Exam (elaborations)
MAN 320F EXAM 2 AROIAN QUESTIONS AND ANSWERS
- Course
- Institution
MAN 320F EXAM 2 AROIAN QUESTIONS AND ANSWERS
[Show more]
Content preview
MAN 320F EXAM 2 AROIAN QUESTIONS AND ANSWERSBlue Ocean Strategy - Answer -strategy where it includes all industries not in existence, unknown market space going where the profits and growth is, not where the competition is
Red Ocean Strategy - Answer -all industries in existence, the known mkt space
industries never stand... - Answer -still
strategic move - Answer -the set of managerial actions and decisions involved in making a major market-creating business offering
with technology & globalization, it has led to what? - Answer -accelerated commodization where brands become more similar, ppl buy more on price
The iPod was so successful because it was a - Answer -fully-integrated product
What does it mean...blue ocean? - Answer -creating a new group of consumers most are created from within red oceans
what is the key to success? - Answer -market opportunity
Value innovation - Answer -low costs
high buyer value
red vs blue ocean strategy - Answer -Red: compete in existing mkt space, beat competition, exploit existing demand, focus on value-cost trade-off, make decision to differentiate through strategic choice and low costs
Blue:
create new mkt space, competition= irrelevant, creating new demand, focus on differentiation & low costs, reconstructionist view
the winning strategic approach involves - Answer -value innovation you break the value-cost trade off by - Answer -enhancing a limited set of key factors and reducing or eliminating all other traditional ex: microsoft office vs open office
strategic plan - Answer -comprehensive plan that identifies the critical direction and guides the allocation of resources
strategic management - Answer -1) analyze and learn from stakeholders
2) establish strategic direction
3) create strategy 4) execute it (all in effort to please stakeholders)
broad environment includes... - Answer -1. sociocultural trends
2. technological trends
3. political trends
4. economic trends
the task environment includes... - Answer -the closest stakeholders
1. customers
2. suppliers.
3. competitors
global strategic management - Answer -most successful firms look global for opportuntiies to grow and develop
saturated domestic mkt> potential foreign mkt
a mission statement - Answer -reflects what an org is used for decision making and resource allocations
a vision statement is - Answer -a forward looking view of what the company will look like
Michael Porter's Five Forces Model - Answer -Buyer power
Supplier power
Threat of substitute products or services
Threat of new entrants
Rivalry among existing competitors
triple bottom line - Answer -represents people, planet, and profit; measures an organization's social, environmental, and financial performance
measures an org's social, environmental, and financial performance
success can be measured through a - Answer -social audit
social audit - Answer -a systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs
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 millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now