Exam (elaborations)
FMGT 4210 Chapter 13 (1)
- Course
- Bible 10/12
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- Bible 10/12
FMGT 4210 Chapter 13 (1)
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FMGT 4210 Chapter 13Strategy - ANS-Specifies how an organization can create value for its customers while
differentiating itself from its competitors.
Scaleability - ANS-Adding one computer chip to another in a singular circuit to increase the
speed and power of a device.
Value Leadership - ANS-Strategy that maximizes the perception of value by its customers,
through either unique or superior qualities, allowing the firm to set higher prices.
Product Differentiation - ANS-Real or imagined differences between competing products in the
same industry
Cost Leadership - ANS-A strategy that aims to provide a product or service at as low a price as
possible to a broad audience.
Economies of Scope - ANS-The ability to use one resource to provide many different products
and services. Such as, using a plant to produce different types of product, but with the same
machinery.
Customer Preference Map - ANS-A graphical analysis with various desirable attributes that
customers perceive as adding value to a product on one axis, and ratings of those attributes on
the other axis.
Strategy Map - ANS-A diagram that describes how an organization creates value by connecting
strategic objectives in explicit cause-and-effect relationships with each other in the financial,
customer, internal business process, and learning and growth perspectives.
Reengineering - ANS-Fundamental rethinking and radical redesign of business processes to
achieve dramatic improvements in critical measures of performance, such as cost, quality,
service, and speed.
Key Success Factors - ANS-Activities or factors that are key to achieving competitive
advantage.
Balanced Scorecard - ANS-A way to assess how coherently corporate strategy has been
implemented in day-to-day operations.
Financial Perspective - ANS-Evaluates the profitability of the strategy and the creation of
shareholder value.
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