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WPC 470 Moore ASU Final Exam Questions & answers
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WPC 470 Moore ASU Final Exam✅✅
The goal-directed actions managers take in their quest for competitive advantage
when competing in a single product market - -Business-level strategy
Business level strategy that successfully combines differentiation and
✅✅
cost-leadership activities using value innovation to reconcile the inherent tradeoffs -
-Blue ocean strategy
✅✅
Generic business strategy that seeks to create the same or similar value for
customers at a lower cost - -Cost-leadership strategy
✅✅
Generic business strategy that seeks to create higher value for customers than the
value that competitors create, while containing costs - -Differentiation strategy
Increases in cost per unit when output increases - ✅✅-Diseconomies of scale
Decreases in cost per unit as output increases - ✅✅-Economies of scale
Savings that come from producing two or more outputs at less cost than producing
✅✅
each output individually, despite using the same resources and technology -
-Economies of scope
Output range needed to bring down the cost per unit as much as possible, allowing a
✅✅
firm to stake out the lowest-cost position that is achievable through economies of
scale - -Minimum efficient scale (MES)
✅✅
Choices between a cost or value position. Such choices are necessary because
higher value creation tends to generate higher cost - -Strategic trade-offs
✅✅
A new product which known components, based on existing technologies, are
reconfigured In a novel way to attack new markets - -Architectural innovation
✅✅
An innovation that leverages new technologies to attack existing markets from the
bottom up - -Disruptive innovation
✅✅
An innovation that squarely builds on an established knowledge base and steadily
improves an existing product or service - -Incremental innovation
New ways to produce existing products or deliver existing services - ✅✅-Process
innovation
, The simultaneous pursuit of differentiation and low cost in a way that creates a leap
✅✅
in value for both the firm and the consumers; considered a cornerstone of blue
ocean strategy - -Value innovation
✅✅
Conceptual model that shows how each stage of the industry life cycle is dominated
by a different customer group - -Crossing-the-chasm framework
✅✅
The process by which people undertake economic risk to innovate- to create new
products, processes, and sometimes new organizations - -Entrepreneurship
Competitive benefits that accrue to the successful innovator - ✅✅-First-mover
advantages
✅✅
The five different stages; introduction, growth, shakeout, maturity, and decline, that
occur in the evolution of an industry over time - -Industry life cycle
✅✅
The positive effect (externality) that one user of a product or service has on the value
of that product for other users - -Network effects
A form of intellectual property that gives the inventor exclusive rights to benefit from
✅✅
commercializing a technology for a specified time period in exchange for public
disclosure of the underlying idea - -Patent
An enterprise that creates value by matching external producers and consumers in a
✅✅
way that creates value for all participants, and that depends on the infrastructure or
platform that the enterprise manages - -Platform business
✅✅
The market environment in which all players participate relative to the platform -
-Platform ecosystem
✅✅
An innovation that was developed for emerging economies before introduced in
developed economies. Sometimes also called frugal innovation - -Reverse
innovation
The pursuit of social goals while creating a profitable business - ✅✅-Social
entrepreneurship
✅✅
Markets where the market leader captures almost all of the market share and is able
to extract a significant amount of the value created - -Winner-take-all markets
✅✅
Changes in an industry value chain that involve moving ownership of activities
upstream to originating (inputs) point of value chain - -Backward vertical
integration
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