MIE 480 Exam 2 Questions and Answers
What is a strategy concerned Making choices among two or more alternatives
with?
To help a firm understand its customers and their needs
Why does a digital strategy use
digital tech with better clarity as a foundation for innovation that
create more value for them
What is at the core of a firms Information and the technologies available to gather and analyze it
effort to form a digital
strategy?
Is a digital strategy implemented No, it is developed and and implemented in combination with other
alone? firm strategies.
What are fims seeking to do Gain strategic competitiveness
my implementing one or more
strategies(two things) Earn above average returns
Purposeful
Key hallmarks of a strategy? Engage rivals in the marketplace
Demonstrate a shared understanding of the firm's vision and mission
What is needed of strategy to One that is consistent with conditions and realities of a
align resources and capablitilies firms external and internal environments, marshals,
properly with external integrates, and allocates them
evironment opportunities?
Integrated and coordinated set pf commitments and actions
What is a business level
strategy? the firm uses to gain competitive advantage by xploiting core
competnencies ina specific product market
Something that every firm must develop and implement
Two key points of a business
The core strategy - the strategy that the firm forms
level strategy:
describing how it will compete against revials daily in its
product market
WHat is purpose of a business Create differenes between firms position and those of its compeitiors
level strategy
How can a firm position itself It must decidde if it intends to perform activities differently or
differently from compeititors if it will perform different activities
(what must it decide?)
, Defines the path that provides the direction of actions
What does strategy define?
organizational leaders take to help their firms achieve
success
What results in the successful From the firm learning how to integrate its activities in ways
use of a business level that create superior value for customers
strategy?
What is foundation of success Customers
for all business level strats
How do business retain By continuously creating value for their customers
business level strategy
What does something result in Only when firm satisfies group of customers by using its
strategic competitiveness? compeitive advantages as basis for competing in individual
product markets
What do effective global They establish reach, richness, and affiliation with their customers
competitors do? (What do
they establish?)
Revolves around a firms access and connection to customers
What is the reach dimension of
effetive global competitors? Amazon offering fast, reliable global delivery and easy
access to products through its website and app
COncerns the depth and detial of the two way flow on info
between the firm and customers
What is the richness dimension
of effective global
Spotify using listening data to create personalized playlists
competitors?
(like Discover Weekly) based on user habits.
COncerned with encouragin ongoing customers interactions
What is the affiliation dimension
of effective global Starbucks Rewards app, which builds long-term loyalty with
compeittors? points, free drinks, and personalized offer
How do firms strengthen their By delivering superior value to them
relationships with customers?
What does delivering superior INcreased customer satsifcation!
value result in for cutomers
Because satisfied customers are more likely to be
Why does customer satsifcation
repeat customers AND
have a positive relationship
Spread word to other potential customers
with profitability?
When do firms place more When they are devising a business level strategy
weight to customers?
WHO, WHAT, HOW
What must managers
determine when placing more Who will be served
What is a strategy concerned Making choices among two or more alternatives
with?
To help a firm understand its customers and their needs
Why does a digital strategy use
digital tech with better clarity as a foundation for innovation that
create more value for them
What is at the core of a firms Information and the technologies available to gather and analyze it
effort to form a digital
strategy?
Is a digital strategy implemented No, it is developed and and implemented in combination with other
alone? firm strategies.
What are fims seeking to do Gain strategic competitiveness
my implementing one or more
strategies(two things) Earn above average returns
Purposeful
Key hallmarks of a strategy? Engage rivals in the marketplace
Demonstrate a shared understanding of the firm's vision and mission
What is needed of strategy to One that is consistent with conditions and realities of a
align resources and capablitilies firms external and internal environments, marshals,
properly with external integrates, and allocates them
evironment opportunities?
Integrated and coordinated set pf commitments and actions
What is a business level
strategy? the firm uses to gain competitive advantage by xploiting core
competnencies ina specific product market
Something that every firm must develop and implement
Two key points of a business
The core strategy - the strategy that the firm forms
level strategy:
describing how it will compete against revials daily in its
product market
WHat is purpose of a business Create differenes between firms position and those of its compeitiors
level strategy
How can a firm position itself It must decidde if it intends to perform activities differently or
differently from compeititors if it will perform different activities
(what must it decide?)
, Defines the path that provides the direction of actions
What does strategy define?
organizational leaders take to help their firms achieve
success
What results in the successful From the firm learning how to integrate its activities in ways
use of a business level that create superior value for customers
strategy?
What is foundation of success Customers
for all business level strats
How do business retain By continuously creating value for their customers
business level strategy
What does something result in Only when firm satisfies group of customers by using its
strategic competitiveness? compeitive advantages as basis for competing in individual
product markets
What do effective global They establish reach, richness, and affiliation with their customers
competitors do? (What do
they establish?)
Revolves around a firms access and connection to customers
What is the reach dimension of
effetive global competitors? Amazon offering fast, reliable global delivery and easy
access to products through its website and app
COncerns the depth and detial of the two way flow on info
between the firm and customers
What is the richness dimension
of effective global
Spotify using listening data to create personalized playlists
competitors?
(like Discover Weekly) based on user habits.
COncerned with encouragin ongoing customers interactions
What is the affiliation dimension
of effective global Starbucks Rewards app, which builds long-term loyalty with
compeittors? points, free drinks, and personalized offer
How do firms strengthen their By delivering superior value to them
relationships with customers?
What does delivering superior INcreased customer satsifcation!
value result in for cutomers
Because satisfied customers are more likely to be
Why does customer satsifcation
repeat customers AND
have a positive relationship
Spread word to other potential customers
with profitability?
When do firms place more When they are devising a business level strategy
weight to customers?
WHO, WHAT, HOW
What must managers
determine when placing more Who will be served
