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BSG- exam-1-81 Questions and Answers
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BSG- exam-1-81 Questions and AnswersIndustry conditions
Competitive pressures
Market standing vis-à-vis rivals
Competitive strengths and weaknesses - -What is the firm's present
situation?
-New buyer needs to satisfy
•Growth opportunities to pursue
•Markets to deemphasize or abandon
•How to measure success - -What direction to head and what performance
targets to set?
-Strategy for competing successfully
How to attract customers
Deciding what market position to stake out
Actions to achieve performance targets - -How to run the firm in ways that
produce good results?
-Firm's Strategy - -A coherent combination of actions and approaches about
how to run the company
-How to attract, please, and retain customers
How to compete against rivals
How to capitalize on growth opportunities
How to respond to changing economic and market conditions
How to manage the functional pieces of the business
How to achieve the firm's performance targets - -Firm's strategy
-compete differently from rivals - -The Key to Crafting a "Good" Strategy
-Become the low-cost provider
Offer differentiating features
Offer customers more value for the money
Focus on better serving the unique needs and tastes of buyers in a niche
market
Develop expertise, resources, and capabilities that are competitively
valuable and that rivals cannot easily overcome - -Strategic Approaches to
Building Sustainable Competitive Advantage
-valuable - -One of the competitive advantage is to develop expertise,
resources, and capabilities that are competitively ---- and that rivals cannot
easily overcome
, -Actions to enter new geographic or product markets or to exit existing
ones.
Actions to strengthen competitiveness via strategic alliance and
collaborative partnership
Actions to strengthen market standing and competitiveness by acquiring or
merging with other companies - -Identifying a Company's Strategy—What to
Look For
-Changing market conditions
►Advancing technology
►Fresh moves of competitors
►Shifting buyer needs and preferences
►Emerging market opportunities
►New ideas for improving the strategy
►Evidence that the current strategy is not working well - -Why a Company's
Strategy Evolves over Time?
-morally objectionable
deceitful
unfair or harmful to others
disreputable
or unreasonably damaging to the environment. - -To meet the standard of
being ethical, a strategy must entail actions that can pass moral scrutiny in
the sense of not being---
-A legal strategic - -----action or business approach does not mean it is
ethical or morally acceptable.
-"Right" versus "wrong", "moral" versus" immoral"
►Not crossing the line from "should do" to "should not do"
►"Within the bounds of acceptability" versus "outside the bounds of
acceptability"
►Many strategic actions fall in a gray zone and can be deemed ethical or
unethical depending on how high one sets the bar for what qualifies as
ethical behavior. - -Ethical standards are about
-Deals with the firm's competitive initiatives and business approaches - -A
firm's strategy
-Concerns whether the revenues and costs flowing from the strategy
demonstrate the firm can be profitable and viable - -A firm's business model
-Customer Value Proposition
Profit Proposition (or "Profit Formula") - -The Two Crucial Elements of a
Firm's Business Model
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