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Striving to be more profitable than rivals and aiming for a competitive edge based on bigger profit margins One of the keys to successful strategy-making is to come up with one or more strategy elements that act as a magnet to draw customers and that produce a lasting competitive edge over rivals.
Crafting and executing strategy are top-priority managerial tasks because good strategy coupled with good strategy execution greatly raises the chances that a company will be a standout performer in the marketplace. Company managers connect values to the chosen strategic vision by making it clear that company personnel are expected to live up to the values in the pursuit of the strategic vision and mission.
A company needs financial objectives because adequate profitability and financial strength is critical to its long-term health and ultimate survival. A company that pursues and achieves strategic objectives is frequently in a better position to improve its future financial performance because of the increased competitiveness that flows from the achievement of strategic objectives.
Strategy-making is more of a collaborative effort that includes managers in various positions and at various organizational levels. Corporate strategy for a diversified or multi-business enterprise how to capture cross-business synergies, what businesses to hold or divest, which new markets to enter, and what mode of entry to employ, and the scope of the firm.
In a single-business company, the strategy-making hierarchy consists of business strategy, functional strategies, and operating strategies. A company with strategic intent usually has an unshakable—often obsessive—commitment to do whatever it takes to acquire the resources and achieve the goals.
Which of the following is not a major question to ask in thinking strategically about industry and competitive conditions in a given industry?
How many companies in the industry have good track records for revenue growth and profitability? Factors that cause the rivalry among competing sellers to be weak include rapid growth in buyer demand and high buyer switching costs.
Potential entrants are more likely to be deterred from actually entering an industry when incumbent firms are willing and able to launch strong defensive maneuvers to maintain their positions. Which of the following is not a good example of a substitute product that triggers stronger competitive pressures?
Coca-Cola as a substitute for Pepsi Whether supplier-seller relationships in an industry represent a strong or weak source of competitive pressure is a function of whether suppliers can exercise sufficient bargaining power to influence the terms and conditions of supply in their favor.
Which of the following do not qualify as potential driving forces capable of inducing fundamental changes in industry and competitive conditions? Growing supplier-seller collaboration, and growing buyer-seller collaboration Strategic group mapping is a technique for displaying the different market or competitive positions that rival firms occupy in an industry.
Which of the following can aid industries in identifying key success factors? Is the resource strength something that a company does internally rather than in collaborative arrangements with outsiders? The difference between a company competence and a core competence is that a competence is an activity that a company has learned to perform with proficiency whereas a core competence is an activity that a company performs proficiently that is also central to its strategy and competitive success.
The three main areas in the value chain where significant differences in the costs of competing firms can occur include the costs of internally performed activities its own value chainthe costs in the value chains of its suppliers and distribution channel allies.
Which of the following is not part of the task of identifying the strategic issues and problems that merit front-burner managerial attention? When buyers have widely varying needs and special requirements The essence of a broad differentiation strategy is to be unique in ways that are valuable and appealing to a wide range of buyers.
A focused low-cost strategy can lead to attractive competitive advantage when a firm can lower costs significantly by limiting its customer base to a well-defined buyer segment. Which one of the following does not represent market circumstances that make a focused low-cost or focused differentiation strategy attractive?
The production emphasis of a company pursuing a broad differentiation strategy usually involves efforts to build-in whatever differentiating features that buyers are willing to pay for and striving for product superiority.
A blue ocean strategy involves inventing a new industry or new market segment that renders existing competitors largely irrelevant and allows a company to create and capture altogether new demand. What is the goal of signaling a challenger that strong retaliation is likely in the event of an attack?
Divert the challenger to use less threatening options The race among rivals for industry leadership is more likely to be a marathon rather than a sprint when, the market depends on the development of complementary products or services that are currently not available, buyers have high switching costs, and influential rivals are in position to derail the efforts of a first-mover.
What does the scope of the firm refer to? The range of activities the firm performs internally and the breadth of its product offerings. Which of the following is not a potential advantage of backward vertical integration?
Reduced business risk because of controlling a bigger portion of the overall industry value chain The two big drivers of outsourcing are that outsiders can often perform certain activities better or cheaper and outsourcing allows a firm to focus its entire energies on those activities that are at the center of its expertise its core competencies.
Need essay sample on "Strategic Management midterm 1"?Mar 17, · Christopher Wylie, who helped found the data firm Cambridge Analytica and worked there until , has described the company as an “arsenal of weapons” in a culture war.
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Midterm 1 – Strategic Business Analysis Words | 8 Pages. Bus Tu. Dr. Mark Fruin 10/6/ Midterm 1 – Strategic Business Analysis Short Essays 1. Business Strategy Mid-Term: Ch. STUDY. PLAY. mission, objectives, external & internal analysis, strategic choice, strategy implementation, and competitive advantage.
Strategic Management Process: components in order. This type of analysis allows managers to assess the set of business activities in which it engages in to develop.
Cambridge Analytica Ltd (CA) was a British political consulting firm which combined data mining, data brokerage, and data analysis with strategic communication during the electoral processes.
It was started in as an offshoot of the SCL Group. The company closed operations in , although related firms continued in existence.