BUS 498 Exam 1 with Complete Solutions |
Latest Update
VRIO Framework Valuable, Rare, Costly to imitate, organized in order to capture the value
of the resource. a theoretical framework that explains and predicts firm-level competitive
advantage.
balanced scorecard strategy implementation tool that harnesses multiple internal and
external performance metrics in order to balance financial and strategic goals.
economic value created difference between value and cost. v-c
triple bottom line people, planet, profit. measures an organization's social,
environmental and financial performance.
value the dollar amount a consumer attaches to a good or service. consumer's maximum
willingness to pay.
Blue ocean strategy Business-level strategy that successfully combines differentiation and
cost-leadership activities using value innovation to reconcile the inherent trade-offs.
business-level strategy the goal-directed actions managers take in their quest for
competitive advantage when competing in a single product market
cost leadership strategy keep the costs, and hence prices, of a product or service below
those of competitors and to target a wide market
differentiation strategy generic business strategy that seeks to create higher value for
customers than the value that competitors create
Latest Update
VRIO Framework Valuable, Rare, Costly to imitate, organized in order to capture the value
of the resource. a theoretical framework that explains and predicts firm-level competitive
advantage.
balanced scorecard strategy implementation tool that harnesses multiple internal and
external performance metrics in order to balance financial and strategic goals.
economic value created difference between value and cost. v-c
triple bottom line people, planet, profit. measures an organization's social,
environmental and financial performance.
value the dollar amount a consumer attaches to a good or service. consumer's maximum
willingness to pay.
Blue ocean strategy Business-level strategy that successfully combines differentiation and
cost-leadership activities using value innovation to reconcile the inherent trade-offs.
business-level strategy the goal-directed actions managers take in their quest for
competitive advantage when competing in a single product market
cost leadership strategy keep the costs, and hence prices, of a product or service below
those of competitors and to target a wide market
differentiation strategy generic business strategy that seeks to create higher value for
customers than the value that competitors create
