Business Strategy Game Comprehensive Exam Q&A| Graded A+

Business Strategy the firm's working plan for achieving its vision, prioritizing objectives, competing successfully and optimizing financial performance with its business model Generic Strategies one is based on achieving lower costs than rivals, a second is based on differentiation from the competition and another is appealing to a narrow market segment within an industry. these can also be combined with each other Low Cost Provider Strategy striving to achieve broad lower overall costs than rivals on comparable products that attract a broad spectrum of buyers, usually by underpricing rivals. Broad Differentiation Strategy seeking to differentiate the company's product offering from rivals' with attributes 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 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. This allows a company to give customers more value for their money by underpricing rivals whose products have similar upscale, multifeatured attributes. Cost Driver 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 attributes that add functionality; enhance the design; save time for the user; are more reliable; or make the product cleaner, safer, quieter, simpler to use, more portable, more convenient, or longer-lasting than rival brands Intangible Attributes contribute to differentiation and can extend beyond product attributes to the reputation of the company and to customer relations or trust