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BUSMHR 4490 Exam 2 with correct answers
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BUSMHR 4490 Exam 2 with correct answers
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BUSMHR 4490 Exam 2 with correctanswers
Business-level |strategy |- |ANSWERS✔✔ |The |goal-directed |actions |managers
|take |in |their |quest |for |competitive |advantage |when |competing |in |a |single
|product |market
who?
what?
why?
how?
Strategic |tradeoffs |- |ANSWERS✔✔ |Choices |between |a |cost |or |value
|proposition |
Necessary |because |higher |value |creation |tends |to |generate |higher |costs
Differentiation |strategy |- |ANSWERS✔✔ |Generic |business |strategy |that |seeks
|to |create |higher |value |for |customers |than |the |value |that |competitors |create
Cost-leadership |strategy |- |ANSWERS✔✔ |Generic |business |strategy |that |seeks
|to |create |the |same |or |similar |value |for |customers |at |lower |cost
Focused |cost-leadership |strategy |- |ANSWERS✔✔ |Narrow |focus |on |lower |cost
|in |niche |market
Focused |differentiation |strategy |- |ANSWERS✔✔ |Narrow |focus |on |higher |value
|in |niche |market
,Economies |of |scope |- |ANSWERS✔✔ |Savings |that |come |from |producing |2 |(or
|more) |outputs |at |less |cost |than |producing |each |output |individually, |despite
|using |the |same |resources |and |technology |
About |making |different |but |compatible |products
Value |Drivers |- |ANSWERS✔✔ |Product |features |
Customer |service |
Complements
Product |features |- |ANSWERS✔✔ |Increases |perceived |value
Turns |commodity |products |into |differentiated |products |
Strong |R&D |capabilities |are |often |needed
Customer |service |- |ANSWERS✔✔ |Process |of |ensuring |customer |satisfaction
|with |a |product |or |service
Complements |- |ANSWERS✔✔ |Increased |perceived |value
Consumed |in |tandem
Value |drivers |- |ANSWERS✔✔ |Add |value |to |products |and |services |
Are |responsible |to |customer |preferences |
Can |increase |costs |
-additional |R&D |needed
-innovation |needed |
-but |customers |are |willing |to |pay |a |premium
Cost |drivers |- |ANSWERS✔✔ |Cost |of |input |factors |
Economies |of |scale
, Learning |curve |effects |
Experience |curve |effects
Cost |of |input |factors |- |ANSWERS✔✔ |Raw |materials |
Capital |
Labor
IT |services
Economies |of |scale |- |ANSWERS✔✔ |Decreases |in |cost |per |unit |as |output
|increases |
Allows |firms |to...
-spread |their |fixed |costs |over |large |output
-employ |specialized |systems |and |equipment
-take |advantage |of |physical |properties
Minimum |efficient |scale |- |ANSWERS✔✔ |Output |range |needed |to |bring |down
|the |cost |per |unit |as |much |as |possible, |allowing |a |firm |to |stake |out |the
|lowest-cost |position |that |is |achievable |through |economies |of |scale
Diseconomies |of |scale |- |ANSWERS✔✔ |Increases |in |cost |as |output |increases
Learning |curve |- |ANSWERS✔✔ |Rate |of |improvement |in |performing |a |task |is |a
|function |of |time
Rate |of |change |in |average |cost |(in |hours |or |dollars) |is |also |a |function |of
|cumulative |output
Experience |curve |- |ANSWERS✔✔ |The |inverse |relationship |between |the |total
|value-added |costs |of |a |product |and |the |company |experience |in
|manufacturing |and |marketing |it
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