BUS 4385 Exam 1
strategy process is shaped by ____ and _____ forces - Answer- external and internal external: industry and economy internal: resources you have the ____ serves as a guide for decision making - Answer- vision 4 levels of strategy - Answer- 1. corporate (highest level) 2. business level -low cost -differentiation 3. functional -all business functions like acc. finance, marketing, etc 4. operating level strategy process (6 steps) - Answer- 1. start with a vision 2. look at the mission & values 3. objectives 4. create a strategy 5. implement strategy 6. reevaluate serves as a company's business and purpose - Answer- mission and values a ____ is how we achieve our objectives - Answer- strategy how can you extend a product life cycle? - Answer- if you find new uses and new users for the product 2 strategies at the business level - Answer- -low cost leader -differentiation a group of competitors that are similar - Answer- strategic group What are Porter's 5 forces? - Answer- 1. threat of competition 2. threat of buyers 3.
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