BUAD441 MIDTERM QUESTIONS
Which of the following is NOT required for a firm to achieve strategic competitiveness and earn above-average returns from its core competencies? A) Core competencies must be acquired. B) Core competencies must be leveraged. C) Core competencies must be bundled. D) Core competencies must be internationalized.
d
Pick 2 forces & give 3 conditions to make them high or low
1) Power of buyers HIGH -switching costs are low -purchases are significant portion of supplier's revenues -can easily backward integrate -substitutes are available 2) Power of suppliers HIGH -dominated by few, large companies -goods are critical to buyer's marketplace -substitutes do not exist -can easily forward integrate
What are the assumptions of the I/O Model & Resource Based Model?
I/O - external environment imposes constraints and pressures that determine strategic decisions - decision makers are engaged in rational & profit max behaviors - resource differences are short lived due to resource mobility - strategies among competitors are similar due to the similar resources Resource-Based -organization is a collection of unique resources - competitive advantages and performance are derived from resources and capabilities, not the industry's structural characteristics - resources are not highly mobile -firms acquire different resources
T/F: Firms should seek to continually develop new core competencies because all core competencies guarantee above-average profit.
FALSE
T/F: First movers can gain a sustained competitive advantage when they reduce their costs through reverse engineering.
FALSE
T/F: Flexible manufacturing systems, information networks, and total quality management are three techniques that make it possible for firms to implement the focused differentiation strategy.
FALSE
T/F: Human resources and other support functions are not value-creating activities in the value chain; only value chain activities create value.
FALSE
T/F: In recent times, business leaders have become more confident in the ability of economists to provide valid and reliable predictions about the world's economic environment.
FALSE
T/F: Older employees are less valuable resources to firms than younger employees, because older employees have lower levels of knowledge. Consequently, employee layoffs should begin with early-retirement inducements.
FALSE
T/F: One of the benefits of the integrated cost leadership/differentiation strategy is that it is less risky than either the cost leadership or differentiation strategies.
FALSE
T/F: Organizational stakeholders are the firm's internal resources, capabilities, and core competencies that are used to accomplish what may appear to be unattainable goals in the competitive environment.
FALSE
T/F: Research shows that firms using a hybrid strategy (i.e., integrated cost leadership/differentiation) often outperform firms using pure strategies ( i.e., cost leadership or differentiation).
FALSE
T/F: The activities in the value chains of companies using focus strategies are quite different than the activities in the value chains of companies using industry-wide business strategies.
FALSE
T/F: The assumptions of the industrial organization model and the resource-based model are contradictory. Therefore, organizational strategists must choose one or the other model as the basis for developing a strategic plan.
FALSE
T/F: The difference between the cost leadership and differentiation business-level strategies, and the focused cost leadership and focused differentiation strategies, are their basis for customer value.
FALSE
T/F: The external environment facing business stays relatively constant over time.
FALSE
T/F: The goal of strategy implementation is to develop a permanent competitive advantage.
FALSE
T/F: The key to Southwest Airlines' success has been its ability to continuously reduce costs while providing customers with superior levels of differentiation, such as an engaging culture.
FALSE
T/F: The strengths of the five competitive forces are similar across strategic groups within an industry.
FALSE
T/F: The value-creating activities associated with the cost leadership strategy and differentiation strategy are the same.
FALSE
T/F: Unlike a cost leadership and a differentiation strategy, both focus strategies are less dependent on the completion of various value chain and support activities to compete in a superior manner.
FALSE
T/F: Walmart has recently opened a store in Alsatia, Missouri. Several local small retailers have decided that choosing not to respond to Walmart's competitive actions is a viable long-term option, because although the companies have high market commonality they have little resource similarity. These small retailers are correct in their decision.
FALSE
T/F: Walmart's aggressive pricing strategy is a strategic action that plays a major role in how it competes.
FALSE
T/F: Walmart's change in strategy to attract more upscale customers will likely succeed because cost leaders are good at differentiating.
FALSE
T/F: When Google studies the internet user privacy policies of various nations, it is engaged in the forecasting component of the environmental analysis process.
FALSE
T/F: Customers, suppliers, unions, and local governments are examples of capital market stakeholders.
FALSE (product market)
T/F: The uniqueness of a firm's resources and capabilities is the basis for a firm's strategy and determines its ability to earn above-average returns under the I/O view.
FALSE (resource-based model)
____ markets are often described as volatile and innovative.
Fast-cycle
Competitor analysis focuses on:
Firms with which the company competes directly
Reach is an especially critical dimension for which firm? J.C. Penney Colgate-Palmolive Google Blockbuster
T/F: Firms with high market commonality and highly similar resources are direct and mutually acknowledged competitors.
TRUE
T/F: Hourly workers on the production line of a chicken-processing plant are considered organizational stakeholders.
TRUE
T/F: In general, strategic actions elicit fewer competitive responses than do tactical actions.
TRUE
T/F: It is more likely that locally owned, one-location cafes in a small town will respond more rapidly to tactical actions by each other than they will to strategic actions by the Burger King franchise that has recently moved to their town.
TRUE
T/F: Large firms with significant slack resources (i.e., are able to launch a greater number of competitive actions) but who remain flexible and act like small firms (i.e., are able to launch a variety of actions) will be more successful against rivals.
TRUE
T/F: Low-cost leaders usually concentrate on the value chain activities of inbound logistics and outbound logistics as a means to reduce costs.
TRUE
Effective strategic leaders are chosen based on:
Their capabilities and accumulation of human capital over time
Essentially, _______ has become one of the world's largest markets with 700 million potential consumers. A) China B) Japan C) the United States D) the European Union
d
The rate of technological diffusion is increasing. Which of the following was fastest in penetrating 25 percent of homes in the U.S. market? A) Mobile Phone B) Television C)Personal Computer D) Internet
d
Which of the following statements about organizational knowledge is correct? A)The value of knowledge as a proportion of shareholder value is increasing. B) The importance of knowledge is increasing. c) Knowledge is an intangible resource. D) All of these options are correct.
d
A company in a ____ industry is LEAST likely to make heavy use of patents and copyrights. medium-cycle fast-cycle slow-cycle standard-cycle
fast-cycle
An organization's loyalty to its own product is a competitive disadvantage in a(n) ____ market.
fast-cycle
Walt Disney's focus on ____ is typical of a slow-cycle market. economies of scale proprietary rights innovation total quality
proprietary rights
More choices and easily accessible information about the functionality of firms' products are creating increasingly ______ customers. sophisticated and knowledgeable content dissatisfied loyal
sophisticated and knowledgeable
Competitive dynamics refers to the:
total set of actions and responses taken by all firms competing within a market.
Before the firm decides what products to offer and what benefits and features they will have, the firm must decide all the following questions EXCEPT: who the firm should serve. when the customer's needs should be satisfied. what needs the firm should satisfy. what core competencies are needed to satisfy customer needs.
when the customer's needs should be satisfied.
When selecting a business level strategy, the firm must determine all of the following EXCEPT: how will the customer's needs be satisfied? who is the customer? what are the customers' needs? why should these customers' needs be satisfied?
why should these customers' needs be satisfied?
______ should establish a firm's individuality and should be inspiring and relevant to all stakeholders.
A mission
Once a firm has determined its competitors' future objectives, current strategy, assumptions, and strengths and weaknesses, its next step is to develop:
A response profile
Capabilities typically come from:
Combining resources
Which of the following is the most strategic action by Walmart? - Aggressively pricing school-related items in the back-to-school season - Entering a new foreign market -Aggressively pricing toys and electronics during the holiday season -Aggressive pricing to ensure they are a price leader
Entering a new foreign market
Which of the following is an example of a strategic action? - Entry into the European market by Home Depot - A "two movies for the price of one" campaign by Redbox - Fare increases by Southwest Airlines - Use of product coupons by a local grocer
Entry into the European market by Home Depot
T/F: A company can earn above-average returns only when the value it creates is less than the costs incurred to create that value.
FALSE
T/F: A firm with a reputation as a price predator (an actor that frequently reduces prices to gain or maintain market share) generates few responses to its pricing tactical actions.
FALSE
T/F: A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions.
FALSE
T/F: A low-cost position in the industry is not a valuable defense against rivals when competing on the basis of price.
FALSE
T/F: Boeing's decision to commit the resources required to build the super-efficient 787 midsized jetliner is an example of a tactical action.
FALSE
T/F: Competitor analysis is focused on the factors and conditions influencing an industry's profitability potential.
FALSE
T/F: Contrary to popular belief, the global segment of the external environment does not provide many opportunities for firms that recently experienced low growth and profits coming from emerging markets.
FALSE
T/F: Eavesdropping is an ethical way to obtain information about competitors' actions.
FALSE
T/F: Every firm uses all levels of strategy: corporate, acquisition and restructuring, international and cooperative.
FALSE
T/F: Extensive market commonality guarantees intense competition in an industry.
FALSE
T/F: Firms are likely to imitate the actions of a competitor that is noted for risky, complex, and unpredictable behavior because this is a way to imitate unobservable core competencies.
FALSE
T/F: Firms should never outsource a primary activity because of the danger of the activity being imitated by rivals.
FALSE
Walmart went against business-level strategy and made changes to attract upscale customers. These changes had which of the following results? It strengthened Walmart's position against rivals such as Dollar Stores and Amazon. Family Dollar, Dollar Tree, and Dollar General all experienced losses in sales as many of their customers went to Walmart. It attracted significant numbers of new customers. It made Walmart vulnerable to Dollar Store and Amazon.
It made Walmart vulnerable to Dollar Store and Amazon.
Akamai Technologies is a dominant player in the content delivery network (CDN) market. Akamai is not very diversified (i.e., is dependent on the CDN market). If rival CDN providers such as Limelight Networks and Level 3 Communications lower their basic CDN service prices, what would be Akamai's likely response? Exit the industry Lower its prices Raise its prices Do nothing since it is the market leader
Lower its prices
One capability that can be learned from failure is when to:
Quit
What is the difference between competitive rivalry & competitive dynamics?
Rivalry happens between two firms trying to jockey for a position, dynamics is the overview that looks at all the actions & responses of all firms
If Southwest Airlines employees lost their high enthusiasm and commitment to the company: there would be no impact on Southwest's profitability because Southwest's customers value the low fares rather than being "entertained" by the employees. replacement employees could be hired from rival airlines that are laying off employees and easily be merged into the Southwest culture. the airline could continue without problems because its cost leadership strategy is dependent on its efficient internal procedures. Southwest would have lost one of its competitive advantages, and its performance would be threatened.
Southwest would have lost one of its competitive advantages, and its performance would be threatened.
T/F: A business-level strategy is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage in specific product markets.
TRUE
T/F: A new generation of lunch trucks in cities such as New York, San Francisco, and Los Angeles serving high-end fare such as hamburgers made from grass-fed cattle, escargot, and crème brulee, at less expensive prices than sit-down restaurants. This illustrates a focus cost leadership strategy.
TRUE
T/F: Almost any identifiable human or organizational characteristic can be used to subdivide a market into segments that differ from one another on a given characteristic.
TRUE
T/F: An organization with high profitability, such as Walmart, will be able to develop high organizational slack.
TRUE
T/F: An organization's willingness to tolerate or encourage unethical behavior is a reflection of its core values.
TRUE
T/F: At Southwest Airlines, the complex interrelationship between its culture and human capital adds value for customers in ways that other airlines cannot, such as jokes on flights by flight attendants and cooperation between gate personnel and pilots.
TRUE
T/F: Awareness tends to be greatest when firms have highly similar resources and compete in multiple markets.
TRUE
T/F: Capabilities may be costly to imitate if firms have unique and valuable organizational cultures, are causally ambiguous, and socially complex
TRUE
T/F: Changing consumer needs are illustrated by Starbucks' enabling consumers to have an experience and design their own drinks rather than just a cup of coffee.
TRUE
T/F: Core competencies are capabilities that serve as a source of competitive advantage for a firm over its rivals.
TRUE
T/F: Early adopters of new technology often achieve higher market shares and higher returns than later adopters of the technology.
TRUE
T/F: Fast-cycle markets are characterized by "generational products," which start out with a substantial technological advance in the performance of a product category followed by incremental technological advances as new generations of products are introduced.
TRUE
T/F: Firms implementing cost leadership strategies often sell no-frills standardized goods or services (but with competitive levels of differentiation) to the industry's most typical customers.
TRUE
T/F: Mighty Mike's, a manufacturer of power tools for the home hobbyist, has seen its main competitor, MyTools, introduce a line of power tools that are smaller sized, lighter weight, and suitable for women and older hobbyists who have weaker hands than the typical male workshop hobbyist. Mighty Mike is waiting to see whether MyTools' new line is a success. Mighty Mike could be classified as a second mover.
TRUE
T/F: Patent laws and regulatory requirements such as required FDA (Food and Drug Administration) approval to launch new products shield pharmaceutical companies' positions in this slow-cycle market.
TRUE
T/F: Research suggests that a firm with greater multimarket contact is less likely to initiate an attack, but more likely to respond aggressively when attacked.
TRUE
T/F: Risk in terms of financial returns reflects an investor's uncertainty about economic gains or losses that will result from a particular investment.
TRUE
T/F: The bankruptcy filings by General Motors and Chrysler Corporation during the Great Recession illustrate that firms cannot directly control the general environment's segments.
TRUE
T/F: The generalized forms of value that goods and services provide are either low cost with acceptable features or highly differentiated features with acceptable cost.
TRUE
T/F: The rate of growth of Internet-based applications could be affected by strategies of Internet service providers charging users for downloading those applications.
TRUE
T/F: To be a first mover, the firm must have readily available resources to invest in R&D as well as to rapidly and successfully produce and market a stream of innovative products.
TRUE
T/F: Understanding how to leverage the firm's unique bundle of resources and capabilities is a key outcome decision makers seek when analyzing the internal organization.
TRUE
In smaller, new venture firms, returns are sometimes measured in terms of:
The amount and speed of growth
The economic environment refers to:
The nature and direction of the economy in which a firm competes or may compete
The threat from substitutes is high when:
The substitue products price is lower than the industry products price
The three conditions that characterize difficult managerial decisions concerning resources, capabilities, and core competencies are
Uncertainty, complexity, intraorganizational conflicts
Hyundai allows customers to return their cars if they lose their job within 12 months of purchase. Which of the following aspects of managing customer relationships is Hyundai engaged in? When: Determining When to Satisfy Customer Needs Who: Determining the Customers to Serve How: Determining Core Competencies Necessary to satisfy Customer Needs What: Determining Which Customer Needs to Satisfy
What: Determining Which Customer Needs to Satisfy
Wholesome Pet Food has successfully specialized for 20 years in high-quality pet food made from all-natural ingredients and organically raised lamb. This brand has a strong following and is recommended by veterinarians who practice in affluent neighborhoods. Wholesome's main supplier of lamb has announced that the price for lamb will be 15 percent higher next year. Which one of the following is true? Companies pursuing Wholesome's business strategy are especially vulnerable to this risk. If Wholesome raises its pet food prices, customers will turn to less expensive brands such as Purina. Wholesome will probably be able to pass the cost on to its customers because they are less sensitive to price increases than the average buyer. Wholesome probably operates on very thin margins, and a cost increase will threaten its ability to earn average returns.
Wholesome will probably be able to pass the cost on to its customers because they are less sensitive to price increases than the average buyer.
A company's ability to acquire knowledge is: A) an important source of competitive advantage in virtually all industries. B) not considered an asset or resource for businesses. C) only important in high technology industries. D) less important in the 21st century than in previous periods of business history.
a
Which of the following would NOT be identified in an analysis of the economic portion of the general environment? A) The ability of Ford to issue new debt in light of its recent financial performance B) The willingness of GM buyers to purchase new vehicles in light of the threat of recession C) The ability of BMW's buyers to finance car purchases in light of a change in interest rates D) The willingness of Chrysler's buyers to purchase large vehicles in light of an increase in oil prices
a
When a firm is able to produce nonstandardized (that is, distinctive) products for customers who value differentiated features more than they value low cost, the firm is successfully implementing: a single-product strategy. an integrated cost leadership/differentiation strategy. a differentiation strategy. a cost leadership strategy.
a differentiation strategy.
The strategic leader's work is characterized by:
ambiguous decision situations where the best course of action is not always easy to identify
A second mover: -is typically ineffective in its response to the first mover. -typically has a higher survival rate than first movers which typically take greater risks. -usually incurs higher expenses than the first mover since it must engage in reverse engineering. -attempts to provide a product with greater customer value than the first mover's product.
attempts to provide a product with greater customer value than the first mover's product.
A major U.S. manufacturer of children's toys believes its main competitive advantage lies in its continuing development of innovative toys and games. The company is facing increasing competition on price, and it is strongly considering outsourcing to offshore firms as a means of reducing costs. The LAST function this firm should consider outsourcing is: A) distribution. B) research and development. C) supply-chain management. D) operations.
b
Acme Auto Repair has a thriving business based on its reputation for high-quality work, honesty, and skilled employees. For continued long-term success, Acme's owner should: A) recognize that core competencies derived from human resources are more subject to becoming core rigidities than are core competencies based on other types of resources. B) focus advantages.on developing Acme's future competitive C) place more emphasis on tangible resources, which are less vulnerable to obsolescence than intangible resources. D) concentrate on maintaining Acme's current core competencies.
b
BP, in response to the Deepwater Horizon oil spill, expected increased scrutiny from which of the following segments of the general environment? A) technological B) political/legal C) sociocultural D) global
b
In a suburban community outside a city in Alabama, a retail store opened that specialized in dancewear for children and adults. It was moderately successful for five years until the local newspaper published an exposé that scanty lingerie stocked in the back of the store's showroom was selling briskly to a certain clientele. Afterward, the store lost most of its customers and nearly closed. Which segment of the environment did the store owners fail to take into account when they began selling the lingerie? A) the economic segment B) the sociocultural segment C) the political/legal segment D) the demographic segment
b
Media content has moved from paper, tape, and film to a digital world based on Internet technology. From the perspective of the five forces model, which force is most relevant here? A) Entry barriers B) Substitutes C) Buyers D) Suppliers
b
The CEO of Ridgeway, Inc., realizes that the company's survival depends on developing and acquiring knowledge. Which of the following actions by the CEO would be most consistent with this need? A) Ensuring that all current unique knowledge of the firm is protected by patents B) Planning extensive employee training and hiring educated and experienced employees C) Establishing a system of organizational intelligence gathering D) Investing in sophisticated databases in relevant knowledge areas
b
The CEO of the Wholesome Food retail grocery chain, which specializes in organic and natural produce and meat, has stated, "The key to success is to find your niche and focus on it, regardless of what anyone else does." The CEO: - realizes his firm has such lower resources than other competitors that his chain is "competitively invisible" to them. - realizes that he must understand competitors in order to predict their competitive actions and responses. - believes he has placed his firm in a slow-cycle industry where concerns about protecting unique competencies dominate concerns about market share. -understands that he is the market leader in his niche and thus has a sustainable competitive advantage.
believes he has placed his firm in a slow-cycle industry where concerns about protecting unique competencies dominate concerns about market share.
Competitive rivalry has the most effect on a firm's ____ strategies than the firm's other strategies.
business-level
If a firm offers a service that is valuable, rare, and costly to imitate, but a substitute exists for the service, the firm will: A) achieve competitive parity. B) gain a sustainable competitive advantage. C) have a temporary competitive advantage. D) have a competitive disadvantage.
c
Research shows that approximately ______ percent of a firm's profitability is explained by the industry in which it competes, whereas ______ percent is explained by the firm's characteristics and actions. A) 90; 10 B) 60; 40 C) 20; 36 D) 36; 20
c
When consumers change mobile phone and data service providers, they may be required to maintain service with the provider for a specified time period. This is an example of a: A) cost to a producer to exchange equipment in a facility when new technologies emerge. B) one-time cost suppliers incur when selling to a different customer. C) one-time cost customers incur when buying from a different supplier. D) cost of changing the firm's strategic group.
c
A differentiation strategy can be effective in controlling the power of substitutes in an industry because: a differentiating firm can always lower prices. substitute products are lower quality. customers develop brand loyalty. customers have low switching costs
customers develop brand loyalty.
A major department store chain has a strict policy of banning photographs or videos of its sales floor or back-room operations. It also does not allow academics to conduct studies of it for publication in research journals. In fact, some of its own top managers refer to the management's policies on secrecy as "verging on paranoid." These policies indicate that the top management of the firm believes the organization's core competencies are: A) unobservable. B) causally ambiguous. C)common. D) imitable.
d
Circuit Inc. is a manufacturer of a broad range of consumer electronics products. These consumer products are all highly profitable. The firm also manufactures a low-cost component that is an essential differentiating feature for most of its consumer products. The costs to manufacture this component have risen sharply in recent months. Internal estimates now indicate the company is breaking even on the manufacture of this component. Which of the following is most likely? A) Circuit will likely discontinue manufacture of the component due to high supplier stakes. B) Circuit will likely continue to manufacture the component, even at a loss, due to low supplier power. C) Circuit will likely discontinue manufacture of the component due to low strategic stakes. D) Circuit will likely continue to manufacture the component, even at a loss, due to high strategic stakes.
d
Firms with few competitive resources are more likely to: delay responding to competitive actions. respond to strategic actions, but not to tactical actions. not respond to competitive actions. respond quickly to competitive actions.
delay responding to competitive actions.
Three sources of flexibility in completing primary and support activities are particularly useful for firms using the integrated strategy. These are: flexible manufacturing systems, Total Quality Management, and information networks. outsourcing, reengineering, and flexible manufacturing systems. flexible manufacturing systems, reengineering, and Total Quality Management. outsourcing, Total Quality Management, and information networks.
flexible manufacturing systems, Total Quality Management, and information networks.
Three sources of flexibility in completing primary and support activities are particularly useful for firms using the integrated strategy. These are: flexible manufacturing systems, Total Quality Management, and information networks. outsourcing, reengineering, and flexible manufacturing systems. outsourcing, Total Quality Management, and information networks. flexible manufacturing systems, reengineering, and Total Quality Management.
flexible manufacturing systems, Total Quality Management, and information networks.
The chief disadvantage of being a first mover is the: - high level of competition in the new marketplace. - inability to earn above-average returns unless the production process is very efficient. -difficulty of obtaining new customers. -high degree of risk.
high degree of risk.
TQM is most helpful to firms following the ____ business strategy. cost leadership integrated cost leadership/differentiation focused differentiation focused cost leadership
integrated cost leadership/differentiation
The analysis of the activity map of a successful company such as Southwest Airlines emphasizes how: the organizational culture of Southwest Airlines is the key to the success of the organization. understanding the profit ability in an industry indicates to companies where above-average returns can be earned. the primary and support activities of a successful company capture value all along the value chain. it is hard for rivals to match a configuration of integrated activities than to imitate a single activity.
it is hard for rivals to match a configuration of integrated activities than to imitate a single activity.
When the costs of supplies increase in an industry, the low-cost leader: will be unable to absorb higher costs because cost-leaders operate on very narrow profit margins. will lose customers as a result of price increases. may be the only firm able to pay the higher prices and continue to earn average or above-average returns. may continue competing with rivals on the basis of product features.
may be the only firm able to pay the higher prices and continue to earn average or above-average
Quality is: an assured way to gain competitive advantage. only a major factor in the production of luxury goods, such as BMW cars. a viable trade-off with product cost in gaining a competitive advantage. meeting or exceeding customer expectations in the goods and/or services offered.
meeting or exceeding customer expectations in the goods and/or services offered.
A cost leadership strategy targets the industry's ____ customers. most typical poorest least educated most frugal
most typical
As the television industry has changed in the last few decades from just three major networks to a multiplicity of networks, one of the major aspects of business strategy for the newer networks is ____ than the traditional networks. broader target market increased use of primary activities to capture value increased use of support activities to capture value narrower target market
narrower target market
J.C. Penney attempted the strategy ______ . But it couldn't out ______ Walmart, nor could it ______ Macy's and Target. of focused differentiation; cost; differentiate between of focused cost leadership; price; differentiate between of integrated cost leadership; price; compete with of cost leadership; cost; differentiate between
of integrated cost leadership; price; compete with
An entrepreneur is investigating starting a company that provides tax advice to small companies. In order to position his company differently from the existing competitors, the entrepreneur must: provide tax advice either in a different manner or provide a different kind of tax service than competitors. analyze the reach, richness, and affiliation the company must have with its customers. offer tax advice at a higher quality than the best competitor. offer tax advice at a price lower than the cheapest competitor.
provide tax advice either in a different manner or provide a different kind of tax service than competitors.
Because Coca-Cola, Nestle, and PepsiCo all sell a product (bottled water) that is essentially the same and all three giant companies are engaged in battles for market share using incremental changes in their products and seeking loyalty to brand names, it is most likely that the bottled water market is a(n): intermediate-cycle market. standard-cycle market. fast-cycle market. slow-cycle market
standard-cycle market.
On the whole there are more competitive responses to: - strategic actions than to tactical actions. - buyer pressures than to supplier pressures. - the demands of the top management team than to industry structural pressures. - tactical actions than to strategic action
tactical actions than to strategic action
