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Mgmt 310 Exam 2 questions with verified solutions rated A+
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Mgmt 310 Exam 2 questions with verified solutions rated A+
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Mgmt 310 Exam 2competes, resources, customers, value - correct answer ✔✔business model: a business' plan or diagram
for how it _____, uses its _____, structures its relationships, interfaces with _____, and creates ____ to
sustain itself
feasibility, elements, logic - correct answer ✔✔a business model is important because it serves as an
ongoing extension of _____ analysis (does this business make sense?), it focuses attention on how all the
___ of a business fit together and constitute a working whole, describes why the network of participants
needed to make a business idea viable are willing to work together, and articulates a company's core
____ to all stakeholders, including employees
value chain - correct answer ✔✔_____: the string of activities that moves a product from the raw
material stage, through manufacturing and distribution, and ultimately to the end user
customer, economics - correct answer ✔✔Two fatal flaws that can render a business model untenable
from the beginning are : a complete misread of the ____ and unsound _____
core strategy, strategic resources, partnership network, customer interface - correct answer ✔✔the 4
components of a business model: cs, sr, pn, ci
core strategy - correct answer ✔✔(components of a business model): first component, describes how a
firm competes relative to its competitors; includes the mission statement, product/market scope, and
basis for differentiation
mission statement - correct answer ✔✔_____: describes why it exists and what its business model is
supposed to accomplish
(product/market) scope - correct answer ✔✔_____: defines the products and markets on which it will
concentrate
, strategic resources - correct answer ✔✔(components of a business model) 2nd component, a firm is
unable to implement strategy without this; two important ones are a firm's core competencies and
strategic assets
core competencies - correct answer ✔✔_____: resource or capability that serves as a source of a firm's
competitive advantage
strategic assets - correct answer ✔✔____: anything rare and valuable that a firm owns (i.e. plant
equipment, location, brands, patents, customer data, a highly qualified staff, partnerships...)
partnership network - correct answer ✔✔(components of a business model) 3rd component, building a
net of suppliers and other key relationships; new ventures rely heavily on these
supplier - correct answer ✔✔_____: a company that provides parts or services to another company
key relationships - correct answer ✔✔_____: firms partner with other companies to make their business
models work.
joint venture - correct answer ✔✔____: an entity created by two or more firms pooling a portion of their
resources to create a separate, jointly own org
network - correct answer ✔✔____: a hub-and-wheel configuration with a local firm at the hub
organizing the inter-dependencies of a complex array of firms
consortia - correct answer ✔✔____: a group of orgs with similar needs that band together to create a
new entity to address those needs
strategic alliance - correct answer ✔✔_____: an arrangement between two or more firms that
establishes an exchange relationship but has no joint ownership involved
trade associations - correct answer ✔✔_____ orgs (typically nonprofit) that are formed by firms in the
same industry to collect and disseminate trade info, offer legal and tech advice, furnish industry-related
training, and provide a platform for collective lobbying
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