MNGT 4800 Auburn Questions with Correct
Answers
3 central questions businesses face
1.) what is the present situation?
2.) what should the company's future direction be & what performance targets should they
set?
3.) what is our plan for running the company & achieving good performance results?
Present Situation
Industry conditions and competitive pressures, market standing, competitive strengths and
weaknesses, and future prospects in light of changes taking place in the business environment
Examples of questions to ask when deciding on direction
What buyer needs to try to satisfy
Which growth opportunities to emphasize?
Where to head and what outcomes to strive to achieve?
Strategy is all about choosing _____
How
competitive advantage
Requires meeting customer needs either more effectively or more efficiently
Central task of a company's strategy
create, support, articulate, execute and defend a core belief about your business that is
different from competition
, 5 strategies for building competitive advantage
Low-Cost Provider
Focused Low Cost
Focused Differentiation
Broad Differentiation
Best-Cost Provider
Low Cost Provider definition
Low Cost provider does not mean low quality, but the ability to manage your costs so you
price where you want to price and make achievable profit margins
Example of Low Cost Provider
Wal-Mart
Focused Low Cost Provider definition
does not address the whole market but a segment or niche that has direct appeal to your
products or services
Focused Low Cost Provider example
Southwest Air
Broad Differentiation definition
allows you to separate from competitors due to unique aspects and it appeals to a high
volume market
Broad Differentiation example
Apple
Answers
3 central questions businesses face
1.) what is the present situation?
2.) what should the company's future direction be & what performance targets should they
set?
3.) what is our plan for running the company & achieving good performance results?
Present Situation
Industry conditions and competitive pressures, market standing, competitive strengths and
weaknesses, and future prospects in light of changes taking place in the business environment
Examples of questions to ask when deciding on direction
What buyer needs to try to satisfy
Which growth opportunities to emphasize?
Where to head and what outcomes to strive to achieve?
Strategy is all about choosing _____
How
competitive advantage
Requires meeting customer needs either more effectively or more efficiently
Central task of a company's strategy
create, support, articulate, execute and defend a core belief about your business that is
different from competition
, 5 strategies for building competitive advantage
Low-Cost Provider
Focused Low Cost
Focused Differentiation
Broad Differentiation
Best-Cost Provider
Low Cost Provider definition
Low Cost provider does not mean low quality, but the ability to manage your costs so you
price where you want to price and make achievable profit margins
Example of Low Cost Provider
Wal-Mart
Focused Low Cost Provider definition
does not address the whole market but a segment or niche that has direct appeal to your
products or services
Focused Low Cost Provider example
Southwest Air
Broad Differentiation definition
allows you to separate from competitors due to unique aspects and it appeals to a high
volume market
Broad Differentiation example
Apple
