Capstone Midterm

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5 business level strategies

broad cost leadership, broad differentiation, focused cost leadership, focused differentiation, integration

firms that compete within a similar strategic group follow similar

business level strategies

firms that are close on a SGM are more

competitive

comparing the return on invested capital to other firms will help a company determine if it has a

competitive advantage

the Z variable in strategic group map measures

competitive advantage

oligopoly

consolidated with few (large) firms, differentiated products, high barriers to entry, and some degree of pricing power. competing firms are interdependent ex.) car rental industry

the unique strength that is deeply embedded within a firm that creates higher value and can lead a firm towards competitive advantage

core competency

The X and Y variables in a SGM should never be this

correlated

is best described as an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage

strategic management

vision

what a firm wants to accomplish

market cap=number of outstanding shares x share price

30 million shares x $100= $3 billion

How is a cost-leader protected from threats from powerful suppliers?

A cost-leader is fairly well isolated from threats of powerful suppliers to increase input prices, because it is more able to absorb price increases through accepting lower profit margins.

strategic position

A firm's ability to create value (V) for customers while containing costs (C)

core rigidity

The inability of a firm to adapt to changing market or technological conditions because of its attachments to its core practices and customers

tool used to confirm if a firm has a temporary or sustained competitive advantage

VRIO

VRIO

Value, Rarity, Imitability, Organization

industry convergence

a process whereby formerly unrelated industries begin to satisfy the same customer need

mission

describes how the vision is accomplished

value drivers support a ______ strategy while cost drivers support a _____ strategy

differentiation, low cost

companies in the same strategic group are

direct competitors

3 ways competitive advantage is measured

economic value creation, accounting profitability, shareholder wealth

do industry or firm effects have the biggest impact

firm effects

perfect competition

fragmented and has many small firms, a commodity product, ease of entry, and little or no ability for each individual firm to raise its prices ex.) iron ore industry

most common value chain activity linked to low cost strategy

inbound/outbound logistics

the question porter's five forces addresses

industry attractiveness

"economies of scope"

integration

changing minimum labor law to $55,000

political factor

Porter's 5 Forces

power of buyers, power of suppliers, threat of new entrants, intensity of competition, threat of substitutes

9 activities of porter's value chain are separated into two distinct components

primary and support

value chain activity attempts to source the best possible suppliers for a firm

procurement

SWOT Analysis

strengths, weaknesses, opportunities, threats

two resources that make up the resource based view theory

tangible and intangible

razor razor blade business model

the initial product is often sold at a loss or given away for free in order to drive demand for complementary goods

Value Chain

the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products


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