GEB 4890 - EXAM 2 UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Question:
1. business strategy
Answer:
A leadership plan that achieves a specific set of goals or objectives
Question:
2. generic strategies
Answer:
fundamental philosophical options for the design of strategies
Question:
3. low cost provider strategy
Answer:
striving to achieve lower overall costs than rivals on comparable products that attract a broad spectrum of
buyers
Question:
4. broad differentiation strategy
Answer:
seeking to differentiate the company's product or service from rivals' in ways that will appeal to a broad
spectrum of buyers
Question:
5. focused low-cost strategy
Answer:
concentrating on the needs and requirements of a narrow buyer segment (or market niche) and striving to
meet these needs at lower costs than rivals (thereby being able to serve niche members at a lower price)
Question:
6. focused differentiation strategy
Answer:
Concentrating on a narrow buyer segment (or market niche) and outcompeting rivals by offering niche
members customized attributes that meet their tastes and requirements better than rivals' products
Question:
7. best-cost provider strategy
Answer:
striving to incorporate upscale product attributes at a lower cost than rivals
Question:
8. cost drivers
, Answer:
a factor that has a strong influence on a company's costs
Question:
9. value driver
Answer:
a factor that can have a strong differentiating effect
Question:
10. tangible attributes
Answer:
features that increase customer satisfaction with the product, such as product specifications, functions and
styling
Question:
11. intangible attributes
Answer:
features that enhance buyer satisfaction in noneconomic ways
Question:
12. economies of scale
Answer:
the property whereby long-run average total cost falls as the quantity of output increases
Question:
13. efficiency curve
Answer:
Shows the trade off between costs and performance for the current supply chain design if the supply chain
is operated as efficiently as it can be
Question:
14. uniqueness drivers
Answer:
enhances differentiation
Question:
15. globalization
Answer:
international expansion is creating a new global economy
Question:
16. Porter's Diamond
Answer:
Advantages
-Factor endowments
-Domestic Demand conditions Related and supporting industries
-Firm strategy, structure, and rivalry
CORRECT ANSWERS
Question:
1. business strategy
Answer:
A leadership plan that achieves a specific set of goals or objectives
Question:
2. generic strategies
Answer:
fundamental philosophical options for the design of strategies
Question:
3. low cost provider strategy
Answer:
striving to achieve lower overall costs than rivals on comparable products that attract a broad spectrum of
buyers
Question:
4. broad differentiation strategy
Answer:
seeking to differentiate the company's product or service from rivals' in ways that will appeal to a broad
spectrum of buyers
Question:
5. focused low-cost strategy
Answer:
concentrating on the needs and requirements of a narrow buyer segment (or market niche) and striving to
meet these needs at lower costs than rivals (thereby being able to serve niche members at a lower price)
Question:
6. focused differentiation strategy
Answer:
Concentrating on a narrow buyer segment (or market niche) and outcompeting rivals by offering niche
members customized attributes that meet their tastes and requirements better than rivals' products
Question:
7. best-cost provider strategy
Answer:
striving to incorporate upscale product attributes at a lower cost than rivals
Question:
8. cost drivers
, Answer:
a factor that has a strong influence on a company's costs
Question:
9. value driver
Answer:
a factor that can have a strong differentiating effect
Question:
10. tangible attributes
Answer:
features that increase customer satisfaction with the product, such as product specifications, functions and
styling
Question:
11. intangible attributes
Answer:
features that enhance buyer satisfaction in noneconomic ways
Question:
12. economies of scale
Answer:
the property whereby long-run average total cost falls as the quantity of output increases
Question:
13. efficiency curve
Answer:
Shows the trade off between costs and performance for the current supply chain design if the supply chain
is operated as efficiently as it can be
Question:
14. uniqueness drivers
Answer:
enhances differentiation
Question:
15. globalization
Answer:
international expansion is creating a new global economy
Question:
16. Porter's Diamond
Answer:
Advantages
-Factor endowments
-Domestic Demand conditions Related and supporting industries
-Firm strategy, structure, and rivalry
