MAN 320F EXAM 2 AROIAN
Blue 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
industri...
MAN 320F EXAM 2 AROIAN
Blue 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
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
internal stakeholders - Answer- employees, owners, board of directors
owners - Answer- consist of all those who can claim the organization as their legal
property
board of directors - Answer- A group of people elected by the stockholders of a
corporation to set the policies for the corporation.
external stakeholders - Answer- people or groups in the organization's external
environment that are affected by it
task environment - Answer- consists of 11 groups that present you with daily tasks to
handle: customers, competitors, suppliers, distributors, strategic allies, employee
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