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UTK BUAD 453 Exam 1 Study Guide Questions And 100% Correct Answers
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UTK BUAD 453 Exam 1 Study Guide Questions And100% Correct Answers
What are some examples of corporate core competencies? - ANSWER Quality
Innovation
Efficiency
Customer responsiveness
Examples:
-Apple: Using industrial design to integrate the hardware and software into innovative
and category-defining mobile devices to take the user experience to a new level
-Honda: The design and manufacture of small, but powerful highly reliable internal
combustion engines
Core competencies-ANSWER Are unique strengths embedded within a firm; they allow a
firm to differentiate its products or services such that the firm can create greater value
for customers and/or produce output at a lower cost.
What are typical levels of strategy that a company must consider?-ANSWER
Corporate-Level Strategy
Business-Level Strategy
Managerial-Level Strategic Decision-Making
What are the four conditions for organizational success? - ANSWER 1.Goals & Values—
Start with Why (golden circle)
2.Resources & Capabilities
3.Organizational Structure & Systems
,4.Profound understanding of the competitive environment
What are the three Ds? - ANSWER DIAGNOSE
DECIDE
DELIVER
What are the 6 Steps of strategic planning process of the of the Strategy in 3Dtextbook?
- ANSWER STEP 1: Define the corporate mission, vision, values, and goals.
STEP 2 or 3: Diagnose externally
STEP 2 or 3: Diagnose internally
STEP 4: Based on the internal and external diagnosis, we generate alternatives and
decide among them
STEP 5: Deliver - Implement the decisions and track process using the balanced
scorecard.
STEP 6: Feed back loop
Describe the strategic positioning continuum? - ANSWER Provides a glance at different
ways in which multi-stakeholder groups can approach strategy
Which of the following describes how you would identify cost leaders? ANSWER Manage
to emphasize efficiency at every step of the value chain: production, manufacturing,
sales, and customer service.
What words does the acronym STEEP represent? ANSWER Sociocultural
Technological
Economic
Ecological
Political and legal
, For the premium chocolate industry provide examples of what each component of the
STEEP analysis might be. ANSWER Sociocultural:
Increased demand for chocolate as an antioxidant-they are healthy! : Opportunity
Forced & child labor used for cocoa production; Increased customer awareness/care
for ethically produced products: Threat
Technological:
Very simple technology
Handmade products (smaller companies): Both Opportunity/neutral
Economic:
Seasonal sales, especially around Christmas
Online sales growing: Both neutral
Ecological:
Environmental concerns about packaging and procurement: threat
Political/Legal:
Some competitors (large companies) are trying to change the legal definition of
"chocolate": threat
What is an example of each component of the STEEP analysis for the meal-kit industry? -
ANSWER Sociocultural:
Wanting good healthy food in the home
Grocery shopping seen as a time-consuming, cumbersome activity by many : Both
Opportunity
Technological:
Technology relatively simple & infrequently changing : Opportunity/Neutral
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