7 Written Questions
6 Multiple Choice Questions
- Set of goals and policies designed to achieve competitive adv in a particular marketplace.
- Cost Leadership, Differentiation, Focus
- Selling your product at lower cost, High volume sales. Perceived value (price vs quality) EX...(State University, Jet Blue, Kia, Old Navy, TImex))
- ID the Organization's misson and objectives, Analyze the Environment or Analyze the organizations resources. --->Formulate strategy, Implement strategy, Evaluate and monitor results.
- What business are we in? Allocation of resources among business units. Ex. Pepsi Co
- 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
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.
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.
Competitive ADV → Having the ability to transform inputs into goods and services at a maximum profit on a sustained basis better than one's competitors. You want to be in imperfect competition
Environmental Sectors → this is important because each sector this analyzes represent an important segment of the environment that potentially influences the survival and effectivenes of the organization.
Stuck in the Middle → not fully committed to one of the 3 generic strategies.. EX (Sears, target, mid price golf courses), starbucks now.
Porter's 5 force model → Threat of Substitute products, Bargaining power of supplier, bargaining power of buyer, threat of new entry, Rivalry among existing competitors.