Strategic Management Test 2

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a typical cost leadership strategy involves

A and B

Porter's value chain

B and C

cost leaders are frequently

B and C

competitive advantage can be defined as

a firms ability to earn a persistently higher profit rate than its rivals

rivals can be pre-empted from entering a form's market only if

A and B

Singapore airlines appears to have competitive advantage from

all of the above

according to porter and Siggelkow, Urban Outfitters was successful because

all of the above

being stuck in the middle gives low profits because

all of the above

causal ambiguity and uncertainty imitability are

all of the above

the central task of a differentiation strategy is

all of the above

strategic innovation means introducing

all of the above, or introducing new ways of doing business

how can a firm hide its superior profits

any of the above

porter says that firms get stuck in the middle because

as a above a firms needs very different organizational processes to achieve the closest costs or effective differentiation in the industry

isolating mechanisms are

barriers that slow or step the equalization of profits between firms, such as barriers to imitation

the fundamental choice for capacity acquisitions is the decision to either

buy them or build them

the seven drivers of cost advantage

can be useful framework within which to compare a firm's cost with its competitors

when using value chain analysis to analyze a firm's competitive strategy, the main aim is to

compare costs with those of competitors

a firms ability to turn change in its external environment into profit

depends on its ability to respond by changing its capabilities appropriately

competitive advantage

emerges from external and internal sources

cost leadership means a firm must

explore all sources of cost advantage in providing customers with a standardized product

Overall, the singapore airlines case shows that

firms can create cultures that do motivate staff to continually eliminate waste, reduce costs and improve customer service

if an industry has a stable environment and firms pursue similar strategies

firms with similar resources and capabilities should have similar profit rates

to successfully imitate the strategy of another firm, an organization must

identify and diagnose the rivals advantage, believe in its ability to deliver a superior return, and finally acquired the necessary resources and capabilities

A firm can pre-empt imitation by

introducing new products to fill each niche, investing in capacity ahead of market growth, and filing many patents

Porter (1980) in his early work suggests that combining cost leadership and differentiation strategies

is likely to result in a firm becoming 'stuck in the middle'

In many industries the market leaders

manage to reconcile low costs with some effective differentiation

differentiation is when a firm

offers customers something valuable and unique for which customers are willing to pay a price premium

requirements for quick organizational response to a turbulent environment are

quick, accurate info, and short product launch cycle times

the success of Japanese Total Quality Management

refutes the perceived trade-off between low cost products and high quality products

A cost leadership strategy

requires a firm to product a no frills product - even if the industry's product is differentiable

once established, competitive advantage is

subject to erosion by competitors or entrants

competitive advantage depends on

the existence of market imperfections

Zara's response to a very fast changing fashion demand was

to cut the product launch cycle from concept to store in three weeks

to imitate the competitive advantage of another company a firm must first

understand the basis of its rival's success


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