: BUS 800 Full Notes

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pinkmosquito469

17 Nov 2022

School

Ryerson University

Department

Business

Course

BUS 800

Professor

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Document Summary

Competitive advantage: when a firm generates consistently higher profits compared to its competitors. Market: the industry, customer segment, or geographic area that a company competes in. Unique value: the reason a firm wins with customers or the value proposition it offers to customers, such as a low cost advantage or differentiation advantage or both. Above-average profits: returns in excess of what an investor expects from other investments with a similar amount of risk. External analysis: examining the forces that influence industry attractiveness, including opportunities and threats that exist in the environment. Internal analysis: the analysis of a firm"s resources and capabilities (its strength and weaknesses) to assess how effectively the firm is able to deliver the unique value (value proposition) that it hopes to provide to customers. Cost advantage: an advantage that a firm has over its competitors in the activities associated with producing a product or service, thereby allowing it to produce the same product at lower cost.

Related Questions

Companies place a considerable amount of attention to compensation plans because:

A. firms are likely to face stiff penalties from the government if they do not offer competitive wages and salaries.

B. attracting the right employees with good compensation packages can translate into a competitive advantage.

C. it is a hygiene factor.

D. a good compensation plan will be less costly than other parts of the operation.

blushweasel787

The difference between a company's strategy and a company's business model is that

A)a company's strategy is the plan for achieving strategic objectives while its business model is the plan for achieving financial objectives.

B)the strategy concerns how to compete successfully and the business model concerns how to operate efficiently.

C)a company's strategy is management's game plan for realizing the strategic vision whereas a company's business model is the game plan for accomplishing the business purpose or mission.

D)strategy relates broadly to a company's competitive moves and business approaches (regardless of the financial outcomes it produces) while the term business model relates to whether the revenues and costs flowing from the strategy demonstrate that the business is viable from a profit perspective.

E)a company's strategy concerns how to please customers while its business model concerns how to please shareholders

whiterhinoceros784

A joint venture is an attractive way for a company to enter a new industry when: Select one:

a. The firm has no prior experience with diversification.

b. The firm needs access to economies of scope and good financial fits in order to be cost-competitive.

c. The firm does not have cash with which to finance a diversification effort.

d. A firm is missing some essential skills or capabilities or resources and needs a partner to supply the missing expertise and competencies or fill the resource gaps.