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MAN 3025 EXAM 2 FGCU WITH WELL SOLVED QUESTION AND CORRECT ANSWERS[FOR A+ GRADES]
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MAN 3025 EXAM 2 FGCU WITH WELL SOLVED QUESTION AND CORRECT ANSWERS[FOR A+ GRADES]
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MAN 3025 EXAM 2 FGCU WITH WELLSOLVED QUESTION AND CORRECT
ANSWERS[FOR A+ GRADES]
BCG Matrix - ANSWER>>>>>is a corporate planning tool, which is
used to portray firm's brand portfolio or SBUs on a quadrant along
relative market share axis (horizontal axis) and speed of market
growth (vertical axis) axis
Benchmarking - ANSWER>>>>>a process by which a company
compares its performance with that of high-performing
organizations
Blue Ocean Strategy - ANSWER>>>>>An approach where firms seek
to create and compete in uncontested "blue ocean" market spaces,
rather than competing in spaces and ways that have attracted
many, similar rivals.
Competitive intelligence - ANSWER>>>>>gaining information about
one's competitors' activities so that you can anticipate their moves
and react appropriately
Contingency planning - ANSWER>>>>>Planning for unexpected
events, usually involving a range of scenarios and assumptions that
differ from the assumptions behind the core plans.
Cost-focus strategy - ANSWER>>>>>keep the costs of a product
below those of competitors and to target a narrow market
Cost leadership strategy - ANSWER>>>>>keep the costs, and hence
prices, of a product or service below those of competitors and to
target a wide market
Current reality assessment - ANSWER>>>>>to look at where the
organization stands and see what is working and what could be
different so as to maximize efficiency and effectiveness in achieving
the organization's mission
,Defensive strategy - ANSWER>>>>>a social responsiveness strategy
in which a company admits responsibility for a problem but does
the least required to meet societal expectations
Differentiation strategy - ANSWER>>>>>Distinguishing an
organization's products from the products of competitors on
dimensions such as product design, quality, or after-sales service.
Diversification - ANSWER>>>>>a strategy of increasing sales by
introducing new products into new markets
Environmental scanning - ANSWER>>>>>collection and
interpretation of information about forces, events, and
relationships in the external environment that may affect the future
of the organization or the implementation of the marketing plan
Execution - ANSWER>>>>>the way something is done
Focused differentiation strategy - ANSWER>>>>>same as the
differentiation strategy except with a narrow focus on a niche
market
Forecast - ANSWER>>>>>to predict
Grand strategy - ANSWER>>>>>a broad corporate-level strategic
plan used to achieve strategic goals and guide the strategic
alternatives that managers of individual businesses or subunits may
use
Growth strategy - ANSWER>>>>>a strategy that focuses on
increasing profits, revenues, market share, or the number of places
in which the company does business
Innovation strategy - ANSWER>>>>>a strategy that emphasizes the
introduction of major new products and services
Organizational opportunities - ANSWER>>>>>environmental factors
that the organization may exploit for competitive advantage
Organizational strengths - ANSWER>>>>>skills and capabilities that
give the organization special competencies and competitive
advantages in executing strategies in pursuit of its mission
Organizational threats - ANSWER>>>>>environmental factors that
hinder an organization's achieving a competitive advantage
Organizational weaknesses - ANSWER>>>>>drawbacks that hinder
an organization in executing strategies in pursuit of its mission
, Porter's 4 competitive strategies - ANSWER>>>>>
Porter's model for industry analysis - ANSWER>>>>>
Scenario analysis - ANSWER>>>>>process of devising a list of
possible economic scenarios and specifying the likelihood of each
one, as well as the HPR that will be realized in each case
Single product strategy - ANSWER>>>>>a company makes and sells
only one product within its market
Strategic control - ANSWER>>>>>consists of monitoring the
execution of strategy and making adjustments, if necessary
Strategic positioning - ANSWER>>>>>attempts to achieve
sustainable competitive advantage by preserving what is distinctive
about a company
Strategy formulation - ANSWER>>>>>the process of choosing
among different strategies and altering them to best fit the
organization's needs
Strategy implementation - ANSWER>>>>>putting strategic plans
into effect
SWOT analysis - ANSWER>>>>>strengths, weaknesses,
opportunities, threats
Trend analysis - ANSWER>>>>>hypothetical extension of a past
series of events into the future
Vertical integration - ANSWER>>>>>Practice where a single entity
controls the entire process of a product, from the raw materials to
distribution
Chapter 7 - ANSWER>>>>>Chapter 7
Analytics - ANSWER>>>>>the science of fact-based decision making
Anchoring and adjustment bias - ANSWER>>>>>the tendency to
make decisions based on an initial figure
Availability bias - ANSWER>>>>>items that are more readily
available in memory are judged as having occurred more frequently
Big data - ANSWER>>>>>a broad term for datasets so large or
complex that traditional data processing applications are
inadequate.
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