100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Belmont University Strategic Management Final Exam Questions & Answers(RATED A+) $13.99   Add to cart

Exam (elaborations)

Belmont University Strategic Management Final Exam Questions & Answers(RATED A+)

 1 view  0 purchase
  • Course
  • Belmont University Strategic Management
  • Institution
  • Belmont University Strategic Management

corporate strategy - ANSWERthe decisions that senior management makes and the goal-directed actions it takes to gain and sustain competitive advantage in several industries and markets simultaneously transaction cost economics - ANSWERa theoretical framework to explain and predict the boundaries...

[Show more]

Preview 2 out of 10  pages

  • November 2, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Belmont University Strategic Management
  • Belmont University Strategic Management
avatar-seller
papersbyjol
Belmont University Strategic
Management Final Exam Questions &
Answers(RATED A+)

corporate strategy - ANSWERthe decisions that senior management makes and the goal-directed
actions it takes to gain and sustain competitive advantage in several industries and markets
simultaneously



transaction cost economics - ANSWERa theoretical framework to explain and predict the boundaries
of the firm, which is central to formulating a corporate strategy that is more likely to lead to
competitive advantage



internal transaction costs - ANSWERcosts pertaining to organizing an economic exchange within a
hierarchy; also called administrative costs



principal-agent problem - ANSWERsituation in which an agent performing activities on behalf of a
principal pursues his or her own interests



transaction costs - ANSWERall internal and external costs associated with an economic exchange,
whether within a firm or in markets



external transaction costs - ANSWERcosts of searching for a firm or an individual with whom to
contract, and then negotiating, monitoring, and enforcing the contract




information asymmetry - ANSWERsituation in which one party is more informed than another
because of the possession of private information



strategic alliances - ANSWERvoluntary arrangements between firms that involve the sharing of
knowledge, resources, and capabilities with the intent of developing processes, products, or services



licensing - ANSWERa form of long-term contracting in the manufacturing sector that enables firms to
commercialize intellectual property

, franchising - ANSWERa long-term contract in which a franchisor grants a franchisee the right to use
the franchisor's trademark and business processes to offer goods and services that carry the
franchisor's brand name



credible commitment - ANSWERa long-term strategic decision that is both difficult and costly to
reverse



joint venture - ANSWERa stand-alone organization created and jointly owned by two or more parent
companies



vertical integration - ANSWERthe firm's ownership of its production of needed inputs or of the
channels by which it distributes its outputs



industry value chain - ANSWERdepiction of the transformation of raw materials into finished goods
and services along distinct vertical stages, each of which typically represents a distinct industry in
which a number of different firms are competing



backward vertical integration - ANSWERchanges in an industry value chain that involve moving
ownership of activities upstream to the originating (inputs) point of the value chain



forward vertical integration - ANSWERchanges in an industry value chain that involve moving
ownership of activities closer to the end (customer) point of the value chain



specialized assets - ANSWERunique assets with high opportunity cost: they have significantly more
value in their intended use than in their next-best use. they come in three types: site specificity,
physical-asset specificity, and human-asset specificity



vertical market failure - ANSWERwhen the markets along the industry value chain are too risky, and
alternatives too costly in time or money



taper integration - ANSWERa way of orchestrating value activities in which a firm is backwardly
integrated but also relies on outside-market firms for some of its supplies and/or is forwardly
integrated but also relies on outside-market firms for some of its distribution

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 papersbyjol. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

82191 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.99
  • (0)
  Add to cart