TMP 120 Final Exam Questions & Answers 2023/2024
What does strategy do for a company? - ANSWER-Strategy creates a unique sustainable competitive advantage for a company.
What are the 4 elements or characteristics of strategy? - ANSWER-1. long-term & consistent goals
2. deep understanding o...
TMP 120 Final Exam Questions & Answers 2023/2024
What does strategy do for a company? - ANSWER-Strategy creates a unique sustainable competitive advantage for a company.
What are the 4 elements or characteristics of strategy? - ANSWER-1. long-term & consistent goals
2. deep understanding of the competitive environment 3. objective assessment of resources and capabilities
4. effective execution to reach the goals
Which 2 questions must companies ask themselves about competing - ANSWER-Where to compete? How to compete?
Why do companies develop and pursue a strategy - ANSWER-to create and capture value
What are important for Start-Ups and Established Firms? What is a Situation Analysis: - ANSWER-- choose where to compete
- use available resources wisely
- time is critical
- increase or decrease risk and value
What cost does the method of Economic Value Added measure? - ANSWER-Profit - (Costs + Expenses)
What are the 4 perspectives for balancing the goals of an organization? - ANSWER-1. Process perspective
2. Growth perspective
3. Financial perspective
4. Customer perspective PESTEL - ANSWER-Political: political changes in gov't for instance can influence the way you put your product onto the market
(National/International) Economic: the economy can change over the years and can therefore boost your
organizational product or put restrains on it
Sociocultural: there might be things happening in the social system which make your product or organization more wanted or less so
Technological: technology might change which may cause your product to become obsolete. technology can also influence the way your can use or develop your product
Ecological: strong rainfall or extreme heat could kill a harvest, thereby causing an increase for the cost for your product
Legal: new legal conditions coming from the european union may influence your organization or product.
- 6 elements of external environment
Porter's "5 Forces" - ANSWER-1. suppliers
2. new entrants
3. buyers
4. substitutes
5. existing competitors
5C Analysis - ANSWER-Company
Competitors
Customers
Collaborators
Climate
Game Theory - ANSWER-Definition: Study of human interaction and cooperation in a dynamic competitive situation
Benefit: allows us to model competitive interaction
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