Operational Effectiveness - Answer-performing the same tasks better than rivals perform them
Strategic positioning - Answer-performing different tasks than your rivals, or performing the same tasks in a different way
Competitive advantage - Answer-The ability for a firm to outperform its comp...
BMGT 301 Final Exam Questions and
Answers
Operational Effectiveness - Answer-performing the same tasks better than rivals
perform them
Strategic positioning - Answer-performing different tasks than your rivals, or performing
the same tasks in a different way
Competitive advantage - Answer-The ability for a firm to outperform its competitors in
financial measures
Sustainable competitive advantage - Answer-A factor or set of factors can lead to
sustainable advantage if VRIS (valuable, rare, cannot imitate, and hard to substitute)
Resource Based View of Competitive Advantage - Answer-the strategic thinking,
approach suggesting that if a firm is to maintain sustainable competitive advantage, it
must control an exploitable resource, or set of resources, that have four critical
characteristics (VRIS)
Tangible Resources - Answer-Factories, products, raw materials
Capabilities - Answer-a subset of resources that enable a firm to take full advantage of
other resources
Imitation-resistant value chain - Answer-a strategic way of doing business that is difficult
for competitors to replicate
VRIS - Answer-Valuable, rare, hard to imitate, hard to substitute
Switching Costs - Answer-the cost a consumer incurs when moving from one product to
another
Differentiation - Answer-Be the first one there (first mover advantage versus fast
follower), product differentiation
Vertical differentiation - Answer-build a better product; products differ in quality (Civic
vs. Acura)
Horizontal differentiation - Answer-Position yourself in "product space" away from your
competitors; used to appeal to distinct group of customers (red vs. blue cars)
, Value chain - Answer-the set of activities through which a product or service is created
and delivered to customers
Primary activities of the value chain - Answer-Inbound logistics, operations, outbound
logistics, marketing & sales, service
Supporting activities of the value chain - Answer-Firm infrastructure, human resource
management, technology development, procurement
Porter's Competitive Forces Model - Answer-The intensity or rivalry among existing
competitors, threat of new entrants, bargaining power of customers, threat of
substitutes, bargaining power of suppliers
Long tail - Answer-refers to the large number of products available through conventional
retail stores, an extremely large selection of content or products, firms can make money
by offering a near limitless selection
Collaborative filtering - Answer-a classification of software that monitors trends among
customers and uses this data to personalize an individual's customer experience
(cinematch)
Churn rate - Answer-the rate at which customers leave a product or service
Windowing - Answer-an industry practice whereby content (usually a motion picture) is
available to a given distribution channel for a specified time period usually under a
different revenue model (usually ticket sale, license fee, etc.)
Crowdsourcing - Answer-the act of taking a job traditionally performed by a designated
agent (usually an employee) and outsourcing it to an undefined generally large group of
people in the form of an open call
Straddling - Answer-when a firm attempts to match the benefits of a successful position
while maintaining its existing position
Pure Play Firm - Answer-refers to a firm that exists exclusively online
From Atoms to Bits - Answer-the idea that make media products are sold in containers
(atoms) has moved to bits (the ones and zeros that make up a video file, music, books)
Fixed Costs - Answer-costs that do not vary according to production volume
Marginal costs - Answer-the costs associated with each addition unit produced
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