7 Written questions
6 Multiple choice questions
- Cost Leadership, Differentiation, Focus
- ID the Organization's misson and objectives, Analyze the Environment or Analyze the organizations resources. --->Formulate strategy, Implement strategy, Evaluate and monitor results.
- Threat of Substitute products, Bargaining power of supplier, bargaining power of buyer, threat of new entry, Rivalry among existing competitors.
- ID keys sources of competitive adv. in terms of cost of differentiation for a particular product/market.
- Selling your product at lower cost, High volume sales. Perceived value (price vs quality) EX...(State University, Jet Blue, Kia, Old Navy, TImex))
- Set of goals and policies designed to achieve competitive adv in a particular marketplace.
6 True/False questions
SWOT analysis → Future objectives, current strategy, assumptions, capabilities.
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.
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.
Mission Statements → 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.
Stuck in the Middle → not fully committed to one of the 3 generic strategies.. EX (Sears, target, mid price golf courses), starbucks now.
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.