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Midterm

ADMS 1000 Midterm Exam Notes & Case Study help 1,2,3,8,9

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Department
Administrative Studies
Course
ADMS 1000
Professor
Peter Modir
Semester
Winter

Description
CHAPTER 9 Responding To the Enviroment Developing Strategy How to develop strategy is a critical task managers face managers need to constantly asses both the internal and external environments to formulate appropriate strategies in other to sustain the firms performance and survival Analyze its internal and external environmentMake decisions about strategiesImplement and evaluate the strategies Five forces Model allows us to systematically assess the industry environment 1 Bargaining power of supplierssuppliers can demand better prices or they will lower their quality two factors contributing to suppliers power criticality of resources suppliers provides Number of suppliers relative to number ofincumbents Ex Many computers companies Dell HP etc and only two processor chip supplier Intel and AMD2 Bargaining power of buyersbuyers can demand lower prices andor better qualityfactors contributing to buyer power switching costsUndifferentiated productsImportance ofproducts to buyers The number of incumbent relative to number of buyers Ex Grocery store high number of incumbents more choice for buyers and low switching cost for retailers 3 Threats for new entrants new startups or diversification of existing firmscreate entry barriersEconomies of scaleThe more units you buy the less each unitif WalMart buys 5000 shoes each shoe will cost them less to buy so they can afford to sell it cheaperCapital requirementVery high start up costs For example it is very expensive to start a business that requires the use of machinery because those machines will require a lot of money capital to purchaseSwitching costSwitching from one business to another can be very costly Barrier of new entrants increase as switching cost increase Access to distribution channelsBarrier of new entrants decrease as access to distribution channel decrease Cost disadvantage independent of scale Advantages such as government policies legal protection ex Patents and trademarks and proprietary products
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