GLO-bus Study Guide Test Questions With 100% Correct Answers

GLO-bus Study Guide Test Questions With 100% Correct Answers What is a cost driver? - ANSWER- a factor that has a strong influence on a company's costs (asset or activity-based) What is a Value Driver? - ANSWER- Quality Control Processes Product features and performance Customer Service Production R&D Technology and Innovation Input Quality Employee skill, training, experience Sales and Marketing What is a Low-Cost Provider? - ANSWER- Striving to achieve lower overall costs than rivals on products that attract a broad spectrum of buyers What is Broad Differentiation? - ANSWER- Differentiating your product to appeal to a broader audience What is Focused Low-Cost? - ANSWER- Concentrating on a narrow price-sensitive buyer segment and on costs to offer lower-priced products What is Focused Differentiation? - ANSWER- Concentrating on a narrow buyer segment by meeting specific tastes and requirements of niche members What is Best Cost Provider? - ANSWER- Giving customers more value for the money by offering upscale product attributes at a lower cost than rivals What is Blue-Ocean Strategy? - ANSWER- offers growth in revenues and profit by discovering or inventing new industry segments that create an altogether new demand What is First Mover? - ANSWER- a firm that takes an initial competitive action in order to build or defend its competitive advantages or to improve its market position What is Fast Follower? - ANSWER- rapid market evolution allows companies to leapfrog a first mover's products with more attractive next-version products. What is Later Mover? - ANSWER- firm that enters a market sometime after both the market pioneer(s) and after fast follower firms. What is Scope of the Firm? - ANSWER- Range of internal activities Breadth of product and service offerings Geographic market presence and mix of businesses Size of competitive footprint on market or industry What is Horizontal Scope? - ANSWER- the range of product and service segments that a firm offers within its focal market.