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MAN 320F - Exam 2 with complete solutions
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MAN 320F - Exam 2 with complete solutions
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MAN 320F - Exam 2 with complete solutionswhat is a "Blue Ocean"? - Answer --create an industry not in existence
-unknown market space
-untainted by competition
-demand is created rather than fought over
-opportunity for rapid and profitable growth
what's a Red Ocean? - Answer --all industries in existence
-known market space
-as market space gets crowded, profits and growth reduced
-tainted by competition
how does the iPod connect to the Blue Ocean Strategy? / how did Apple move away from a 'red ocean'? - Answer --looked beyond the "traditional" customer
-looked at non-customers (ppl who refused the iPod but had other way of listening to digital music)
-looked at non-consumers (ppl who would've never have even considered an iPod or MP3)
-this way of thinking moved Apple away from the "red ocean"
how are most blue oceans created? - Answer -most blue oceans are created from within
red oceans by expanding existing industry boundaries
what are the 2 main reasons why a venture capitalist will NOT invest in a deal? - Answer -1. don't believe in management being successful
2. don't believe rate of return will be there
why would a "smart" invester NOT invest in successful atx companies Dell & WholeFoods? - Answer --Dell: don't wanna give money to a 20yo
-WF: hippies lol
key success factor? - Answer -market opportunity!!
compare Red/Blue oceans based on market space - Answer --red: compete in existing market space
-blue: create uncontested market space compare r/b oceans - competion - Answer --r: beat competition
-b: competition is irrelevant
compare r/b oceans - demand - Answer -r - exploit existing demand
b - create & capture new demand
compare r/b oceans - value-cost tradeoff - Answer -r- make value-cost tradeoff
b- break that trade off and do both
compare r/b oceans - choosing differention / low cost - Answer -r- choose one OR other
b- choose BOTH (AND)
the winning approach involves ____ ___ - Answer -value innovation
(reduce cost, increase value for buyers)
how do you break the value-cost tradeoff? - Answer -add value AND reduce cost by enhancing a limited set of key factors and reducing or eliminating all other traditional factors
what was the strategic thinking at toyota? - Answer --looked at global energy consumption
-predicted gas prices to increase over LONGTERM
-1st to introduce commercial hybrid car in 1997
-today, market leader
define strategy - Answer --a longterm plan for success
-concerned with what business should be in & where it wants to be
what's a strategic plan - Answer -a comprehensive plan that identifies the critical direction & guides the allocation of resources
strategic management is the process in which orgs: - Answer -1. analyze and learn from
stakeholders inside & outside the org
2. establish strategic direction
3. create strategies that are intended to help achieve the established goals
4. execute strategy
-all in effort to satisfy key organizational stakeholders
mission statement vs vision statement - Answer -mission: what an org is
vision: forward-thinking / what org wants to become
a Broad Environment consists of: - Answer -domestic & global forces such as:
-sociocultural trends (e.g. demographics)
-technological trends (e.g. internet)
-political trends (e.g. open markets)
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