Exam (elaborations)
MAN 320F Exam 2 with complete solutions
- Course
- Institution
MAN 320F Exam 2 with complete solutions
[Show more]
Content preview
MAN 320F Exam 2 with complete solutionsBlue Ocean Strategy - Answer -new and untapped market - don't have to deal with competitors.
How do niche markets and monopolies disappear? - Answer -information and products are immediately available, when products become commoditized
How do products become commoditized? - Answer -When products become similar and
people buy on price
How did the iPod turn Apple into a blue ocean? - Answer -looked at non-customers (refused iPod but had other MP3) and non-consumers (wouldn't consider an MP3)
provided software, hardware, and music
How to create a blue ocean - Answer -1. create new group of consumer
2. create a new industry
How do red oceans become blue oceans - Answer -by expanding existing boundaries
What are 2 reasons VCs won't invest in a deal? - Answer -1. Management not committed
2. Not accurate rate of return
Why would smart investors not invest in Dell or Whole Foods? - Answer -Was a dropout
kid
What were the 6 key success factors for Dell? - Answer -MARKET OPP + good management
Red Ocean Characteristics - Answer -existing market, beat competition, exploit existing demand, make value-cost trade-off, differentiation OR low cost
Blue Ocean Characteristics - Answer -new market space, make competitors irrelevant, new demand, increase value decrease cost, differentiation AND low cost Why was Cirque de Soleil successful? - Answer -Not a traditional circus, very different entertainment, no straightforward competitors
What is the winning strategy? - Answer -value innovation and break value-cost trade-off
What is value innovation - Answer -reduce costs and increase value to customers
How to break value-cost trade-off - Answer -enhance a limited set of key factors and reduce all other traditional factors
Why was Toyota successful? - Answer -w/ hybrid cars... saw increased demand for energy and that cost would increase long-term -- disparity b/w consumption and availability
What is a strategy? - Answer -Long term plan for success
deciding what business an org should be in, where it wants to be, how to get there
Strategic plan - Answer -comprehensive plan that identifies critical direction
Strategic Managament - Answer -analyze and learn from stakeholders, establish strategic direction, create strategies that are indented to help reach goals, execute strategies
What is the goal for strategic management? - Answer -to satisfy key stakeholders
Broad environment - Answer -domestic and global environmental forces such as sociocultural, technological, political, and economic trends
Sociocultural trends in the US - Answer -immigration, terrorism + security, military, global energy
Task Environmentt - Answer -external stakeholders - customers, suppliers, competitors
What do competitors impact? - Answer -Red v. Blue Ocean
Internal environment analysis - Answer -determine strengths for comparative advantage
and weaknesses to be corrected
Global strategic management - Answer -most successful firm look globally to grow develop
Factors in looking globally to grow - Answer -saturated domestic markets, profit foreign, english is universal, lower-cost resources, learn from foreign ventures
Mission statements - Answer -what we stand for/who we are
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73243 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now