SEVI 3013 Strategic Management Exam Questions & Answers 100% Solved!
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SEVI 3013 Strategic Management
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SEVI 3013 Strategic Management
who you define as your competition
also depends on - ANSWERSyour industry boundary
What is an Industry? - ANSWERS- Set of firms that produce similar products.
- Industry boundaries can change rapidly, typically not always as result, off innovation.
- industries not always well defined
When...
SEVI 3013 Strategic Management Exam
Questions & Answers 100% Solved!
who you define as your competition
also depends on - ANSWERSyour industry boundary
What is an Industry? - ANSWERS- Set of firms that produce similar products.
- Industry boundaries can change rapidly, typically not always as result, off innovation.
- industries not always well defined
When you are examining your industry, be conscious of this.
- Be willing to change your perception of industry and have multiple perceptions of your
industry.
telecommunications industry has changed significantly with the advent of -
ANSWERShigh speed Internet rested, their telephone, not just connecting people
together through traditional telephone links.
They also see themselves as providing entertainment.
why is an industry boundary so informed? - ANSWERShow an industry boundary can
make a difference to how strategic manager illustrated by Theodore Live it.
In this classical marketing article called Marketing My Opium, he
talked about the fact he focused on the railroad industry
in the 19 twenties and thirties in the United States, the preeminent industry in the in
America, extremely successful people
making millions and billions of dollar
strategic managers and industry boundaries
Effective strategic managers:- - ANSWERS- work with multiple definitions during
environmental and competitor analysis.
- are constantly looking for industry transformations that alter industry boundaries
- are flexible and willing to change how their industries are conceptualized.
Effective strategic managers are - ANSWERSthose who realize that there are multiple
ways to define
an industry who actually go out and look and define
their industries in multiple ways
As a strategic manager, you should be - ANSWERSconstantly looking for
technological transformations or huge customer shifts, which can alter your
industry boundaries
what is competitive strategy? - ANSWERS- positioning of a company in its
competitive environment.
, - It's the total positioning of the company involving all the
functions production, distribution, logistics service
Developing a strategy - ANSWERS- The first is the structure or attractiveness of the
industry
or industries in which we're competing some industries or a
lot more profitable than others here in and year out.
- The second essential question in strategy is a company's position
within its industry.
determinants of industry profitability - ANSWERS
Rivalry among existing competitors - ANSWERSOne of Porter's five forces; high when
competition is fierce in a market and low when competitors are more complacent.
Threat of New Entry - ANSWERSHow easy it is for new competitors to enter the market
Threat of Substitutes - ANSWERSProducts or services outside an industry meeting the
needs of current customers
bargaining power of suppliers - ANSWERSSuppliers can exert power by threatening to
raise prices or reduce the quality of purchased goods and services
- they can
constrain the profitability of industry because they can buy bidding
up their own prices, forced the industry to absorb cost
that it can't pass on and turn to its own
buyers.
bargaining power of buyers - ANSWERSBuyers can suppress the profitability of the
industries from which they purchase by demanding price concessions or increases in
quality.
- by demanding lower prices by expecting
more service that they don't pay for
Components of general environment - ANSWERSeconomy, technology, sociocultural,
political/legal
Suppliers - ANSWERSThe set of firms that supplies raw materials to the industry:
e.g. steel, cotton.
Industry - ANSWERSSet of organizations that make similar products and compete with
each other.
E.g. automobiles, textiles, etc.
Customers - ANSWERSThe set of entities who buy the products of the said industry.
E.g. consumers, rental agencies, retailers, etc.
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