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Chapter 5 - MGMT 6850
Terms in this set (20)
business level strategy
a strategy designed for a firm or a division of a firm that competes within a single business
basic types of business level strategies based on breadth of target market (industrywide versus narrow market segment) and type of competitive advantage (low cost versus uniqueness)
overall cost leadership
a firm's generic strategy based on appeal to the industrywide market using a competitive advantage based on low cost
the decline in unit costs of production as cumulative output increases
a firm's achievement of similarity, or being "on par," with competitors with respect to low cost, differentiation, or other strategic product characteristic.
a firm's generic strategy based on creating differences in the firm's product or service offering by creating something that is perceived industrywide as unique and valued by customers
a firm's generic strategy based on appeal to a narrow market segment within an industry
firms' integrations of various strategies to provide multiple types of value to customers
a firm's ability to manufacture unique products in small quantities at low cost
the total profits in an industry at all points along the industry's value chain
Industry Life Cycle
the stages of introduction, growth, maturity, and decline that typically occur over the life of an industry
the first stage of the industry life cycle, characterized by (1) new products that are not known to customers, (2) poorly defined market segments, (3) unspecified product features, (4) low sales growth, (5) rapid technological change, (6) operating losses, and (7) a need for financial support.
the second stage of the product life cycle, characterized by (1) strong increases in sales; (2) growing competition; (3) developing brand recognition; and (4) a need for financing complementary value-chain activities such as marketing, sales, customer service, and research and development.
the third stage of the product life cycle, characterized by (1) slowing demand growth, (2) saturated markets, (3) direct competition, (4) price competition, and (5) strategic emphasis on efficient operations.
a break in the industry tendency to continuously augment products, characteristics of the product life cycle, by offering products with fewer product attributes and lower prices
a break in industry tendency to incrementally improve products along specific dimensions, characteristic of the product life cycle, by offering products that are still in the industry but that are perceived by customers as being different
the fourth stage of the product life cycle, characterized by (1) falling sales and profits, (2) increasing price competition, and (3) industry consolidation.
a strategy of wringing as much profit as possible out of a business in the short to medium term by reducing costs
a firm's acquiring or merging with other firms in an industry in order to enhance market power and gain valuable assets
a strategy that reverses a firm's decline in performance and returns it to growth and profitability
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Match the term below with its correct definition. symbol A. an object or an act that stands for something else B. the tendency to think of an object as being useful only for the function that the object is usually used for C. to show or illustrate by example D. the tendency to respond to a new problem with an approach that was successfully used with similar problems E. unit of meaning in a language F. rules of thumb, or shortcuts G. an idea or statement that provides the basic information that allows us to draw conclusions H. the study of meaning I. the communication of ideas through symbols that are arranged according to rules of grammar J. the mental rearrangement of elements of a problem
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Kim is building a large gazebo for her backyard. It is in the shape of a regular hexagon. Each side of the gazebo is 12 feet long. The apothem is 10.4 feet. She needs to purchase stones for the floor. It costs $9.50 per square foot for a special type of interlocking stone. Find the cost of the gazebo's floor. Round to the nearest ten dollars.
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