MAN 4720 Exam 2 FSU
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business-level strategy -ANSWER✅✅✅integrated and coordinated set of
commitments and actions the firm uses to gain a competitive advantage by exploiting
core competencies in a specific product market
core strategy -ANSWER✅✅✅the strategy that the firm forms to describe how it intends
to compete against rivals on a day-to-day basis in its chosen product market
Customers -ANSWER✅✅✅the foundation of successful business-level strategies
Strategic competitiveness -ANSWER✅✅✅results only when the firm satisfies a group
of customers by using its competitive advantages as the basis for competing in
individual product markets
key reason firms must satisfy customers with their business-level strategy -
ANSWER✅✅✅returns earned from relationships with customers are the lifeblood of all
organizations
reach -ANSWER✅✅✅dimension of relationships with customers that revolves around
the firm's access and connection to customers
Richness -ANSWER✅✅✅concerns the depth and detail of the two-way flow of
information between the firm and customers
Affiliation -ANSWER✅✅✅concerned with facilitating useful interactions with customers
Market segmentation -ANSWER✅✅✅- the process of dividing customers into groups
based on their needs
- used to cluster customers with similar needs into individual and identifiable groups
Demographic Factors -ANSWER✅✅✅income, sex, age