Globus Final Exam Questions and Essays with
100% Correct Answers
Know and understand what it means too follow a cost-leadership strategy -
✔ ✔ delivers products at a lower cost than competitors
Know and understand what it means to follow a focused-differentiation strategy -
✔ ✔ same as differentiation strategy but with a narrow focus on a niche market.
_________ is best described as decreases in cost per unit as output increases -
✔ ✔ economies of scale
_______ is best described as the output range needed to bring down the cost per
unit as much as possible, allowing a firm to stake out the lowest-cost position that
is achievable through economies of scale. - ✔ ✔ Minimum efficient scale
Understand economies of scale and the graph on page 194 of the text
- ✔ ✔ decreases in cost per unit as output increases
Know and understand learning curve and its effects - ✔ ✔ it has a downward
motion because it takes less time to produce the same output as we gain
more experience
How did Marriott use economies of scope to achieve greater economic value
than its competitors? - ✔ ✔ offers different hotel lines/brands. This way they can
benefit and keep its cost structure in check
, Be able to identify when a company is following Blue Ocean Strategy -
✔ ✔ business level strategy that successfully combines differentiation and cost
leadership activities using value innovation to reconcile the inherent trade offs in
those 2 distinct strategic position. They represent untapped market space, the
creation of additional demand and the resulting opportunities for highly
profitable growth..
know and understand what it means to follow a differentiation strategy - ✔
✔ seeks to create higher value for customers than what competitors do by
delivering products/services with unique features while keeping costs at he
sam/similar levels.
A term described as an integrative management field that combines analysis,
formulation and implementations in the quest for competitive advantage. -
✔ ✔ Strategic Management
Identify "Strategic commitments" as a formulated strategy and using policy - ✔
✔ Strategic commitments are effective guiding policies such as sizable
investment or changes o an organizations incentives and reward systems. These
are big changes that can't be easily reversed.
Understand what it means to have competitive parity. - ✔ ✔ Performance of
two or more firms at the same level.
competitive advantage - ✔ ✔ a firm that achieves superior performance relative
to other competitors in the same industry or the industry average
100% Correct Answers
Know and understand what it means too follow a cost-leadership strategy -
✔ ✔ delivers products at a lower cost than competitors
Know and understand what it means to follow a focused-differentiation strategy -
✔ ✔ same as differentiation strategy but with a narrow focus on a niche market.
_________ is best described as decreases in cost per unit as output increases -
✔ ✔ economies of scale
_______ is best described as the output range needed to bring down the cost per
unit as much as possible, allowing a firm to stake out the lowest-cost position that
is achievable through economies of scale. - ✔ ✔ Minimum efficient scale
Understand economies of scale and the graph on page 194 of the text
- ✔ ✔ decreases in cost per unit as output increases
Know and understand learning curve and its effects - ✔ ✔ it has a downward
motion because it takes less time to produce the same output as we gain
more experience
How did Marriott use economies of scope to achieve greater economic value
than its competitors? - ✔ ✔ offers different hotel lines/brands. This way they can
benefit and keep its cost structure in check
, Be able to identify when a company is following Blue Ocean Strategy -
✔ ✔ business level strategy that successfully combines differentiation and cost
leadership activities using value innovation to reconcile the inherent trade offs in
those 2 distinct strategic position. They represent untapped market space, the
creation of additional demand and the resulting opportunities for highly
profitable growth..
know and understand what it means to follow a differentiation strategy - ✔
✔ seeks to create higher value for customers than what competitors do by
delivering products/services with unique features while keeping costs at he
sam/similar levels.
A term described as an integrative management field that combines analysis,
formulation and implementations in the quest for competitive advantage. -
✔ ✔ Strategic Management
Identify "Strategic commitments" as a formulated strategy and using policy - ✔
✔ Strategic commitments are effective guiding policies such as sizable
investment or changes o an organizations incentives and reward systems. These
are big changes that can't be easily reversed.
Understand what it means to have competitive parity. - ✔ ✔ Performance of
two or more firms at the same level.
competitive advantage - ✔ ✔ a firm that achieves superior performance relative
to other competitors in the same industry or the industry average
