Business Strategy Exam Review Questions Solved Correctly 100% 2024
A plan to achieve competitive advantage is - Answer a company's business strategy What are the four key choices to formulating a strategy? - Answer 1) Markets to pursue 2) Unique value to offer the customers 3) Resources and capabilities that will allow firm to deliver unique value better than competition 4) Create barriers to imitation Three sources of advantage and examples of each (these are also barriers to imitation) - Answer 1- low costs : Walmart 2- product differentiation : Apple 3- best value : Costco What could value be defined as? - Answer providing a combination o features and price between low priced and premium value offerings Strategy rests on _____________ that allow firms to deliver unique value - Answer Competencies (activities) Two components of competitive advantage and exampels - Answer 1- doing different things : skype 2- Doing similar things differently : Skywest Questions to ask when creating barriers to imitation - Answer 1. What is the cost of the strategic initiative? 2. How long will it take for competitors to imitate the strategic initiative? 3. Is there a barrier to imitation?
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