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What is competitive advantage? What is sustainable competitive advantage? correct answers Competitive advantage is something that puts your company ahead and sets it apart from competitors. Sustainable competitive advantage is a strategy that in the log term will keep you ahead of competitors Wh...

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BADM 449 Exam 1 || with 100% Error-free Solutions.
What is competitive advantage? What is sustainable competitive advantage? correct answers
Competitive advantage is something that puts your company ahead and sets it apart from
competitors. Sustainable competitive advantage is a strategy that in the log term will keep you
ahead of competitors

What is strategy? (Be sure to discuss goals, the concept of co-opetition, and trade-offs in your
discussion) correct answers A set of goal directed actions a firm takes to sustain superior
performance over competitors. Goal-directed actions to gain & sustain competitive advantage
Win-win scenarios = co-opetition (collaborative efforts among competitors)
Low- cost vs high-cost (trade-offs)

What are the three key drivers of economic value? correct answers REVENUE drivers
COST drivers
RISK driver

*see study guide for graph

Discuss industry vs. firm effects, which tend to be stronger? correct answers Industry 25% firm
55%

Firm effects are firmer. Epidemics in the industry affect each firm differently but generally in a
similar direction.

Provide some examples of corporate-, business-, and functional-level strategy correct answers
Corporate- where (where will we expand)
Business- how (what changes should we make to our goals, our strategy)
Functional- what (what can a normal employee do to help the company in everyday actions)

What is the difference between a customer-oriented and a product-oriented mission? correct
answers Product- defines business in terms of a good or service provided. Ex: "we strive to offer
the best value on our products"
Customer- providing solutions to customer needs Ex: "we take pride in our customer support and
relations and always put the customer first"

What can be the pitfall of a product-oriented mission? correct answers Customers feel like they
are not a priority

Limits the scope of your operation. Railroads was just trains and not transportation

What are some steps and tools used for (top-down) planning? correct answers Top-down
planning:rational, top-down process through which executives attempt to program future
success... (refer to pics in guide) - Analysis, Formulation, Implementation

, There can be many goals that firms pursue, provide some examples correct answers Profit goal,
environmental impact goal, budget goal

What are the key elements of a PESTEL Framework? correct answers Political, economic,
sociocultural, technological, ecogloical, legal

What are the characteristics of perfect competition and oligopoly? correct answers Oligopoly- 3
main competitors
Perfect comp- usually fragmented market with many small firms, easy entry, little ability for
anyone to raise prices, consumers make decisions solely based on price

What is the definition of an "efficient market?" correct answers All knowledge of the markets is
readily available to each participant

What three factors impact company performance? correct answers • Industry Context
- e.g., during the last two decades, companies in the airlines industry have been persistently less
profitable than those in the pharmaceutical industry

• National Context
- e.g., world's most successful consumer electronics firms are in Japan

• Company Capabilities and Strategies
-e.g., Wal-mart and Southwest Airlines

What is the Structure-Conduct-Performance Model? correct answers predicts that the structure of
an industry determines how the firms behave (choices that they make) and performance
outcomes:
Industry Structure
Firm Conduct
Performance

See study guide for more info

What are the 5-Forces? correct answers Threat of new entry, threat of substitutes, power of
buyers, power of suppliers, rivals competitive rivalry

If 5 Forces is the answer, what is the question? correct answers How to sustain a competitive
advantage in an industry

What is meant by "barriers to entry?" correct answers Things that stop new players in an industry

What are examples of barriers to entry? correct answers Startup price, economies of scale,
network effects, customer switching costs

What is meant by economies of scope? correct answers Existing and established firms have
lower costs due to size

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