WGU C432 exam 2023 with 100% correct answers

Broad differentiation strategy A type of strategy aimed at offering products that consumers perceive to be distinct from competitors' products and that appeal to a wide segment of a market. Broad low-cost strategy A type of strategy aimed at providing low-cost products to a broad customer segment. Business model The underlying structure of an organization; the means through which an organization creates and delivers value to its customers and earns revenues. Customer value The perceived benefits of a product or service. Consumers may find value in many aspects of products and services, including range and type, degree of customization, availability and accessibility, and quality/cost trade-off. First movers Organizations that are the earliest to enter a market or an industry. Focused differentiation strategy A type of strategy aimed at offering products that consumers perceive to be distinct from competitors' products and that appeal to a limited industry niche or customer segment. Focused factories A manufacturing strategy that concentrates on core (often single) products and a defined set of technologies and customers. Focused low-cost strategy A type of strategy aimed at providing low-cost products to a limited subset of the broad mass market. Generic strategies Commonly used strategies that combine a target market (e.g., a small segment of a population) and a type of differentiation (e.g., low cost). Inputs The combination, type, and mix of resources an organization uses to provide a product or service, such as personnel; materials; and strategic assets such as facilities, equipment, location, patents, networks, and partnerships. Isomorphic The tendency of organizations in a market to become similar in form and structure, offer similar products, and adopt similar practices over time.