hierarchy of objectives - ANSWER -- Corporate
- Functional
-operations
Long term goals are for - ANSWER -5 years from now
Short term goals are set for - ANSWER -Up to 12 months from now
What is the focus of cost leadership strategy? - ANSWER -To keep cost low
How is Cost Leadership achieved? - ANSWER -Through policies such as
controlling overhead costs and cost minimization
Basic drivers of cost leadership strategy - ANSWER -Economy of scale, linkages
and relationships, infrastructure
Sources of differentiation strategy - ANSWER -Product performance, perception,
and augmentation (adds value)
With differential strategy the customer: - ANSWER -Views the product or service
as unique
, Focus strategy sources include - ANSWER -Geographic area, end-user focus,
product line specialist
The organization concentrates on a narrower range of business activities with this
strategy - ANSWER -Focus strategy
Characteristics of sustainable competitive advantage - ANSWER -Relevant and
defensible
Eight sources of competitive advantage - ANSWER -Product performance,
perception of product, low cost operations, legal advantages, alliances/
relationships, superior skills, flexibility, attitude
product performance characteristics: - ANSWER -Robust, economic and easy to
use
Perception of product - ANSWER -Brand image and product positioning
Mission - ANSWER -A proclamation of the organization's primary objective that
encapsulates its core values
Influences on an organization's mission - ANSWER -Corporate Governance
Stakeholders
Business Ethics
Cultural Context
broad mission statement - ANSWER -Common and not restraining
Narrow mission statement - ANSWER -Is restraining and focuses too much on
one thing
Characteristics of successful mission statements - ANSWER -Credibility
Uniqueness
Specific Capabilities
Aspirational
Low cost operations - ANSWER -Location and buying power
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