The Ohio State University

Strategy - Answer The set of goal-directed actions a firm takes to gain and sustain competitive advantage. Strategic Management - Answer An integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage. The hallmarks of bad strategy: - Answer 1. Failure to face the problem 2. Mistaking goals for strategy 3. Bad "fuzzy" strategic objectives 4. Fluff (i.e., superficial abstraction) Why so much bad str...

Business-Level Strategy - Answer The goal-directed actions managers take in their quest for competitive advantage when competing in a single product market. It concerns the broad question, "How should we compete?" To formulate an appropriate business-level strategy, managers must answer the who, what, why, and how questions of competition: - Answer Who—which customer segments will we serve? What customer needs, wishes, and desires will we satisfy? Why do we want to sa...

Chapter 1 Why should we care about theory? - Answer Helps us make predictions Helps us interpret the present -Useful tool to disentangle complex relationships -Filter noise from the information background Logic is sound Useful tool to disentangle complex relationships - Answer A good model simplifies reality A good model is circumstance contingent Why study models/frameworks? - Answer Based on theory and empirical research Anecdotes have limited value Pinpoin...

What is Globalization? - Answer A process of closer integration and exchange between countries and peoples worldwide. How is Globalization made possible? - Answer 1. Falling trade and investment barriers 2. Advanced telecommunications 3. Reduced transportation costs Importance of MNEs and FDIs What are the two parts of a firm's corporate strategy? - Answer 1. Gain and sustain a competitive advantage 2. Compete against foreign and domestic companies Foreign Dire...

Architectural Innovation - Answer A new product in which known components based on technologies are reconfigured in a novel way to attack new markets. crossing the chasm framework - Answer Conceptual model that how's how each stage of the industry life cycle is dominated by a different customer group early adopters - Answer customers entering the market in the growth stage of the industry life cycle that are eager to by easy into a new technology or product concept ...

Use of Build, Borrow, or Buy Framework - Answer Conceptual model that aids firms in deciding whether to pursue internal development (build), enter a contractual arrangement or strategic alliance (borrow), or acquire new resources, capabilities, and competencies (buy). Use of Build, Borrow, or Buy Framework - build-intervals development - Answer build refers to internal development if the firm's internal resources are highly relevant to closing thee identified gap, the firm s...

Business-level strategy - Answer The goal-directed actions managers take in their quest for competitive advantage when competing in a single product market who? what? why? how? Strategic tradeoffs - Answer Choices between a cost or value proposition Necessary because higher value creation tends to generate higher costs Differentiation strategy - Answer Generic business strategy that seeks to create higher value for customers than the value that competitors create ...

Strategic Management - Answer the integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage Strategy - Answer a set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors 3 Elements of a "good strategy" - Answer 1. Diagnosis 2. Guiding Policy 3. Set of Coherent Actions Competitive Advantage - Answer Superior performance relative to other compe...

CAGE Distance Framework - Answer A decision framework based on the relative distance between home and a foreign target country along four dimensions: cultural distance, administrative and political distance, geographic distance, and economic distance. Cultural Distance - Answer Cultural disparity between an internationally expanding firm's home country and its targeted host country Death-of-distance Hypothesis - Answer Assumption that geographic location alone should n...

Promotion - Answer Communication by marketers that inform persuade and remind potential buyers of a product in order to influence an opinion Competitive Advantage - Answer Set of unique features of a company and its products that are perceived as superior over the competition. Communication - Answer Process by which we exchange or share meanings through a common set of symbols Goal of Promotion - Answer inform, persuade, connect, remind Informative Promotion -...