LSUS MBA 705 Chapter 7 Study Guide
with Quality Answers.
Business Strategy: - Answer A strategy delineating how a business unit competes with its
rivals;
also called competitive strategy
Business Unit: - Answer An organizational entity with its own unique mission, set of
competitors,
and industry.
Competitive Advantage: - Answer A state whereby a business unit's successful strategies
cannot
be easily duplicated by its competitors.
Differentiation Strategy: - Answer A generic business unit strategy in which a larger business
produces and markets to the entire industry products or services that can be readily
distinguished from those of its competitors.
First-Mover Advantages: - Answer Benefits derived from being the first firm to offer a new or
modified product or service.
Focus-Differentiation Strategy: - Answer A generic business unit strategy in which a smaller
business produces highly differentiated products or services for the specialized needs of a
market niche.
Focus—Low-Cost-Differentiation Strategy: - Answer A generic business unit strategy in which
a
smaller business produces highly differentiated products or services for the specialized
needs of a select group of customers while keeping its costs low.
Focus-Low-Cost Strategy: - Answer A generic business unit strategy in which a smaller
business keeps overall costs low while producing no-frills products or services for a market niche
with elastic demand.
Generic Strategies: - Answer Strategies that can be adopted by business units to guide their
, organizations
Intrapreneurship: - Answer The creation of new business ventures within an existing firm.
Low-Cost—Differentiation Strategy: - Answer A generic business unit strategy in which a
larger
business unit maintains low costs while producing distinct products or services industrywide
for a large market with a relatively inelastic demand.
Low-Cost Strategy: - Answer A generic business unit strategy in which a larger business
produces, at the lowest cost possible, no-frills products and services industry-wide for a
large market with a relatively elastic demand.
Micro-localization: - Answer Customizing products and services to suit the taste and needs of
diverse consumers across a nation or region.
Multiple Strategies: - Answer A strategic alternative for a larger business unit in which the
organization simultaneously employs more than one of the generic business strategies.
Process Innovations: - Answer A business unit's activities that increase the efficiency of
operations
and distribution.
Product Innovations: - Answer A business unit's activities that enhance the differentiation of
its
products or services.
Quality: - Answer The features and characteristics of a product or service that allow it to
satisfy
stated or implied needs.
Strategic Group: - Answer A select group of direct competitors who have similar strategic
profiles.
Structural Innovations: - Answer Modifying the structure of the organization and/or the
business
model to improve competitiveness.
with Quality Answers.
Business Strategy: - Answer A strategy delineating how a business unit competes with its
rivals;
also called competitive strategy
Business Unit: - Answer An organizational entity with its own unique mission, set of
competitors,
and industry.
Competitive Advantage: - Answer A state whereby a business unit's successful strategies
cannot
be easily duplicated by its competitors.
Differentiation Strategy: - Answer A generic business unit strategy in which a larger business
produces and markets to the entire industry products or services that can be readily
distinguished from those of its competitors.
First-Mover Advantages: - Answer Benefits derived from being the first firm to offer a new or
modified product or service.
Focus-Differentiation Strategy: - Answer A generic business unit strategy in which a smaller
business produces highly differentiated products or services for the specialized needs of a
market niche.
Focus—Low-Cost-Differentiation Strategy: - Answer A generic business unit strategy in which
a
smaller business produces highly differentiated products or services for the specialized
needs of a select group of customers while keeping its costs low.
Focus-Low-Cost Strategy: - Answer A generic business unit strategy in which a smaller
business keeps overall costs low while producing no-frills products or services for a market niche
with elastic demand.
Generic Strategies: - Answer Strategies that can be adopted by business units to guide their
, organizations
Intrapreneurship: - Answer The creation of new business ventures within an existing firm.
Low-Cost—Differentiation Strategy: - Answer A generic business unit strategy in which a
larger
business unit maintains low costs while producing distinct products or services industrywide
for a large market with a relatively inelastic demand.
Low-Cost Strategy: - Answer A generic business unit strategy in which a larger business
produces, at the lowest cost possible, no-frills products and services industry-wide for a
large market with a relatively elastic demand.
Micro-localization: - Answer Customizing products and services to suit the taste and needs of
diverse consumers across a nation or region.
Multiple Strategies: - Answer A strategic alternative for a larger business unit in which the
organization simultaneously employs more than one of the generic business strategies.
Process Innovations: - Answer A business unit's activities that increase the efficiency of
operations
and distribution.
Product Innovations: - Answer A business unit's activities that enhance the differentiation of
its
products or services.
Quality: - Answer The features and characteristics of a product or service that allow it to
satisfy
stated or implied needs.
Strategic Group: - Answer A select group of direct competitors who have similar strategic
profiles.
Structural Innovations: - Answer Modifying the structure of the organization and/or the
business
model to improve competitiveness.
