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BUSA 4980 strategic management exam 1 Questions with Answers (All Answers Correct)

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BUSA 4980 Strategic Management

cost leadership strategy - ️️an integrated set of actions taken to produce goods or services with features that are acceptable to customers at the lowest cost, relative to that of competitors - must include features or services buyers consider essential -cost advantage must be difficult to ...

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BUSA 4980 strategic management exam
1
cost leadership strategy - ✔️✔️an integrated set of actions taken to produce goods or
services with features that are acceptable to customers at the lowest cost, relative to
that of competitors
- must include features or services buyers consider essential
-cost advantage must be difficult to imitate

to earn profits, low cost strategy has two options: - ✔️✔️- Use lower cost advantage to
under- price rivals and attract greater number of buyers to increase revenues
- Maintain market price and use lower cost advantage to earn higher profit
margins at given market share

5 major elements of strategy - ✔️✔️arenas- where will we be active?
vehicles- how will we get there?
differentiators- how will we win?
staging- what will be our timing?
economic logic- how will we obtain our returns?

how do we assess the effectiveness of strategy? evaluation criteria -
✔️✔️performance, goodness of dit, competitive advantage, consistency, & risk

3 sources of strategic positioning - ✔️✔️variety based- based on producing a subset of
an industry's products or services (ex: jiffy lube, specializes in automotive lubricants)

needs based- based on serving most or all of the needs of a particular group of
customers, arises from a defined group with varying needs (ex: ikea, home furnishing
needs of targeted segment)

access based- based on segmenting customers who are accessible in different ways.
although similar to other customers, best configuration of activities has to be different
(ex: carmike cinemas, movie theaters in small towns)

Competitive Positioning - ✔️✔️How a business will differentiate its products

what is business level strategy? - ✔️✔️core decision about strategy. how company
plans to engage its competitive environment. providing value to customers & gaining
competitive advantage by exploiting core competencies in individual product markets.
key issues revolves around understanding the customers to be served & their specific
needs

What is strategy? - ✔️✔️consists of the integrated and coordinated set of commitments

, and actions designed to exploit core competencies and
gain a competitive
advantage. it forms an action plan to attract customers, compete against rivals, grow the
business & achieve objectives

4 approaches to building competitive advantage - ✔️✔️cost leadership- competitive
advantage arises from a cost structure rivals cannot match (ex: walmart)

differentiation- advantage stems from products that provide higher quality, wider
selection, attractive styling, technological superiority (ex: mercedes benz)

market niche- advantage results by doing a better job than rivals of serving the
preference of buyers comprising a narrow market (ex: starbucks)

distinct expertise- advantage arises from developing expertise, resource strengths, &
capabilities not easily imitated by rivals (ex: fedex)

when cost leadership strategy is appropriate - ✔️✔️Identical products (commoditized),
Few ways to achieve differentiation, Buyers use in similar ways, Vigorous price
competition, Low switching costs, Large buyers, New entrants, Price-conscious buyers

differentiation strategy - ✔️✔️Integrated set of actions designed to produce
goods/services that
customers perceive as being different in ways that are important to
them (while maintaining acceptable costs

Benefits of Differentiation Strategy - ✔️✔️- Unique & valuable to a wide range of
customers →
Premium prices
- Enhances profitability whenever the extra price the product commands
outweighs the added costs of achieving the differentiation
- Configuration of features must be difficult to imitate

Competitive Risks of a Differentiation Strategy - ✔️✔️• Charging a
price premium buyers perceive as too high
- Customers determine that the cost of differentiation is too great
- Offering differentiating features that exceed buyers' needs
• The means of differentiation
cease to provide value for which
customers are willing to pay
- Buyers see little value in unique attributes of product
• Experience narrows customers' perceptions of the value of a
product's differentiated feature
(ex: counterfit alternatives, or dupes)

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