MGMT344 TEST QUESTIONS AND ANSWERS ALL CORRECT
Performance comparisons - Answer- - trends over time
- company and internal targets
- comparison with competitors
Criticisms on evironment-led perspective approach - Answer- - leads to predictable strategies
- competitive environment changes ...
MGMT344 TEST QUESTIONS AND
ANSWERS ALL CORRECT
Performance comparisons - Answer- - trends over time
- company and internal targets
- comparison with competitors
Criticisms on evironment-led perspective approach - Answer- - leads to predictable
strategies
- competitive environment changes rapidly
VIRO - Value - Answer- Asks whether a resource or capability adds value to the
company. If it increases revenue/reduces costs, it's valuable.
Purpose of VRIO analysis - Answer- Assesses competitive advantage of their resources
and capabilities
VRIO - Rarity - Answer- Considers how rare the resource or capability is. If it is rare to
competitors, than advantage.
VRIO - Imitable - Answer- Examines how difficult it is for competitors to imitate/replace
the resource/capability. If it is hard to copy = competitive advantage.
VRIO - organised - Answer- Looks at whether the organisation is organised and
equipeed to leverage the resources/capabilities.
Dynamic capabilities definition - Answer- the firms ability to integrate, build and
reconfigure internal and external competencies to address rapidly changing
environments.
Generic types of dynamic capabilities - Answer- sensing, seizing, and re-configuring
sensing, seizing, reconfiguring - Answer- 1. sensing issues in an evolving strategic
environment, 2. making opportune timely strategic choices, 3. re-configuring the firm to
enact strategies
value chain analysis definition - Answer- tools used to understand the sequence of
processes that add value to their products and services
, Resource-based analysis - Answer- A method that examines the extent to which a
company possesses resources that will allow it to achieve sustainable competitive
advantage.
heterogenous resources definition - Answer- Heterogeneous resources refer to the
diverse and varied resources or capabilities, that a company possesses, which are
difficult to replicate.
Immobile resources definition - Answer- Resources that are difficult to transfer between
firms
cost leadership strategy - Answer- Aims to become the lowest-cost producer in an
industry. Primary objective is to attract price sensitive customers and gain competitive
advantage by offering lower prices or achieving higher profit margins through lower
production costs. (e.g. mcdonalds)
Differentiation strategy - Answer- Distinguish its products/services through unique
features, quality to create exclusivity/desire allowing the company to charge higher
prices. (e.g. apple, tesla)
Challenges of differentiation strategy - Answer- - high costs
- narrow market
- imitation
Cost-focus strategy - Answer- Aims to achieve cost advantage in a specific market
segment rather than the entire market
hybrid strategy - Answer- combination of cost leadership and differentiation strategies
Industry life cycle stages - Answer- development, growth, shake-out, maturity, decline
The 4ps of strategy - Answer- positioning, pattern, process, and practice
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