GLO-BUS Exam 2 with Complete Questions and Answers

What is a cost driver? - ANSWER a factor that has a strong influence on a company's costs (asset or activity-based) What is a Value Driver? - ANSWER 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? - ANSWER Striving to achieve lower overall costs than rivals on products that attract a broad spectrum of buyers What is Broad Differentiation? - ANSWER Differentiating your product to appeal to a broader audience What is Focused Low-Cost? - ANSWER Concentrating on a narrow price-sensitive buyer segment and on costs to offer a lower-priced products What is Focused Differentiation? - ANSWER Concentrating on a narrow buyer segment by meeting specific tastes and requirements of niche members What is Best Cost Provider? - ANSWER Giving customers more value for the money by offering upscale product attributes at a lower cost than rivals What is Blue-Ocean Strategy? - ANSWER offers growth in revenues and profit by discovering or inventing new industry segments that create an altogether new demand What is First Mover? - ANSWER a firm that takes an initial competitive action in order to build or defend its competitive advantages or to improve its market position