MGT 8803 - Business Strategy EXAM WITH COMPLETE SOLUTIONS

MGT 8803 - Business Strategy The management process - ANSWER planning, organizing, leading, controlling planning - ANSWER setting performance objectives and deciding how to achieve them organizing - ANSWER arranging tasks, people, and other resources to accomplish the work leading - ANSWER inspiring and motivating workers to work hard to achieve organizational goals controlling - ANSWER measuring performance and taking action to ensure desired results strategy steps - ANSWER 1. set goals 2. superior (financial performance) 3. compare with competitors and against industry average 4. formulate over multiple levels of the organization that have to align strategic business unit (SBU) - ANSWER - profit center which focuses on product offering and market segment - winning in the market place - a competitive advantage strategy - ANSWER goal-directed actions a firm takes to gain and sustain superior performance relative to competitors. competitive advantage - ANSWER superior performance relative to other competitors in the same industry or the industry average strategic positioning - ANSWER A unique position within an industry that allows the firm to provide value to customers while controlling costs. Requires trade offs corporate strategy - ANSWER scope of the firm and the allocation of resouces across the firm functional strategy - ANSWER alignment of business functions to the SBU strategy (ex. marketing and manufacturing) competitive parity - ANSWER is when firms perform at the same level (not distinctive or viewed as being similar/very close substitutes) competitive disadvantage - ANSWER underperformance relative to other competitors in the same industry or the industry average Porter's 4 generic positioning strategies - ANSWER - cost leadership - differentiation - focused cost leadership - focused differentiation cost leadership - ANSWER becoming the lowest-cost producer in an industry differentiation - ANSWER attempting to be unique in an industry within a broad market strategic management process - ANSWER Analysis, Formulation, Implementation SWOT - ANSWER strengths, weaknesses, opportunities, threats PESTEL - ANSWER Political Economic Social Technological Environmental Legal Porter 5 Forces - ANSWER VRIO Famework - ANSWER Value Chain Analysis - ANSWER Benchmarking - ANSWER Ratio Analysis - ANSWER BCG Growth-Share Matrix - ANSWER Ansoff Matrix - ANSWER external environment - ANSWER