Exam (elaborations)
MIE 480 Exam 2 Detailed Questions and Expert Answers
- Course
- MIE480
- Institution
- North Carolina State University
MIE 480 Exam 2 Detailed Questions and Expert Answers
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MIE 480 Exam 2 Detailed Questions and ExpertAnswers
Business-level strategy - ANS An integrated and coordinated set of commitments
and actions the firm uses to gain a competitive advantage by exploiting core
competencies in specific product markets.
Market segmentation - ANS A process used to cluster people with similar needs
into individual and identifiable groups.
Cost leadership strategy - ANS An integrated set of actions taken to produce goods
or services with features that are acceptable to customers at the lowest cost,
relative to that of competitors.
Differentiation strategy - ANS An integrated set of actions taken to produce goods
or services (at an acceptable cost) that customers perceive as being different in
ways that are important to them.
Focus strategy - ANS An integrated set of actions taken to produce goods or
services that serve the needs of a particular competitive segment.
Integrated cost leadership/differentiation strategy - ANS Involves engaging in
primary value chain activities and support functions that allow a firm to
simultaneously pursue low cost and differentiation.
, Total quality management (TQM) - ANS A managerial process that emphasizes an
organization's commitment to the customer and to continuous improvement of all
processes through problem-solving approaches based on empowerment of
employees.
Corporate-level strategy - ANS Specifies actions a firm takes to gain a competitive
advantage by selecting and managing a group of different businesses competing in
different product markets.
Economies of scope - ANS Cost savings that the firm creates by successfully sharing
some of its resources and capabilities or transferring one or more corporate-level
core competencies that were developed in one if its businesses to another of its
businesses.
Corporate-level core competencies - ANS Complex sets of resources and
capabilities that link different businesses, primarily through managerial and
technological knowledge, experience, and expertise.
Market power - ANS Exists when a firm is able to sell its products above the
existing competitive level or to reduce the costs of its primary and support
activities below the competitive level, or both.
Multipoint competition - ANS Exists when two or more diversified firms
simultaneously compete in the same product areas or geographical markets.
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