5 Written questions
5 Matching questions
- Distinctive competence
- The best type of portfolio strategy may be WHAT?
- Strategy Making for Firms Big and Small
- WHAT are the three steps to create strategies that produce sustainable competitive advantage?
- An analysis of an organization's internal environment begins with an assessment of WHAT?
- a assess the need for strategic change, conduct a situational analysis, and choose strategic alternatives.
- b related diversification
- c distinctive competencies and core capabilities
- d 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)
- e The strategy-making process is the method by which companies create strategies that produce sustainable competitive advantage
5 Multiple choice questions
- a strategy that focuses on increasing profits, revenues, market share, or the number of places in which the company does business.
- Valuable resource,Rare resource ,Imperfectly imitable resource, and Nonsubstitutable resource
- 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.
- a company with a large share of a fast-growing market
- : a committee within a company that analyzes the company's own weaknesses to determine how competitors could exploit them for competitive advantage.
5 True/False questions
Valuable resource → a resource that allows companies to improve efficiency and effectiveness.
Competitive inertia → providing greater value for customers than competitors can.
Entrepreneurship → the process of entering new or established markets with new goods or services. (know characteristics for this)
Strategy making can improve the following for both big and small firm: → Profits,Sales Growth, and Return on Investment
Risk Taking → entrepreneurial firms are willing to take risks that could result in costly failures.