MANA 3335 Exam 2 Questions and Answers
resources
the assets, capabilities, processes, employee time, information, and knowledge that an organization uses to improve its effectiveness and efficiency and create and sustain competitive advantage
competitive advantage
providing greater value ...
MANA 3335 Exam 2 Questions and
Answers
resources - answer the assets, capabilities, processes, employee time, information,
and knowledge that an organization uses to improve its effectiveness and efficiency and
create and sustain competitive advantage
competitive advantage - answer providing greater value for customers than
competitors can
sustainable competitive advantage - answer a competitive advantage that other
companies have tried unsuccessfully to duplicate and have, for the moment, stopped
trying to duplicate
valuable resource - answer a resource that allows companies to improve efficiency
and effectiveness. resources that are congruent with company goals (for example, a
phone company wouldn't be buying tea leaves)
rare resource - answer a resource that is not controlled or possessed by many
competing firms
imperfectly imitable resource - answer a resource that is impossible or extremely
costly or difficult for other firms to duplicate (for example, social networks within a
company that a competitor can't recreate)
nonsubstitutable resource - answer a resource that produces value or competitive
advantage and has no equivalent substitutes or replacements (for example, copyrights
and patents)
competitive inertia - answer a reluctance to change strategies or competitive
practices that have been successful in the past
strategic dissonance - answer a discrepancy between a company's intended strategy
and the strategic actions managers take when implementing that strategy
situational (SWOT) analysis - answer an assessment of the strengths and
weaknesses in an organization's internal environment and the opportunities and threats
in its external environment (strengths, weaknesses, opportunities, threats)
core capabilities - answer the internal decision-making routines, problem-solving
processes, and organizational cultures that determine how efficiently inputs can be
turned into outputs
, strategic group - answer a group of companies within an industry against which top
managers compare, evaluate, and benchmark strategic threats and opportunities
core firms - answer the central companies in a strategic group
secondary firms - answer the firms in a strategic group that follow strategics related
to but somewhat different from those of the core firms
strategic reference points - answer the strategic targets managers use to measure
whether a firm has developed the core competencies it needs to achieve a sustainable
competitive advantage
corporate-level strategy - answer the overall organizational strategy that addresses
the question "What business or businesses are we in or should we be in?"
diversification - answer a strategy for reducing risk by buying a variety of items
(stocks or, in the case of a corporation, types of businesses) so that the failure of one
stock or one business does not doom the entire portfolio
portfolio strategy - answer a corporate-level strategy that minimizes risk by
diversifying investment among various businesses or product lines
acquisition - answer the purchase of a company by another company
unrelated diversification - answer creating or acquiring companies in completely
unrelated businesses
BCG matrix - answer a portfolio strategy developed by the Boston Consulting Group
that categorizes a corporation's businesses by growth rate and relative market share
and helps managers decide how to invest corporate funds
star - answer On the BCG matrix, a company with a large share of a fast-growing
market
question mark - answer On the BCG matrix, a company with a small share of a fast-
growing market
cash cows - answer On the BCG matrix, a company with a large share of a slow-
growing market
dogs - answer On the BCG matrix, a company with a small share of a slow-growing
market
related diversification - answer creating or acquiring companies that share similar
products, manufacturing, marketing, technology, or cultures
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