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MAN 320f test 2 with correct Answers
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MAN 320f test 2 with correct Answerswhat has led to accelerated communization? - Answer -Info on products and prices is becoming immediately available; when brands become smaller, people buy on price
Which two types of markets will disappear as technology and globalization increase? - Answer -niche markets and monopolies
what two groups did apple look at when creating and marketing the iPod? - Answer -non
customers and non consumers
what are three key features of a blue ocean? - Answer -create a new group of consumers, don't take away from a dwindling group; create an industry not in existence today; most blue oceans are created from within red oceans by expanding existing industry boundaries
what are the two main reasons why venture capitalists will not invest in a deal? - Answer -1. they don't believe management will be able to pull it off
2. they don't feel the rate of return is there
what were the two successful companies from ATX that Aroian's company, austin ventures, didn't invest in? - Answer -dell computers and whole foods
what is the most important factor when deciding whether to invest in a company or not? - Answer -market opportunity
what are the 5 characteristics of red vs blue oceans? - Answer -1. compete in existing market vs compete in uncontested market
2. beat the competition v make the competition irrelevant
3. exploit existing demand v create and capture new demand
4. make the value-cost tradeoff v break the value-cost tradeoff
5. align the whole system of a firms activities with its strategic choice of differentiation or
low cost v align the whole system of a firms activities in pursuit of differentiation and low
cost
why is cirque de soleil considered a blue ocean company? - Answer -falls into its own industry (not entirely theater or circus) and competes with no one
what does the winning strategic approach involve? - Answer -value innovation (reduce the cost AND increase value for buyers) how can 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
why is toyota the market leader in hybrid cars today? - Answer -they were the 1st to introduce a commercial hybrid car in 1997, they recognized the use of natural resources
was increasing
what is a strategy? - Answer -a long term plan for success
what 3 factors is strategy concerned with? - Answer -1. deciding what business an organization should be in
2.where it wants to be
3. how its going to get there
strategic management is the process through which organizations: - Answer -1.analyze and learn from stakeholders inside and outside the organization
2.establish strategic direction
3.create strategies that are intended to help achieve established goals
4.execute those strategies
5. all in an effort to satisfy key organizational stakeholders
what are the 3 key levels of strategic analysis? - Answer -1. the organization
2. the task environment
3. the broad environment
who are the three most important groups/individuals within the task environment? - Answer -competitors, suppliers, and customers
what are 4 key elements of the broad environment? - Answer -1. socio-cultural forces
2. economic forces
3. political/legal forces
4. technological forces
what two factors does internal analysis evaluate? - Answer -1. strengths and opportunities for competitive advantage
2. weaknesses and organizational vulnerabilities that should be corrected
what is the purpose of internal analysis? - Answer -to conduct an evaluation of internal stakeholders and the organization's resources and capabilities
true or false: most successful firms eventually look to the global environment for opportunities to grow and develop - Answer -TRUE
what is a mission statement? - Answer -reflects what an organization is
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