MAN 4720 Exam 1 Latest Version with Verified Answers
MAN 4720 Exam 1 Latest Version with Verified Answers Top Corporate Performers Characteristics -have an entrepreneurial/opportunistic mindset -are market/customer-needs oriented -make effective use of valuable competencies -Offer new and innovative products and services Being _________ is the biggest threat to any business non-customer centric The firms strategic choices -economies of scale -barriers to market entry -diversification -product differentiation -industry concentration -market frictions I/O (Industry Organization) Model Assumptions 1. The external environment imposes pressures and constraints that determine strategic choices. 2. Similarity in strategically relevant resources causes competitors to pursue similar strategies. 3. Resource differences among competitors are short-lived due to resource mobility across firms. 4. Strategic decision makers are rational and engage in profit-maximizing behaviors. 5 Forces Model of Competition Industry Profitability -a function of interactions among the 5 forces Building Competitive Advantage resources, capability and core competence Core Competencies -rare -valuable -nonsubstitutable -costly to imitate Stakeholders people who are affected by a firm's performance and who have claims on its performance Categories of stakeholders -capital market stakeholders -product market stakeholders
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