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BUSA 4980 Strategic Management Exam 1 Questions And Answers Latest Update
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BUSA 4980 Strategic Management Exam 1 Questions And Answers Latest Update
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Solution 2024/2025Pepper
BUSA 4980 Strategic Management Exam 1
Questions And Answers Latest Update
What is strategy? ANS✔✔ consists of the integrated and coordinated set of
commitments
and actions designed to exploit core competencies and
gain a competitive
advantage. it forms an action plan to attract customers, compete against
rivals, grow the business & achieve objectives
4 approaches to building competitive advantage ANS✔✔ cost leadership-
competitive advantage arises from a cost structure rivals cannot match (ex:
walmart)
differentiation- advantage stems from products that provide higher quality,
wider selection, attractive styling, technological superiority (ex: mercedes
benz)
market niche- advantage results by doing a better job than rivals of serving
the preference of buyers comprising a narrow market (ex: starbucks)
distinct expertise- advantage arises from developing expertise, resource
strengths, & capabilities not easily imitated by rivals (ex: fedex)
5 major elements of strategy ANS✔✔ arenas- where will we be active?
vehicles- how will we get there?
, Solution 2024/2025
Pepper
differentiators- how will we win?
staging- what will be our timing?
economic logic- how will we obtain our returns?
how do we assess the effectiveness of strategy? evaluation criteria ANS✔✔
performance, goodness of dit, competitive advantage, consistency, & risk
3 sources of strategic positioning ANS✔✔ variety based- based on producing
a subset of an industry's products or services (ex: jiffy lube, specializes in
automotive lubricants)
needs based- based on serving most or all of the needs of a particular group
of customers, arises from a defined group with varying needs (ex: ikea,
home furnishing needs of targeted segment)
access based- based on segmenting customers who are accessible in
different ways. although similar to other customers, best configuration of
activities has to be different (ex: carmike cinemas, movie theaters in small
towns)
Competitive Positioning ANS✔✔ How a business will differentiate its
products
what is business level strategy? ANS✔✔ core decision about strategy. how
company plans to engage its competitive environment. providing value to
customers & gaining competitive advantage by exploiting core
competencies in individual product markets. key issues revolves around
understanding the customers to be served & their specific needs
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