Exam (elaborations)
BUS 475 EXAM 1 LATEST ACTUAL EXAM
- Course
- Institution
- Book
BUS 475 EXAM 1 LATEST ACTUAL EXAM
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
MNG4801 Assignment 3 2024 (277337)
-
MNG4801 Assignment 3 Semester 2 (Detailed Answers) Due 4 October 2024
-
Exam (elaborations) MNG4801 Assignment 2 (COMPLETE ANSWERS) 2024 (276844) - 19 July 2024 • Course • Strategic Management - MNG4801 (MNG4801) • Institution • University Of South Africa (Unisa) ...
1 review
By: leonardmuriithi061 • 3 weeks ago
Seller
Follow
tutorsection1
Reviews received
Content preview
BUS 475 EXAM 1 LATEST ACTUAL EXAMfirm effects account for up to... - ANSWER: 55%
industry effects account for up to ... - ANSWER: about 20%
other effects account for up to... - ANSWER: about 25%
what are some examples of other effects? - ANSWER: business cycle effects,
unexplained variance
what is an industry? - ANSWER: 1. where company competes
2. group of companies competing against each other
3. around the same set of suppliers and buyers
4. tend to offer similar products and services
what is PESTEL framework? - ANSWER: 6 external factors that impact a firm
what are the 6 segments in the PESTEL framework? - ANSWER: - Political
- economic
- sociocultural
- technological
- ecological
- logical
the 6 of the PESTEL factors can create.... - ANSWER: opportunities and/or threats
competition - ANSWER: goes beyond the firm's direct competitors
industry analysis is a method to... (1) - ANSWER: identify an industry's profit
potential
industry analysis is a method to... (2) - ANSWER: derive implications for a firm's
strategic position
industry analysis is a method to... (3) - ANSWER: guide firms to decide how they can
position themselves to gain and sustain a competitive advantage
profit potential - ANSWER: level of profitability for the average firm
firm's strategic position - ANSWER: ability to create value while controlling the cost
Value = - ANSWER: total perceived consumer benefits =
consumer's maximum willingness to pay =
reservation price
, economic value created = - ANSWER: v-c
c = - ANSWER: firm's cost
Porter's 5 Forces - ANSWER: 1. threat of new entrants
2. threat of substitute products or services
3. bargaining power of suppliers
4. bargaining power of buyers
5. rivalry among existing competitors
if the 5 forces are weak --> - ANSWER: industry's profit potential increases
if the 5 forces are strong --> - ANSWER: industry's profit potential decreases
force 1 - threat of entry - ANSWER: risk that potential competitors will enter an
industry
threat of entry: the more profitable an industry... - ANSWER: the more attractive it is
for new competitors to enter
entry barrier - ANSWER: obstacle blocking others from entering
an entry barrier is... - ANSWER: a significant predictor of industry profit potential
types of entry barriers - ANSWER: 1. economies of scale
2. network effects
3. switching costs
4. capital requirements
5. government policy
6. threat of retaliation
entry barrier: economies of scale - ANSWER: cost advantages accrue to firms with
bigger output
economies of scale: as you increase output... - ANSWER: can spread fixed costs
economies of scale: increase in output... - ANSWER: helps with cost advantage
entry barrier: network effects - ANSWER: value of a product/service for an individual
user INCREASES with the # of total users
entry barrier: switching costs - ANSWER: costs incurred by moving from one product
to another
entry barrier: capital requirements - ANSWER: capital required to compete in this
industry
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tutorsection1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now