GLO-BUS Exam 2 2022/2023 with 100% correct answers

What is a cost driver? a factor that has a strong influence on a company's costs (asset or activity-based) Not studied (36) You haven't studied these terms yet! Select these 36 What is a Value Driver? Quality Control Processes Product features and performance Customer Service Production R&D Technology and Innovation Input Quality Employee skill, training, experience Sales and Marketing What is a Low-Cost Provider? Striving to achieve lower overall costs than rivals on products that attract a broad spectrum of buyers What is Broad Differentiation? Differentiating your product to appeal to a broader audience What is Focused Low-Cost? Concentrating on a narrow price-sensitive buyer segment and on costs to offer a lower-priced products What is Focused Differentiation? Concentrating on a narrow buyer segment by meeting specific tastes and requirements of niche members What is Best Cost Provider? Giving customers more value for the money by offering upscale product attributes at a lower cost than rivals What is Blue-Ocean Strategy? offers growth in revenues and profit by discovering or inventing new industry segments that create an altogether new demand What is First Mover? a firm that takes an initial competitive action in order to build or defend its competitive advantages or to improve its market position What is Fast Follower? rapid market evolution allows companies to leapfrog a first mover's products with more attractive next-version products. What is Later Mover? firm that enters a market some time after both the market pioneer(s) and after fast follower firms. What is Scope of the Firm? Range of internal activities Breadth of product and service offerings geographic market presence and mix of businesses Size of competitive footprint on market or industry What is Horizontal Scope? the range of product and service segments that a firm offers within its focal market. What is Vertical Scope? the extent to which a firm's internal activities encompass one, some, many, or all of the activities that make up an industry's entire value chain system, ranging from raw-material production to final sales and service activities. What is Vertically Integrated? a firm that participates in multiple stages of an industry's value chain system What is Backward Integration? expanded the firms range of activities backwards into sources of supply What is Forward Integration? expand a firms range of activities forward to end users What is Outsourcing? contracting out value chain activities that are usually performed in-house to outside vendors What is Strategic Alliance? a cooperative agreement between two entities to share resources, costs and risk in pursuit of a mutually beneficial goal What is Diamond of National Competitive Advantage? answers important questions about competing on an international basis: Location and strengths of new entrants Advantages of value chain activities in a certain country Foreign Market opportunities where rivals are weak What is Political Risks? stem from instability or weaknesses in national governments and hostility to foreign business.