operational effectiveness - Answer-performing the same task better than rivals perform them
strategic positioning - Answer-performing different tasks than rivals, or the same tasks in a different way
VRIS - Answer-valuable, rare, hard to imitate, difficult to substitute
imitation resistant...
BMGT 301 Final Exam Questions and
Answers
operational effectiveness - Answer-performing the same task better than rivals perform
them
strategic positioning - Answer-performing different tasks than rivals, or the same tasks
in a different way
VRIS - Answer-valuable, rare, hard to imitate, difficult to substitute
imitation resistant value-chains - Answer-a way of doing business that competitors
struggle to replicate and that frequently involves technology in a key enabling role
five primary components of the value chain - Answer-o Inbound logistics—getting
needed materials and other inputs into the firm from suppliers
o Operations—turning inputs into products or services
o Outbound logistics—delivering products or services to consumers, distribution
centers, retailers, or other partners
o Marketing and sales—customer engagement, pricing, promotion, and transaction
o Support—service, maintenance, and customer support
how IT enables competitive advantage - Answer-o Be different
o New pricing strategies (price discrimination)
o Lowering cost (cost leadership)
four support activities of the value chain - Answer-o Firm infrastructure - general
management, accounting, finance, strategic planning
o Human Resources Management - recruiting, training, development
o Technology Development - R & D, product and process improvement
o Procurement - purchasing of new materials, machines, supplies
five forces model - Answer-1.) rivalry among existing competitors
2.) threat of substitute products or services
3.) potential new buyers
4.) power of buyers
5.) power of suppliers
network effects - Answer-- the value of a product or service increases as its number of
users grows
-also known as network externalities or Metcalfe's Law
- more users = more value
- among the most important reasons you will pick one product or service over another
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