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GEB 4890 Final - Part 1 Questions and Answers 100% Latest Update
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GEB 4890 Final - Part 1 Questions and Answers 100% Latest Update
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GEB 4890 Final - Part 1 Questions andAnswers 100% Latest Update
***A low-cost leader can translate its low-cost advantage over competition into higher profits
by maintaining the present price and using the lower-cost edge to earn a higher profit margin
on each unit sold***
Broad Low-Cost Strategy ✔✔Striving to achieve broad lower overall costs that rivals on
competitive products that attract a broad spectrum of buyers, usually by underpricing rivals
Broad Differentiation Strategy ✔✔Seeking to differentiate the firm;s product offerings from its
rivals with attributes that will appeal to a broad spectrum of buyers
Focused Low-Cost Strategy ✔✔Concentrating on a narrow buyer segment, or market niche,
striving to meet these needs at lower costs than rivals thereby being able to serve niche
members at a lower price
Focused Differentiation Strategy ✔✔Concentrating on a narrow buyer segment, or market
niche, by offering its members customized attributes that meet their specific tastes and
requirements of niche members better than rivals
Best-Cost (hybrid) Strategy ✔✔Striving to incorporate upscale product attributes at a lower cost
than rivals. Being the "best-cost" producer of and upscale, mult i featured product allows a firm
to give customers more value for their money by underpricing rivals whose products have
similar, upscale, multi-featured attributes
Major avenues for achieving cost advantage ✔✔- Perform value chain activities more
costeffectively than rivals
- Revamp the firm's overall value chain to eliminate or bypass some cost-producing activities
Sustainable differentiation-based competitive advantage ✔✔- Differentiation that creates
switching costs that lock in buyers
- Yields a longer-lasting and more profitable competitive edge when it is based on:
, 1) A well-established brand image
2) Patent-protected product innovation
3) Complex technical superiority
4) Reputation for superior product quality or reliability
5) Relationship-based customer service
6) Unique competitive capabilities
Costco has a strategy ✔✔Best Cost Provider
Under Armor, Starbucks, Tesla, and Disney all have a strategy. ✔✔Broad Differentiation
IKEA has a strategy. ✔✔Low Cost
Amazon has a strategy. ✔✔Broad Low-Cost
Strategy ✔✔The coordinated set of actions that its managers take in order to outperform the
company's competitors and achieve superior profitability.
Competitive Advantage ✔✔Advantage over competitors gained by offering consumers greater
value, either by means of lower prices or by providing greater benefits and service that justifies
higher prices
Strategic Advantage ✔✔Refers to those marketplace benefits that exert a decisive influence on
an organization's likelihood of future success. Frequently are sources of an organization's
current and future success relative to other providers of similar products
Business strategy ✔✔Primarily concerned with strengthening the company's market position
and building competitive advantage in a single-business company or in a single business unit of
a diversified multi-business corporation
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