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MAN 320F Exam 2 with complete solutions
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MAN 320F Exam 2 with complete solutions
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MAN 320F Exam 2 with complete solutionsBlue Ocean Strategy - Answer -new and untapped market - don't have to deal with competitors.
How do niche markets and monopolies disappear? - Answer -information and products are immediately available, when products become commoditized
How do products become commoditized? - Answer -When products become similar and
people buy on price
How did the iPod turn Apple into a blue ocean? - Answer -looked at non-customers (refused iPod but had other MP3) and non-consumers (wouldn't consider an MP3)
provided software, hardware, and music
How to create a blue ocean - Answer -1. create new group of consumer
2. create a new industry
How do red oceans become blue oceans - Answer -by expanding existing boundaries
What are 2 reasons VCs won't invest in a deal? - Answer -1. Management not committed
2. Not accurate rate of return
Why would smart investors not invest in Dell or Whole Foods? - Answer -Was a dropout
kid
What were the 6 key success factors for Dell? - Answer -MARKET OPP + good management
Red Ocean Characteristics - Answer -existing market, beat competition, exploit existing demand, make value-cost trade-off, differentiation OR low cost
Blue Ocean Characteristics - Answer -new market space, make competitors irrelevant, new demand, increase value decrease cost, differentiation AND low cost Why was Cirque de Soleil successful? - Answer -Not a traditional circus, very different entertainment, no straightforward competitors
What is the winning strategy? - Answer -value innovation and break value-cost trade-off
What is value innovation - Answer -reduce costs and increase value to customers
How to break value-cost trade-off - Answer -enhance a limited set of key factors and reduce all other traditional factors
Why was Toyota successful? - Answer -w/ hybrid cars... saw increased demand for energy and that cost would increase long-term -- disparity b/w consumption and availability
What is a strategy? - Answer -Long term plan for success
deciding what business an org should be in, where it wants to be, how to get there
Strategic plan - Answer -comprehensive plan that identifies critical direction
Strategic Managament - Answer -analyze and learn from stakeholders, establish strategic direction, create strategies that are indented to help reach goals, execute strategies
What is the goal for strategic management? - Answer -to satisfy key stakeholders
Broad environment - Answer -domestic and global environmental forces such as sociocultural, technological, political, and economic trends
Sociocultural trends in the US - Answer -immigration, terrorism + security, military, global energy
Task Environmentt - Answer -external stakeholders - customers, suppliers, competitors
What do competitors impact? - Answer -Red v. Blue Ocean
Internal environment analysis - Answer -determine strengths for comparative advantage
and weaknesses to be corrected
Global strategic management - Answer -most successful firm look globally to grow develop
Factors in looking globally to grow - Answer -saturated domestic markets, profit foreign, english is universal, lower-cost resources, learn from foreign ventures
Mission statements - Answer -what we stand for/who we are
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