TMP 120 Final Study Guide Exam Questions & Answers 2023/2024
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Course
TMP 120
Institution
TMP 120
TMP 120 Final Study Guide Exam Questions & Answers 2023/2024
Strategy and Value Creation - ANSWER--Strategy is about winning and creating a unique sustainable competitive advantage.
-Key Questions: Where to compete and How to compete?
-A corp. possesses competitive advantage when it earn...
TMP 120 Final Study Guide Exam Questions & Answers 2023/2024
Strategy and Value Creation - ANSWER--Strategy is about winning and creating a unique sustainable competitive advantage.
-Key Questions: Where to compete and How to compete?
-A corp. possesses competitive advantage when it earns a consistently higher rate of profit, higher profit allows for more reinvestment which equals even higher profits in an ideal world.
-Strategy's Aim is to create value in 4 ways: customer value, company value, value added, and stakeholder value.
-STRATEGY is knowing your options and picking one.
Vision: Aspiration
Mission: Purpose
Values: Beliefs
Industry and Competitor Analysis - ANSWER-The 5 C's: used to determine where and how for strategy.
1. Company
2. Competitors
3. Customers
4. Collaborators
5. Climate
Attributes of Competitive Advantage: -fits customer needs better than alternatives
-rare
-not easily imitated or copied
-not easily substituted
-value depreciates slowly
-company can appropriate the value
Elements of Competitive Advantage:
1. availability
2. cost
3. differentiation
4. flexibility
5. speed
6. continuous improvement
Resources and Capabilities - ANSWER-Sustainable advantage requires pursuing whichever activity provides the best fit for your business out of the following 5 options: inbound logistics, operations, marketing and sales, outbound logistics, and services.
Combine Resources and Capabilities to define a distinctive core competency in one of these: inbound logistics, operations, marketing and sales, outbound logistics, and services.
Case: Aldi: R&C= small stores, high turnover, limited name brands= LOW Prices (Prices got apple bottom jeans and boots with the fur)
Financial Statements and Accounting - ANSWER-Income Statement: measures profitability (sales- costs and expenses = income)
Balance Sheet: companies financial health at one point in time. Assets have to = liabilities + shareholder equity
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