BMGT 301 FINAL KARAKE UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. operational effectiveness
Answer:
refers to performing the same tasks better than rivals perform them. Used for
commodities so everyone is selling same product but just trying to sell it/make it
for cheaper.
Question:
2. when savvy rivals watch a pioneer's efforts, learn from their successes and
missteps, and then enter the market quickly with a comparable or superior
product at a lower cost.
Answer:
fast followers
Question:
3. strategic positioning
Answer:
refers to performing different activities from those of rivals, or the same activities
in a different way.
Question:
4. which company is a good example of strategic positioning by utilizing technology
to create efficient model for delivering groceries in NYC that no other company
could imitate
Answer:
Fresh Direct
Question:
5. competitive advantage
Answer:
is the ability of a firm to outperform its competitors in financial measures, is
measured in accounting profits or stock prices
Question:
6. sustainable competitive advantage
Answer:
is financial performance that consistently outperforms their industry peers
, Question:
7. what are the four resources needed to maintain a
sustainable competitive advantage? (resource-based
theory)
Answer:
VRIS
Question:
8. Imitation-Resistant Value Chain
Answer:
is a way of doing business that others will struggle to replicate, and in nearly
every successful effort of this kind, technology plays a key enabling role
Question:
9. value chain
Answer:
is the set of interrelated activities that bring products or services to market.
Question:
10. what are the five primary components of the value chain?
Answer:
inbound logistics, ops, outbound logistics, marketing and sales, service
Question:
11. value web
Answer:
is a collection of independent firms that use information technology/systems to
coordinate their value chains to produce a product collectively
Question:
12. switching costs
Answer:
exist when consumers incur an expense to move from one product or service to
another
Question:
13. when the value of a product or service increases as its number of users expands,
also know as metcalfe's law
Answer:
network effects
QUESTIONS AND CORRECT ANSWERS
Question:
1. operational effectiveness
Answer:
refers to performing the same tasks better than rivals perform them. Used for
commodities so everyone is selling same product but just trying to sell it/make it
for cheaper.
Question:
2. when savvy rivals watch a pioneer's efforts, learn from their successes and
missteps, and then enter the market quickly with a comparable or superior
product at a lower cost.
Answer:
fast followers
Question:
3. strategic positioning
Answer:
refers to performing different activities from those of rivals, or the same activities
in a different way.
Question:
4. which company is a good example of strategic positioning by utilizing technology
to create efficient model for delivering groceries in NYC that no other company
could imitate
Answer:
Fresh Direct
Question:
5. competitive advantage
Answer:
is the ability of a firm to outperform its competitors in financial measures, is
measured in accounting profits or stock prices
Question:
6. sustainable competitive advantage
Answer:
is financial performance that consistently outperforms their industry peers
, Question:
7. what are the four resources needed to maintain a
sustainable competitive advantage? (resource-based
theory)
Answer:
VRIS
Question:
8. Imitation-Resistant Value Chain
Answer:
is a way of doing business that others will struggle to replicate, and in nearly
every successful effort of this kind, technology plays a key enabling role
Question:
9. value chain
Answer:
is the set of interrelated activities that bring products or services to market.
Question:
10. what are the five primary components of the value chain?
Answer:
inbound logistics, ops, outbound logistics, marketing and sales, service
Question:
11. value web
Answer:
is a collection of independent firms that use information technology/systems to
coordinate their value chains to produce a product collectively
Question:
12. switching costs
Answer:
exist when consumers incur an expense to move from one product or service to
another
Question:
13. when the value of a product or service increases as its number of users expands,
also know as metcalfe's law
Answer:
network effects
