Bus 401, VanderKelen, Cal Poly || Acknowledged Answers 100%.
a company's plan to gain, and sustain competitive advantage in the marketplace... correct
answers Business Strategy
Strategies are more likely to be a success when the plan explicitly takes into account four factors:
correct answers 1. The attractiveness of a market
2. How to offer unique value relative to the competition
3. What resources and capabilities are necessary to deliver that value
4. How to sustain a competitive advantage once it has been achieved.
When does a firm have a competitive advantage? correct answers When it can consistently
generate above-average profits through a strategy that competitors are unable to imitate or find
too costly to imitate.
Profit Returns in excess of what an investor expects from other investments with a similar
amount of risk. correct answers Above-average profits
The process by which organizations formulate a plan and allocate resources to achieve
competitive advantage that involves making four strategic choices... correct answers Strategic
Management Process
(Includes both internal and external environment)
The focus of the strategic management process should be to make four key strategic choices...?
correct answers 1. Which markets the company will pursue
2. What unique value to offer the customer in those markets
3. What resources and capabilities are required
4. How company will capture value and sustain a competitive advantage overtime
Market pursuit includes two categories... correct answers Industries and Geographic markets
, Two ways a firm can create unique value... correct answers Cost advantage and Differentiation
strategy
Outlines the firms primary purpose and often specifies the business or businesses in which the
firm intends to compete... correct answers Mission
External Analysis involves correct answers 1. Examination of the competition and forces that
shape industry competition and profitability
2. Customer analysis to understand what customers really want
Price sensitivity correct answers The degree to which the price of a product or service affects
consumers' affects willingness to pay...
Segmentation analysis correct answers Dividing up customers into groups or segments based on
similar needs and wants...
Internal analysis involves... correct answers Strengths and Weaknesses, more formally though;
analysis of the company's set of resources and capabilities that can be deployed - or should be
developed - to deliver unique value to customers.
Competitive advantage calls for a company to do the following... correct answers 1. Provide
unique value to the right customers in the right market
2. Develop resources and capabilities to deliver such value
3. Sustain that by figuring out ways to create barriers to imitation and entry...
Decisions that are made by senior corporate executives about where to compete in terms of
industries and markets... correct answers Corporate Strategy
Decisions made about how to gain and sustain advantage, made at the manager level for each
standalone business unit... correct answers Business Unit Strategy
a company's plan to gain, and sustain competitive advantage in the marketplace... correct
answers Business Strategy
Strategies are more likely to be a success when the plan explicitly takes into account four factors:
correct answers 1. The attractiveness of a market
2. How to offer unique value relative to the competition
3. What resources and capabilities are necessary to deliver that value
4. How to sustain a competitive advantage once it has been achieved.
When does a firm have a competitive advantage? correct answers When it can consistently
generate above-average profits through a strategy that competitors are unable to imitate or find
too costly to imitate.
Profit Returns in excess of what an investor expects from other investments with a similar
amount of risk. correct answers Above-average profits
The process by which organizations formulate a plan and allocate resources to achieve
competitive advantage that involves making four strategic choices... correct answers Strategic
Management Process
(Includes both internal and external environment)
The focus of the strategic management process should be to make four key strategic choices...?
correct answers 1. Which markets the company will pursue
2. What unique value to offer the customer in those markets
3. What resources and capabilities are required
4. How company will capture value and sustain a competitive advantage overtime
Market pursuit includes two categories... correct answers Industries and Geographic markets
, Two ways a firm can create unique value... correct answers Cost advantage and Differentiation
strategy
Outlines the firms primary purpose and often specifies the business or businesses in which the
firm intends to compete... correct answers Mission
External Analysis involves correct answers 1. Examination of the competition and forces that
shape industry competition and profitability
2. Customer analysis to understand what customers really want
Price sensitivity correct answers The degree to which the price of a product or service affects
consumers' affects willingness to pay...
Segmentation analysis correct answers Dividing up customers into groups or segments based on
similar needs and wants...
Internal analysis involves... correct answers Strengths and Weaknesses, more formally though;
analysis of the company's set of resources and capabilities that can be deployed - or should be
developed - to deliver unique value to customers.
Competitive advantage calls for a company to do the following... correct answers 1. Provide
unique value to the right customers in the right market
2. Develop resources and capabilities to deliver such value
3. Sustain that by figuring out ways to create barriers to imitation and entry...
Decisions that are made by senior corporate executives about where to compete in terms of
industries and markets... correct answers Corporate Strategy
Decisions made about how to gain and sustain advantage, made at the manager level for each
standalone business unit... correct answers Business Unit Strategy
