GEB 4890 - Exam 2 Latest Already Passed

GEB 4890 - Exam 2 Latest Already Passed business strategy A leadership plan that achieves a specific set of goals or objectives generic strategies fundamental philosophical options for the design of strategies low cost provider strategy striving to achieve lower overall costs than rivals on comparable products that attract a broad spectrum of buyers broad differentiation strategy seeking to differentiate the company's product or service from rivals' in ways that will appeal to a broad spectrum of buyers focused low-cost strategy concentrating on the needs and requirements of a narrow buyer segment (or market niche) and striving to meet these needs at lower costs than rivals (thereby being able to serve niche members at a lower price) focused differentiation strategy Concentrating on a narrow buyer segment (or market niche) and outcompeting rivals by offering niche members customized attributes that meet their tastes and requirements better than rivals' products best-cost provider strategy striving to incorporate upscale product attributes at a lower cost than rivals cost drivers a factor that has a strong influence on a company's costs value driver a factor that can have a strong differentiating effect tangible attributes features that increase customer satisfaction with the product, such as product specifications, functions and styling intangible attributes features that enhance buyer satisfaction in noneconomic ways economies of scale the property whereby long-run average total cost falls as the quantity of output increases