MNGT 4800 Exam 1 (Ch. 1-4) questions with precise ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
detailed solutions ||//\\||
Strategy examples from the video shown in class? - correct answer✔✔Be the low-cost
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
provider
Pursue a global strategy ||//\\|| ||//\\|| ||//\\||
Unravel competition ||//\\||
* ^ not strategies at all
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
(strategy is merely a buzz word) ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Stratego - correct answer✔✔the art of the general ("the art of war" specific to the general)
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
*the goal is to win* ||//\\|| ||//\\|| ||//\\|| ||//\\||
A strategic business strategy is to - correct answer✔✔develop a series of complex tactics
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Good strategy answers these questions: - correct answer✔✔1. Where do we compete?
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
2. What unique value do we bring to those markets?
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
3. What resources and capabilities do we use to deliver?
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
4. How do we sustain our ability to maintain the unique value?
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
IKEA competition - correct answer✔✔IKEA's complex interdependence makes them difficult
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
to imitate. Competitors would have to completely alter the way they manufacture items
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Greatest strategist - correct answer✔✔Henry Mintzberg ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
4 key choices you have to make with regard to strategy: - correct answer✔✔1. Markets
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
,2. Unique Value (why we win with customers)
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
3. Resources and Capabilities (how we deliver unique value)
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
4. Barriers to imitation
||//\\|| ||//\\|| ||//\\||
Markets - correct answer✔✔What markets (industries and geographic markets) the company
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
will pursue in search of a high return on invested capital.
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Unique Value (why we win with customers) - correct answer✔✔What unique value to offer
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
the customer in those markets (the firm's value proposition : cost or differentiation).
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Resource and Capabilities (how we deliver unique value) - correct answer✔✔What resources ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
(e.g., assets, brands, etc.) and capabilities (e.g., processes) will allow the firm to deliver a
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
superior value proposition to customers. ||//\\|| ||//\\|| ||//\\|| ||//\\||
Barriers to Imitation - correct answer✔✔How the company will prevent imitation of its
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
strategy by competitors. ||//\\|| ||//\\||
competitive advantage - correct answer✔✔value-creating strategy that competitors don't ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
have. ||//\\||
*ability to do something more efficiently or more effectively than the competition (do
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
something different) ||//\\||
*the minute the competition is able to copy or imitate what we're doing, we lose the
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
advantage (competitive edge) ||//\\|| ||//\\||
*keep it to yourself—we don't want the competition to be able to do what we're doing
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Unique Value - correct answer✔✔in the mind of the consumer, the product must be
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
different (production costs for that are higher so the customer is willing to spend more)
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
What is the most influential factor when grocery shopping? - correct answer✔✔Convenience
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
, Reasons to shop at each grocery store? - correct answer✔✔Winn Dixie—meats
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Kroger—convenience and variety ||//\\|| ||//\\||
Publix—service and quality of product ||//\\|| ||//\\|| ||//\\|| ||//\\||
Earthfare—organic and specialty products ||//\\|| ||//\\|| ||//\\||
Walmart—low prices ||//\\||
Sam's Club—large quantities ||//\\|| ||//\\||
Walmart Neighborhood Markets unique value proposition - correct answer✔✔Low price
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Just as convenient
||//\\|| ||//\\||
How neighborhood market delivers unique value - correct answer✔✔Lower "local" costs
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
(advertising, training, distribution, etc.) due to more stores than compeititors. ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Greater brand awareness due to more stores/lower marketing costs
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Low Cost (Efficency) - correct answer✔✔Providing similar product at lower cost.
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
ETRADE, Walmart ||//\\||
Differentation (Premium Value) - correct answer✔✔Providing unique product with attributes ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
buyers will pay for ||//\\|| ||//\\|| ||//\\||
Merrill Lynch, Apple ||//\\|| ||//\\||
Value (Best Value for the Price) - correct answer✔✔Providing a combination of features and
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
price between low priced and premium value offerings
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Charles Schwab, Costco ||//\\|| ||//\\||
detailed solutions ||//\\||
Strategy examples from the video shown in class? - correct answer✔✔Be the low-cost
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
provider
Pursue a global strategy ||//\\|| ||//\\|| ||//\\||
Unravel competition ||//\\||
* ^ not strategies at all
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
(strategy is merely a buzz word) ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Stratego - correct answer✔✔the art of the general ("the art of war" specific to the general)
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
*the goal is to win* ||//\\|| ||//\\|| ||//\\|| ||//\\||
A strategic business strategy is to - correct answer✔✔develop a series of complex tactics
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Good strategy answers these questions: - correct answer✔✔1. Where do we compete?
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
2. What unique value do we bring to those markets?
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
3. What resources and capabilities do we use to deliver?
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
4. How do we sustain our ability to maintain the unique value?
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
IKEA competition - correct answer✔✔IKEA's complex interdependence makes them difficult
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
to imitate. Competitors would have to completely alter the way they manufacture items
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Greatest strategist - correct answer✔✔Henry Mintzberg ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
4 key choices you have to make with regard to strategy: - correct answer✔✔1. Markets
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
,2. Unique Value (why we win with customers)
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
3. Resources and Capabilities (how we deliver unique value)
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
4. Barriers to imitation
||//\\|| ||//\\|| ||//\\||
Markets - correct answer✔✔What markets (industries and geographic markets) the company
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
will pursue in search of a high return on invested capital.
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Unique Value (why we win with customers) - correct answer✔✔What unique value to offer
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
the customer in those markets (the firm's value proposition : cost or differentiation).
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Resource and Capabilities (how we deliver unique value) - correct answer✔✔What resources ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
(e.g., assets, brands, etc.) and capabilities (e.g., processes) will allow the firm to deliver a
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
superior value proposition to customers. ||//\\|| ||//\\|| ||//\\|| ||//\\||
Barriers to Imitation - correct answer✔✔How the company will prevent imitation of its
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
strategy by competitors. ||//\\|| ||//\\||
competitive advantage - correct answer✔✔value-creating strategy that competitors don't ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
have. ||//\\||
*ability to do something more efficiently or more effectively than the competition (do
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
something different) ||//\\||
*the minute the competition is able to copy or imitate what we're doing, we lose the
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
advantage (competitive edge) ||//\\|| ||//\\||
*keep it to yourself—we don't want the competition to be able to do what we're doing
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Unique Value - correct answer✔✔in the mind of the consumer, the product must be
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
different (production costs for that are higher so the customer is willing to spend more)
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
What is the most influential factor when grocery shopping? - correct answer✔✔Convenience
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
, Reasons to shop at each grocery store? - correct answer✔✔Winn Dixie—meats
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Kroger—convenience and variety ||//\\|| ||//\\||
Publix—service and quality of product ||//\\|| ||//\\|| ||//\\|| ||//\\||
Earthfare—organic and specialty products ||//\\|| ||//\\|| ||//\\||
Walmart—low prices ||//\\||
Sam's Club—large quantities ||//\\|| ||//\\||
Walmart Neighborhood Markets unique value proposition - correct answer✔✔Low price
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Just as convenient
||//\\|| ||//\\||
How neighborhood market delivers unique value - correct answer✔✔Lower "local" costs
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
(advertising, training, distribution, etc.) due to more stores than compeititors. ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Greater brand awareness due to more stores/lower marketing costs
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Low Cost (Efficency) - correct answer✔✔Providing similar product at lower cost.
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
ETRADE, Walmart ||//\\||
Differentation (Premium Value) - correct answer✔✔Providing unique product with attributes ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
buyers will pay for ||//\\|| ||//\\|| ||//\\||
Merrill Lynch, Apple ||//\\|| ||//\\||
Value (Best Value for the Price) - correct answer✔✔Providing a combination of features and
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
price between low priced and premium value offerings
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Charles Schwab, Costco ||//\\|| ||//\\||
