Todays number correct answers 20, 14, 13
Strategy correct answers •The plan of action that allocates resources and activities in order to achieve competitive advantages and goals
•Generally "strategy" refers to long term organization planning, focused primarily on financial and competitiv...
Strategy correct answers •The plan of action that allocates resources and activities in order to achieve
competitive advantages and goals
•Generally "strategy" refers to long term organization planning, focused primarily on financial and
competitive success
Strategy Components correct answers -Competitive Advantage: What sets organization apart; i.e. Papa
Johns "Better Ingredients, Better Pizza"
-Core Competence: A business activity that an organization does particularly well in comparison to its
competitors
i.e.: Apple w/ Cool Branding and videos
Keys of a Good Strategy correct answers •Exploits core competencies; play to your strength
•Builds synergy (whole is greater than the sum of the parts)
•Deliver value to customers
Strategy Levels correct answers •Corporate Level Strategy: What Business are we in? (Whole
organization, business units, and product lines)
•Business Level Strategy: How do we compete? (Each individual business unit and product line focuses
on separating out from competitors)
•Functional Level Strategy: How do we support the business level strategy? (All major departments)
*MC Question
Three Competitive Strategies correct answers •Differentiation: Distinguish your product from competitors
- "We're better in some way!"
, •Cost Leadership: Efficiency and lower priced products - "We may not be as good, but we're cheaper!"
(Experience curve, economies of scale)
•Focus: Concentrates on a specific area or buyer group - "We're your home town store!" "Buy Local"
Cost Leadership correct answers •Competitive Parity: Being on par with competitors, but with cost
advantages
-If your value chain is more efficient then you can sell the "same" shampoo at a lower price, which
generates more units sold
-Lower overhead lowers costs
-Lower costs create entry barriers to others
•Lack of parity on differentiation
-Online degrees?
•Reduced flexibility
-What if you're "one" thing you do well goes out of style?
•Basis of advantage becomes obsolete
Differentiation correct answers •A firm creates and offers something unique to consumers
•Many forms, primarily:
-Prestige
-Quality
-Technology/Innovation/Features
-Customer Service
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