7 Written questions
6 Multiple choice questions
- Set of goals and policies designed to achieve competitive adv in a particular marketplace.
- 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
- What business are we in? Allocation of resources among business units. Ex. Pepsi Co
- Cost Leadership, Differentiation, Focus
- 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.
- 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.
6 True/False questions
Focus → Set of goals and policies designed to achieve competitive adv in a particular marketplace.
Differentiation → Unique Products/ Services/ Delivery Channel... EX... (Toyota quality"residual value", Amazon, Zappos "no shipping", Weber Grills, lexus, Ralph lauren, rolex, Neiman Marcus.)))
Environmental Scanning → 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.
Functional strategies/ tactics → Specific to a product, marketing, HR, R&D, operational strategy
Strategic MGMT process → ID the Organization's misson and objectives, Analyze the Environment or Analyze the organizations resources. --->Formulate strategy, Implement strategy, Evaluate and monitor results.
Levels of Strategic 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.