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MAN 320F EXAM 2 AROIAN QUESTIONS AND ANSWERS
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MAN 320F EXAM 2 AROIAN QUESTIONS AND ANSWERS
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MAN 320F EXAM 2 AROIAN QUESTIONS AND ANSWERSBlue Ocean Strategy - Answer -strategy where it includes all industries not in existence, unknown market space going where the profits and growth is, not where the competition is
Red Ocean Strategy - Answer -all industries in existence, the known mkt space
industries never stand... - Answer -still
strategic move - Answer -the set of managerial actions and decisions involved in making a major market-creating business offering
with technology & globalization, it has led to what? - Answer -accelerated commodization where brands become more similar, ppl buy more on price
The iPod was so successful because it was a - Answer -fully-integrated product
What does it mean...blue ocean? - Answer -creating a new group of consumers most are created from within red oceans
what is the key to success? - Answer -market opportunity
Value innovation - Answer -low costs
high buyer value
red vs blue ocean strategy - Answer -Red: compete in existing mkt space, beat competition, exploit existing demand, focus on value-cost trade-off, make decision to differentiate through strategic choice and low costs
Blue:
create new mkt space, competition= irrelevant, creating new demand, focus on differentiation & low costs, reconstructionist view
the winning strategic approach involves - Answer -value innovation you break the value-cost trade off by - Answer -enhancing a limited set of key factors and reducing or eliminating all other traditional ex: microsoft office vs open office
strategic plan - Answer -comprehensive plan that identifies the critical direction and guides the allocation of resources
strategic management - Answer -1) analyze and learn from stakeholders
2) establish strategic direction
3) create strategy 4) execute it (all in effort to please stakeholders)
broad environment includes... - Answer -1. sociocultural trends
2. technological trends
3. political trends
4. economic trends
the task environment includes... - Answer -the closest stakeholders
1. customers
2. suppliers.
3. competitors
global strategic management - Answer -most successful firms look global for opportuntiies to grow and develop
saturated domestic mkt> potential foreign mkt
a mission statement - Answer -reflects what an org is used for decision making and resource allocations
a vision statement is - Answer -a forward looking view of what the company will look like
Michael Porter's Five Forces Model - Answer -Buyer power
Supplier power
Threat of substitute products or services
Threat of new entrants
Rivalry among existing competitors
triple bottom line - Answer -represents people, planet, and profit; measures an organization's social, environmental, and financial performance
measures an org's social, environmental, and financial performance
success can be measured through a - Answer -social audit
social audit - Answer -a systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs
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