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UARK- SCMT 4653 EXAM 1 THOMAS
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UARK- SCMT 4653 EXAM 1 THOMAS
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UARK- SCMT 4653 EXAM 1 THOMASWhat is Strategy? - Answers- A high-level plan to achieve objectives under uncertain
conditions.
A comprehensive way to pursue goals.
A game plan for how goals will be achieved through the use of resources.
A plan of action or policy designed to achieve a major overall aim.
Thoughtful planning to achieve a goal through resources or actions.
The Essence of Strategy (3) - Answers- 1. Setting goals.
2. Identifying needed actions.
3. Utilizing resources.
Non-business strategies (2) - Answers- Military
Sports
Air supremacy goal - Answers- Complete control of the skies.
Strategic bombing goal - Answers- Destroy ability to produce and transport resources
necessary to sustain combat operations.
Football strategies - Answers- 3 yards and a cloud of dust.
Spread offenses
The Essence of Strategy Achieving goals (3) - Answers- 1. We never have enough
resources.
2. Trade-off decisions have to be made.
3. We want to be as efficient and effective as possible.
The Essence of Strategy Achieving goals does what? - Answers- Helps decision
makers distribute limited resources more efficiently and effectively.
Provides a framework for assessing the costs and benefit associated with resource
allocation.
Benefits of assessing strategy (5) - Answers- 1. Helps achieve goals.
2. Allocates resources.
3. Clarifies purpose.
4. Gives direction for action.
, 5. Proactively shapes the future.
Differential Firm Performance, Schools of Thought (2) - Answers- 1. Positioning view.
2. Resource-Based View (RBV)
Pillars of Porter (3) - Answers- 1. Positioning in the external environment.
2. Firm Strengths.
3. Applying the strengths: Generic strategies.
5 forces model (Pillar 1) - Answers- Power of customers.
Power of suppliers.
Threat of market entry.
Threat from substitutes.
Intensity of rivalry.
Power of customers- if low - Answers- Charge higher prices with little investment in
improved products or services.
Power of suppliers- if low - Answers- Force those suppliers to reduce costs and
improve services.
Firm Strengths (2) (Pillar 2) - Answers- Efficiency
Differentiation
Applying firm strengths: Generic Strategies (3) (Pillar 3) - Answers- 1. Cost Leadership
2. Differentiation
3. Focus
Cost Leadership - Answers- Firms ability to be efficient and drive down costs
A firms ability to offer creative and innovative products of services (Differentiation)
means what? (4) - Answers- Understanding customer needs.
Develop new products.
Develop new markets.
Consumers willing to pay price premiums.
Focus - Answers- Firm concentrates all efforts on a special subset of a market.
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