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What is a cost driver? a factor that has a strong influence on a company's costs (asset or activity-based) What is a Value Driver? Quality Control Processes Product features and performance Customer Service Production R&D Technology and Innovation Input Quality Employee skill, training, experience Sales and Marketing What is a Low-Cost Provider? Striving to achieve lower overall costs than rivals on products that attract a broad spectrum of buyers W...

A company's business model sets forth how its strategy and operating approaches will create value for customers while at the same time generating ample revenues to cover costs and realize a profit The two crucial elements of a company's business model are its customer value proposition and its profit proposition or "profit formula" Which of the following is not a frequently used strategic approach to setting a company apart from rivals, delivering superior value, achieving co...

The factors that affect a company's P/Q rating for UAV drones include the assembly quality incentives paid to drone PAT members, the company's prior-year brand reputation, and the prior year worldwide average warranty claim rate on the company's drones. Which of the following ARE components of the compensation package for members of production assembly teams? The dollar-cost of a PAT member's fringe benefit package, assembly quality incentives ($ per unit assembled divided equally a...

Define Core Competencies are unique deeply embedded firm specific strengths that allow companies to differentiate their products and services Define Resources are any assets that a company can draw on when crafting and executing strategy Define Capabilities are the organizational and managerial skills necessary to orchestrate a diverse set of resources to deploy them strategically Define Activities are distinct and fine grained business processes that enable firms to add...

What two things must you do in order to accurately measure competitive advantage? 1. Accurately assess firm performance 2. Compare and benchmark the focal firms performance to other competitors in the same industry Define Total return to shareholders is an external performance metric and indicates how the market views all publicly available information about a firms past, current state, and future. What three components are critical to evaluating any good or service? (V) value ...

What are the Five different leadership levels? 1. Highly Capable Individual 2. Contributing Team member 3. Competent Manager 4. Effective Leader 5. Executive Role of a Corporate Executive must provide answers to the question of where to compete, whether in industries, markets, or geographies. and how to create synergies among different business units Role of General Manager must answer the strategic question of how to compete in order to achieve superior performance. They mu...

build-borrow-or-buy framework Conceptual model that aids firms in deciding whether to pursue internal development (build), enter a contractual arrangement or strategic alliance (borrow), or acquire new resources, capabilities, and competencies (buy). strategic alliances voluntary arrangements between firms that involve the sharing of knowledge, resources, and capabilities with the intent of developing processes, products, or services relational view of competitive advantage stra...

A term described as an integrative management field that combines analysis, formulation and implementations in the quest for competitive advantage. Strategic Management Identify "Strategic commitments" as a formulated strategy and using policy Strategic commitments are effective guiding policies such as sizable investment or changes o an organizations incentives and reward systems. These are big changes that can't be easily reversed. Understand what it means to have competitiv...

Corporate Strategy the decisions that senior management makes and the goal-directed actions it takes to gain and sustain competitive advantage in several industries and markets simultaneously -vertical integration: industry value chain describes the transformation of raw materials into finished goods and services along distinct vertical changes -diversification: what range of products and services should the company offer? -geographic scope: where should the company compete geographica...

strategic management integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage strategy the set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors good strategy enable a firm to achieve superior performance relative to its competitors. Consisted of 1) a diagnosis of the competitive challenge. 2) a guiding policy to address the competitive challenge. 3) a set o...