MNGT 4800 - Miles Zachary || with Complete Solutions.

Business Strategy correct answers concerns the question of "how to compete" in a single product market Differentiation or Cost-Leader correct answers Firms pursue competitive advantages through either a _______________________ or __________________________ generic strategy •Offering new products and/or services •Competing in different geographic regions correct answers As firms grow, they may look for opportunities to expand to new markets such as... Corporate Strategy correct answers To succeed, managers must formulate a Corporate Strategy correct answers •Addresses the question "Where do we compete?" •In what industry or industries should we compete? •In what geographic regions should we compete? Concentration Strategies correct answers refer to actions firms use to compete in a SINGLE INDUSTRY •E.g., McDonald's, Starbucks, and Subway all rely heavily on ________________________ _____________________ to dominate their markets •Market penetration •Market development •Product development Firms can use one or any combination of these strategies to grow within an industry correct answers Three (3) types of concentration strategies Market Penetration correct answers involves an attempt to gain additional market share in an EXISTING MARKET using EXISTING PRODUCTS •Typically involves aggressive advertising to attract new customers in existing markets Market Development correct answers involves attempting to sell EXISTING PRODUCTS in NEW MARKETS - Entering a new retail channel - Entering a new geographic region Product Development correct answers refers to the creation of NEW PRODUCTS to serve EXISTING MARKETS •E.g., McDonald's has introduced several new lines of products including coffee and smoothies (McCafe) and healthy options •E.g., soft drink giants Coca-Cola and Pepsi routinely introduce new products to reinvigorate customers