5 Written questions
5 Matching questions
- What is so important about the vision and mission statement?
- Distinctive competence
- Core firms
- Market commonality
- a the central companies in a strategic group.
- b what a company can make, do, or perform better than its competitors. Review the resources and the processes to see if it's valuable or not. Rare is important as well. Rare means that not everyone has equal access. It is not easy to duplicate. Regular coffee verses Starbucks coffee (example). You want to ensure the product or service cannot be substituted. (This would be a competitor advantage)
- c a strategy for reducing risk by buying a variety of items (stocks or, in the case of a corporation, types of businesses), so that the failure of one stock or one business does not doom the entire portfolio.
- d the degree to which two companies have overlapping products, services, or customers in multiple markets
- e reflect the personality of how the company truly is. This will assist in obtaining the final goals and objectives. You need to know where you're going/destination.
5 Multiple choice questions
- distinctive competencies and core capabilities
- : the firms in a strategic group whose strategies are changing from one strategic position to another
- Profits,Sales Growth, and Return on Investment
- the process of entering new or established markets with new goods or services. (know characteristics for this)
- entrepreneurial firms are willing to take risks that could result in costly failures.
5 True/False questions
The matrix separates businesses into four categories which are WHAT? → related diversification
WHAT are the three steps to create strategies that produce sustainable competitive advantage? → growth, stability, and retrenchment
Reality Check: make assessments of the surrounding environment called ______ _______ as known as Environmental Analysis. → Profits,Sales Growth, and Return on Investment
WHAT are the following four conditions must be met if a firm's resources are to be used to achieve a sustainable competitive advantage? → Valuable resource,Rare resource ,Imperfectly imitable resource, and Nonsubstitutable resource
Growth strategy → a strategy that focuses on increasing profits, revenues, market share, or the number of places in which the company does business.