Exam (elaborations)
BSG- Exam-1 Questions and Answers
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BSG- Exam-1 Questions and Answers
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BSG- exam-1Industry conditions
Competitive pressures
Market standing vis-à-vis rivals
Competitive strengths and weaknesses - Answer-What is the firm's present situation?
New buyer needs to satisfy
•Growth opportunities to pursue
•Markets to deemphasize or abandon
•How to measure success - Answer-What direction to head and what performance targets to set?
Strategy for competing successfully
How to attract customers
Deciding what market position to stake out
Actions to achieve performance targets - Answer-How to run the firm in ways that produce good
results?
Firm's Strategy - Answer-A coherent combination of actions and approaches about how to run the
company
,How to attract, please, and retain customers
How to compete against rivals
How to capitalize on growth opportunities
How to respond to changing economic and market conditions
How to manage the functional pieces of the business
How to achieve the firm's performance targets - Answer-Firm's strategy
compete differently from rivals - Answer-The Key to Crafting a "Good" Strategy
Become the low-cost provider
Offer differentiating features
Offer customers more value for the money
Focus on better serving the unique needs and tastes of buyers in a niche market
Develop expertise, resources, and capabilities that are competitively valuable and that rivals cannot
easily overcome - Answer-Strategic Approaches to Building Sustainable Competitive Advantage
valuable - Answer-One of the competitive advantage is to develop expertise, resources, and capabilities
that are competitively ---- and that rivals cannot easily overcome
Actions to enter new geographic or product markets or to exit existing ones.
Actions to strengthen competitiveness via strategic alliance and collaborative partnership
Actions to strengthen market standing and competitiveness by acquiring or merging with other
companies - Answer-Identifying a Company's Strategy—What to Look For
Changing market conditions
►Advancing technology
, ►Fresh moves of competitors
►Shifting buyer needs and preferences
►Emerging market opportunities
►New ideas for improving the strategy
►Evidence that the current strategy is not working well - Answer-Why a Company's Strategy Evolves
over Time?
morally objectionable
deceitful
unfair or harmful to others
disreputable
or unreasonably damaging to the environment. - Answer-To meet the standard of being ethical, a
strategy must entail actions that can pass moral scrutiny in the sense of not being---
A legal strategic - Answer-----action or business approach does not mean it is ethical or morally
acceptable.
"Right" versus "wrong", "moral" versus" immoral"
►Not crossing the line from "should do" to "should not do"
►"Within the bounds of acceptability" versus "outside the bounds of acceptability"
►Many strategic actions fall in a gray zone and can be deemed ethical or unethical depending on how
high one sets the bar for what qualifies as ethical behavior. - Answer-Ethical standards are about
Deals with the firm's competitive initiatives and business approaches - Answer-A firm's strategy
Concerns whether the revenues and costs flowing from the strategy demonstrate the firm can be
profitable and viable - Answer-A firm's business model
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