MIS 375 EXAM 1- 2 QUESTIONS & ANSWERS
Why are vision statements important? Who cares about them? What can they
influence? - Answer -- drive the mission of an organization
- stakeholders and internal people
- can influence a segment's POV on the company
- can influence a company's functionality and effectiveness
Could considering and implementing a selection of the 12 values be important for a
business? - Answer -Yes, this can drive a sense of company unity and purpose
What strategy considerations are important for the internal and external environment? -
Answer -External: Consider stakeholders and pov from the outside on company --
government, demographics, socioeconomics,
Internal: need to consider pov from employees and relationships -- partners, suppliers,
resources, capital, etc
What is the breakdown of the types of strategies to consider when identifying the
details? - Answer -Regulatory Strategy - future actions generated from external
environment forces
Positioning Strategy - future outcomes and related actions identified for desired future
market positioning and /or trade-off adjustments
Innovation Strategy - Future actions to gain competitive edge
Efficiency Strategy - future actions to create operational efficiency
Partnering Strategy - future actions to build better supply chains, increase bargaining
power, or expand partnerships
Porter's 4 Generic Strategies - Answer -Narrow & Broad
Low Cost (Cost leadership) & Differentiation
Is it important for an organization to identify a competitive strategy? - Answer -Yes,
because identifying this allows an organization to drive towards a specific purpose and
elevate themselves within the market. This allows an organization to tactically create
differentiation and specific products/services for a specific target.
Key Components to articulate market positioning - Answer -Products, Services,
Geography
Adjacency - Answer -Relates to the offerings that can be added to current offerings that
identify with the business strategy of a company but offer differentiation
, related to the needs of current customers
Competitive Benchmarking - Answer -Relates to the analysis of a competitive
landscape that is driven by research and analysis of what other companies are doing
and rating a company's performance based on a comparison.
Market Trade Offs - Answer -Process of segmenting customer groups and the selling
channels that are associated with the specific segments.
Choosing which customers to target and which ones not to.
Why is it important to identify market segments? - Answer -Allows for company
differentiation and the development of specific offerings that care tailored to a specific
group with more effectiveness and efficiency.
What is a channel? - Answer -A specific pathway for customers to interact with a
certain offering and make a purchase/use it
Why is it important to identify potential competitive activities within an organization? -
Answer -This defines what an organization is currently doing to gain market share and
what they can do in the future to further enhance their model. This also offers a chance
for differentiation.
Red Bull Case key takeaways - Answer -Differentiation is key to their success and they
have been able to nail their expansion in almost every single space. They focus on the
extreme to promote their energy drink and have expanded their model to support other
'exciting' things in the world that correlate directly with their experiential model.
Porter's 5 Forces - Answer -Supplier Power: The influence suppliers have on an
organization -- leads to understanding how suppliers can benefit or inhibit a company's
strategy and growth
Buyer Power: The influence buyers have on an organization -- leads to understanding
how buyers can benefit from or inhibit a company's strategy and growth
Competitors: The company's competitors within their market and how they influence the
company overall.
Threat of Substitutes/New Technologies: What other offerings exist that compete
specifically with a company's offerings and what future innovations could inhibit the
company.
Threat of new entrants: What potential new entrants can come into play in the market
and how they could pose a challenge to the company.
Why are vision statements important? Who cares about them? What can they
influence? - Answer -- drive the mission of an organization
- stakeholders and internal people
- can influence a segment's POV on the company
- can influence a company's functionality and effectiveness
Could considering and implementing a selection of the 12 values be important for a
business? - Answer -Yes, this can drive a sense of company unity and purpose
What strategy considerations are important for the internal and external environment? -
Answer -External: Consider stakeholders and pov from the outside on company --
government, demographics, socioeconomics,
Internal: need to consider pov from employees and relationships -- partners, suppliers,
resources, capital, etc
What is the breakdown of the types of strategies to consider when identifying the
details? - Answer -Regulatory Strategy - future actions generated from external
environment forces
Positioning Strategy - future outcomes and related actions identified for desired future
market positioning and /or trade-off adjustments
Innovation Strategy - Future actions to gain competitive edge
Efficiency Strategy - future actions to create operational efficiency
Partnering Strategy - future actions to build better supply chains, increase bargaining
power, or expand partnerships
Porter's 4 Generic Strategies - Answer -Narrow & Broad
Low Cost (Cost leadership) & Differentiation
Is it important for an organization to identify a competitive strategy? - Answer -Yes,
because identifying this allows an organization to drive towards a specific purpose and
elevate themselves within the market. This allows an organization to tactically create
differentiation and specific products/services for a specific target.
Key Components to articulate market positioning - Answer -Products, Services,
Geography
Adjacency - Answer -Relates to the offerings that can be added to current offerings that
identify with the business strategy of a company but offer differentiation
, related to the needs of current customers
Competitive Benchmarking - Answer -Relates to the analysis of a competitive
landscape that is driven by research and analysis of what other companies are doing
and rating a company's performance based on a comparison.
Market Trade Offs - Answer -Process of segmenting customer groups and the selling
channels that are associated with the specific segments.
Choosing which customers to target and which ones not to.
Why is it important to identify market segments? - Answer -Allows for company
differentiation and the development of specific offerings that care tailored to a specific
group with more effectiveness and efficiency.
What is a channel? - Answer -A specific pathway for customers to interact with a
certain offering and make a purchase/use it
Why is it important to identify potential competitive activities within an organization? -
Answer -This defines what an organization is currently doing to gain market share and
what they can do in the future to further enhance their model. This also offers a chance
for differentiation.
Red Bull Case key takeaways - Answer -Differentiation is key to their success and they
have been able to nail their expansion in almost every single space. They focus on the
extreme to promote their energy drink and have expanded their model to support other
'exciting' things in the world that correlate directly with their experiential model.
Porter's 5 Forces - Answer -Supplier Power: The influence suppliers have on an
organization -- leads to understanding how suppliers can benefit or inhibit a company's
strategy and growth
Buyer Power: The influence buyers have on an organization -- leads to understanding
how buyers can benefit from or inhibit a company's strategy and growth
Competitors: The company's competitors within their market and how they influence the
company overall.
Threat of Substitutes/New Technologies: What other offerings exist that compete
specifically with a company's offerings and what future innovations could inhibit the
company.
Threat of new entrants: What potential new entrants can come into play in the market
and how they could pose a challenge to the company.
