BMGT 304 Strategic Management Mid Term || with Error-free Solutions.

5 Basic Strategic Approaches correct answers Focused low Cost - Dollarama Focused Differentiation - Starbucks, Tesla Best-Cost Provider - (Value oriented) Amazon, Costco Broad Differentiation - Apple, Hudson Bay, RBC. Low Cost Provider - Walmart Business Model correct answers V or R- C = P Sustainable competitive advantage (S.C.A) correct answers a competitive advantage that other companies have tried unsuccessfully to duplicate and have, for the moment, stopped trying to duplicate Balanced Scorecard correct answers is a widely used method for combining the use of both strategic and financial objectives, tracking their achievement, and giving management a more complete and balanced view of how well an organization is performing. Balanced Scorecards measures a firm's optimal performance by correct answers - Placing a balanced emphasis on achieving both financial and strategic objectives. - Tracking both measures of financial performance and measures of whether a firm is strengthening its competitiveness and market position. Financial Objectives correct answers - Communicate top management's goals for financial performance. - Are focused internally on the firm's operations and activities. Strategic Objectives correct answers - Are the firm's goals related to marketing standing and competitive position. - Are focused externally on competition vis-à-vis the firm's rivals. Smart correct answers Specific, Measurable, Attainable, Realistic, Timely PESTEL correct answers Focuses on principal components of strategic significance in the macro-environment: - Political factors - Economic conditions (local to worldwide) (Focus on this) - Sociocultural forces - Technological factors (focus on this) - Environmental factors (the natural environment) - Legal/regulatory conditions The Five Competitive Forces correct answers - Competition from rival sellers