← Chapter 3 Test
7 Written Questions
6 Multiple Choice Questions
- Set of goals and policies designed to achieve competitive adv in a particular marketplace.
- ID keys sources of competitive adv. in terms of cost of differentiation for a particular product/market.
- Threat of Substitute products, Bargaining power of supplier, bargaining power of buyer, threat of new entry, Rivalry among existing competitors.
- Corporate Strategy, Business Unit Strategy, Functional strategy/tactics
- Unique Products/ Services/ Delivery Channel... EX... (Toyota quality"residual value", Amazon, Zappos "no shipping", Weber Grills, lexus, Ralph lauren, rolex, Neiman Marcus.)))
- Boston Consulting Group Matrix. Positioning Chart for your industry(Cow=low growth, high market share)(DoG=low growth, low mrkt share *Dump the Dogs)(Question Marks??? =low mrkt share, high growth rate-- --Ask urself if you think the product is worth investing into)(Stars** High, high -take cash they need cash to keep growing, Marvel is a star, all stars become cash cows as the markets mature.)
6 True/False Questions
Competitor Analysis → S+W= Strengths and Weaknesses of the Oranization, O+T= opportunities and threats of the Environment. This analysis is to identify sources of Competitive advantage.
Functional strategies/ tactics → Explains the essence of an organization-- why it exists, what it wants to be, who serves it, and why it should continue. contains:purpose, value, place in the world.
Environmental Scanning → Human Resources, Raw Materials, Financial Resources, consumer Mrkts, Technology Sector, Industry Sector, ****Economics and Government Sectors----Most important are the last two. All of this is analyzed by SWOT.
Mission Statements → Explains the essence of an organization-- why it exists, what it wants to be, who serves it, and why it should continue. contains:purpose, value, place in the world.
Competitive ADV → Future objectives, current strategy, assumptions, capabilities.
Cost Leadership → Selling your product at lower cost, High volume sales. Perceived value (price vs quality) EX...(State University, Jet Blue, Kia, Old Navy, TImex))