MBA 705 EXAM 3 ERIN MCLAUGHLIN
questions and answers
Total qulaity management (TQM) ✔✔quality control teams that are responsible
for finding new and better ways to perform their jobs; they also must monitor and
evaluate the quality of the goods they provide
.}the totality of features and characteristics of a product or service that bear on its
ability to satisfy customer needs.
}Differentiators usually invest more in product/service R&D, whereas cost leaders
usually invest more in process R&D. ✔✔true
human capital ✔✔is the sum of the capabilities of individuals in an organization,
and is a source of competitive advantage. According to the knowledge
management perspective, people and their skills and abilities represent the only
resource that cannot readily be reproduced by a firm's competitors.
industry life cycle ✔✔•Introduction stage- emphasis on R&D
•Growth stage- emphasis on marketing
•Maturity stage- emphasis on production
•Decline stage- emphasis on financeStrength-Opportunity ✔✔"Offensive"
alternatives, utilize a strength to address an opportunity.
Weaknesses-Threat ✔✔"Defensive" alternatives, eliminate or minimize a
weakness in order to minimize the effect of a threat.
, Strength-Threat ✔✔Utilize a strength to minimize the effect of a threat.
Weakness-Opportunity ✔✔Shore up a weakness to enable the organization to
take advantage of an opportunity.
Issues in Strategy Formulation ✔✔}Strategic change: Do the benefits outweigh the
costs?
}Social responsibility and ethics: Is the strategy compatible?
}What effect does the change in strategy have on existing resources?
}How will competitors respond when the change is implemented?
Blue Ocean Strategy ✔✔A growth strategy contingent on inventing or discovering
a new industry or industry segment that creates new demand.
Gap analysis ✔✔identifies the distance between a firm's current position and its
desired position with regard to an internal weakness. When possible, a firm
should take action to close the gap, especially when it leaves a firm vulnerable to
external threats.
value chain ✔✔helps a firm analyze its strengths and weaknesses, and understand
how they might translate into competitive advantage or disadvantage.
questions and answers
Total qulaity management (TQM) ✔✔quality control teams that are responsible
for finding new and better ways to perform their jobs; they also must monitor and
evaluate the quality of the goods they provide
.}the totality of features and characteristics of a product or service that bear on its
ability to satisfy customer needs.
}Differentiators usually invest more in product/service R&D, whereas cost leaders
usually invest more in process R&D. ✔✔true
human capital ✔✔is the sum of the capabilities of individuals in an organization,
and is a source of competitive advantage. According to the knowledge
management perspective, people and their skills and abilities represent the only
resource that cannot readily be reproduced by a firm's competitors.
industry life cycle ✔✔•Introduction stage- emphasis on R&D
•Growth stage- emphasis on marketing
•Maturity stage- emphasis on production
•Decline stage- emphasis on financeStrength-Opportunity ✔✔"Offensive"
alternatives, utilize a strength to address an opportunity.
Weaknesses-Threat ✔✔"Defensive" alternatives, eliminate or minimize a
weakness in order to minimize the effect of a threat.
, Strength-Threat ✔✔Utilize a strength to minimize the effect of a threat.
Weakness-Opportunity ✔✔Shore up a weakness to enable the organization to
take advantage of an opportunity.
Issues in Strategy Formulation ✔✔}Strategic change: Do the benefits outweigh the
costs?
}Social responsibility and ethics: Is the strategy compatible?
}What effect does the change in strategy have on existing resources?
}How will competitors respond when the change is implemented?
Blue Ocean Strategy ✔✔A growth strategy contingent on inventing or discovering
a new industry or industry segment that creates new demand.
Gap analysis ✔✔identifies the distance between a firm's current position and its
desired position with regard to an internal weakness. When possible, a firm
should take action to close the gap, especially when it leaves a firm vulnerable to
external threats.
value chain ✔✔helps a firm analyze its strengths and weaknesses, and understand
how they might translate into competitive advantage or disadvantage.
