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Exam 1 Study Guide Answers (got 94% in the course)

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MGT 3830
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Management3830Exam1StudyGuide1CompetitiveadvantageandthedifferencebetweentemporaryandsustainablecompetitiveadvantageandwhatcreatesthemCompetitive advantage is when a firm formulates and implements a strategy that leads to superior performance relative to other competitors in the same industry or the industry averageSustainable competitive adv is when a firm is able to outperform its competitors or the industry average over a prolonged period of timeTemporary competitive adv is 2StrategystrategicpositioningcoopetitionandstrategicmanagementStrategy is the goal directed actions a firm intends to take in its quest to gain and sustain competitive advStrategic positioning is staking out a unique position in an industry that allows the firm to provide value to customers while controlling costs done by managementCoopetition is cooperation by competitors to achieve a strategic objectiveanalysis and Strategic management is an integrative management field that combinesformulationimplementation in the quest for comp adv3ThesizeofeffectsfromfirmandindustryeffectsonfirmperformanceManagers actions tend to be more important in determining firm performance than the forces exerted upon the firm by its external environmentThus firm effectsthe results of managers actions to influence the firm performancetend to have more impact than the the results industry effectsattributed to the choice of industry in which to compete Industry effects20firm effects3045other effects35504FunctionalmanagersandtheirplaceindevelopingstrategicinitiativesEach functional manager is responsible for decisions and actions within a single functional area that aid in the implementation of the business level strategyFunctional managers who are closer to the final products services and customers than managers at higher levels may sometimes be able to come up with strategic initiatives that may influence the direction of the company5LevelsofstrategyandwhateachdoesCorporate strategy involves decisions made at the highest level of the firm about where to competeBusiness strategy occurs within strategic business units the standalone divisions of a larger conglomerate each with its own profit and loss responsibilityGeneral managers in strategic business units must decide how to competeWithin each SBU are various business functions such as accounting finance hr it marketing and customer serviceEach functional manager is responsible for decisions and actions within a single functional area that aid in the implementationfunctionalof the business level strategyThe set of strategies enables the general managers of the SBUs to pursue their respective business level strategy which in turn needs to be in line with the overall corporate level strategy6BusinessmodelsandtypesofbusinessmodelsBusiness model is an organizational plan that details the firms competitive tactics and initiatives in short how the firm intends to make moneyThis translates strategy into actionRazorrazorblade business model is the idea to give away or sell for a small fee the product and make money on the replacement part neededSubscriptionbased business model requires the customer to sign up for a lengthy service planCircuit Citys 4S business model is service selection savings and satisfaction7ProsumersA hybrid between producers and consumers Let the customers work for you like in Threadless8StakeholdersexternalandinternalStakeholders are individuals or groups who can affect or are affected by the actions of a firmInternal stakeholders include stockholders employees and board membersExternal stakeholders include customers suppliers alliance partners creditors unions communities and governments
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