Exam (elaborations)
Mgmt 310 Exam 2 questions with verified solutions rated A+
- Course
- Institution
Mgmt 310 Exam 2 questions with verified solutions rated A+
[Show more]
Content preview
Mgmt 310 Exam 2competes, resources, customers, value - correct answer ✔✔business model: a business' plan or diagram
for how it _____, uses its _____, structures its relationships, interfaces with _____, and creates ____ to
sustain itself
feasibility, elements, logic - correct answer ✔✔a business model is important because it serves as an
ongoing extension of _____ analysis (does this business make sense?), it focuses attention on how all the
___ of a business fit together and constitute a working whole, describes why the network of participants
needed to make a business idea viable are willing to work together, and articulates a company's core
____ to all stakeholders, including employees
value chain - correct answer ✔✔_____: the string of activities that moves a product from the raw
material stage, through manufacturing and distribution, and ultimately to the end user
customer, economics - correct answer ✔✔Two fatal flaws that can render a business model untenable
from the beginning are : a complete misread of the ____ and unsound _____
core strategy, strategic resources, partnership network, customer interface - correct answer ✔✔the 4
components of a business model: cs, sr, pn, ci
core strategy - correct answer ✔✔(components of a business model): first component, describes how a
firm competes relative to its competitors; includes the mission statement, product/market scope, and
basis for differentiation
mission statement - correct answer ✔✔_____: describes why it exists and what its business model is
supposed to accomplish
(product/market) scope - correct answer ✔✔_____: defines the products and markets on which it will
concentrate
, strategic resources - correct answer ✔✔(components of a business model) 2nd component, a firm is
unable to implement strategy without this; two important ones are a firm's core competencies and
strategic assets
core competencies - correct answer ✔✔_____: resource or capability that serves as a source of a firm's
competitive advantage
strategic assets - correct answer ✔✔____: anything rare and valuable that a firm owns (i.e. plant
equipment, location, brands, patents, customer data, a highly qualified staff, partnerships...)
partnership network - correct answer ✔✔(components of a business model) 3rd component, building a
net of suppliers and other key relationships; new ventures rely heavily on these
supplier - correct answer ✔✔_____: a company that provides parts or services to another company
key relationships - correct answer ✔✔_____: firms partner with other companies to make their business
models work.
joint venture - correct answer ✔✔____: an entity created by two or more firms pooling a portion of their
resources to create a separate, jointly own org
network - correct answer ✔✔____: a hub-and-wheel configuration with a local firm at the hub
organizing the inter-dependencies of a complex array of firms
consortia - correct answer ✔✔____: a group of orgs with similar needs that band together to create a
new entity to address those needs
strategic alliance - correct answer ✔✔_____: an arrangement between two or more firms that
establishes an exchange relationship but has no joint ownership involved
trade associations - correct answer ✔✔_____ orgs (typically nonprofit) that are formed by firms in the
same industry to collect and disseminate trade info, offer legal and tech advice, furnish industry-related
training, and provide a platform for collective lobbying
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 kirus27. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. 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