation

A

marketing of a differentiated product to a narrow market

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6
Q

best cost provider

A

hybrid of low cost provider and differentiation strategies, considered to be suboptimal for most companies

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7
Q

cost leadership

A

focus on minimizing costs, often results using product price as competitive edge

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8
Q

focused low cost

A

low cost, narrow focused market; focus on specific segment such as buyer segment or geographic segment

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9
Q

staging and pacing

A

sequence and speed of strategic moves

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10
Q

organic growth

A

growth rate of company excluding takeovers, acquisitions, mergers

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11
Q

vehicles

A

how a company will achieve its objectives

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12
Q

arenas

A

where firm will be active and with how much emphasis

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13
Q

strategy diamond

A

framework for checking and communicating a strategy; economic logic/arenas/staging/vehicles/differentiators

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14
Q

economies of scale

A

making things in large quantity, making it to scale is more cheaper (more production = drive costs down)

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15
Q

economies of scope

A

cost advantages a business enjoys due to larger range of operations

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