The Ohio State University

Compiled notes for Biochem 2, taken with Dr. Shimko. Questions listed to promote active learning alongside Shimko’s Practice Exam at the end! Acquired an A in the class.

Burger Bomb is a new hamburger restaurant. In order to compete successfully against its many competitors, Burger Bomb has decided to focus on quality and an interesting, unique menu that uses locally sourced, organic ingredients. This is known as Burger Bomb's ______. - Answer Strategy What must a firm do after diagnosing its specific competitive challenge? - Answer Create an effective guiding policy When a firm implements a strategy that leads to superior performance relati...

Resources fall broadly into two categories: tangible and intangible. Tangible resources have physical attributes and are visible. Intangible resources have no physical attributes and thus are invisible. Examples of intangible resources are a firm's culture, its knowledge, brand equity, and reputation. Which of the following is another example of an intangible resource? - Answer copyright Explanation: Copyrights, patents, and trademarks are types of intellectual property that are not ...

Strategy - Answer The set of goal-directed actions a firm takes to gain and sustain competitive advantage. Strategic Management - Answer An integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage. The hallmarks of bad strategy: - Answer 1. Failure to face the problem 2. Mistaking goals for strategy 3. Bad "fuzzy" strategic objectives 4. Fluff (i.e., superficial abstraction) Why so much bad str...

Business-Level Strategy - Answer The goal-directed actions managers take in their quest for competitive advantage when competing in a single product market. It concerns the broad question, "How should we compete?" To formulate an appropriate business-level strategy, managers must answer the who, what, why, and how questions of competition: - Answer Who—which customer segments will we serve? What customer needs, wishes, and desires will we satisfy? Why do we want to sa...

Chapter 1 Why should we care about theory? - Answer Helps us make predictions Helps us interpret the present -Useful tool to disentangle complex relationships -Filter noise from the information background Logic is sound Useful tool to disentangle complex relationships - Answer A good model simplifies reality A good model is circumstance contingent Why study models/frameworks? - Answer Based on theory and empirical research Anecdotes have limited value Pinpoin...

What is Globalization? - Answer A process of closer integration and exchange between countries and peoples worldwide. How is Globalization made possible? - Answer 1. Falling trade and investment barriers 2. Advanced telecommunications 3. Reduced transportation costs Importance of MNEs and FDIs What are the two parts of a firm's corporate strategy? - Answer 1. Gain and sustain a competitive advantage 2. Compete against foreign and domestic companies Foreign Dire...

Architectural Innovation - Answer A new product in which known components based on technologies are reconfigured in a novel way to attack new markets. crossing the chasm framework - Answer Conceptual model that how's how each stage of the industry life cycle is dominated by a different customer group early adopters - Answer customers entering the market in the growth stage of the industry life cycle that are eager to by easy into a new technology or product concept ...

Use of Build, Borrow, or Buy Framework - Answer 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). Use of Build, Borrow, or Buy Framework - build-intervals development - Answer build refers to internal development if the firm's internal resources are highly relevant to closing thee identified gap, the firm s...

Business-level strategy - Answer 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 - Answer Choices between a cost or value proposition Necessary because higher value creation tends to generate higher costs Differentiation strategy - Answer Generic business strategy that seeks to create higher value for customers than the value that competitors create ...