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Strat 392 BYU Final Exam(30 questions and answers).
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Strat 392 BYU Final Exam(30 questions and answers).
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Strat 392 BYU FinalExam(30 questions
and answers)
competitive advantage - answer factors that allow
a company to produce goods or services better or
more cheaply than its rivals -- when a firm
generates higher profits compared to its
competitors
VRIO - answer Competitive advantage is
established when product or service has value,
rarity, not easily inimitable, and organization to
exploit profits.
Competitive advantage pyramid (biggest to
smallest) - answer Values and priorities,
Resources, Capabilities, and Organization &
Activities
Competitor Response Profile - answer A profile of a
competitor that identifies its objectives and
assumptions, its strategy, and its resources and
capabilities in order to anticipate how the
competitor might respond to rival actions.
, Vertical Integration - answer (or insourcing)
Bringing business processes or activities
previously conducted by outside companies in-
house.
Insourcing - answer the same as vertical
integration which is bringing process or production
doe out-of-house in-house
Outsourcing - answer The process where a firm
contracts out a business process or activity to an
external supplier.
Blue Ocean - answer Create New Markets by
Targeting Non-Consumers, in other words, offering
value that is very different from anything on the
market. Example: Cirque du Soleil performing in
the circus industry but providing something so
unique.
Red Ocean - answer intense rivalry, when
companies try to outperform their rivals to grab a
greater share of existing demand.
rivalry - answer Competition among firms within an
industry. Typically this involves firms putting
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