Business > EXAM > GLO-BUS Exam 2 Solved 100% Correct (All)

GLO-BUS Exam 2 Solved 100% Correct

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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 What is Fast Follower? - ANSWER rapid market evolution allows companies to leapfrog a first mover's products with more attractive next-version products. What is Later Mover? - ANSWER firm that enters a market some time after both the market pioneer(s) and after fast follower firms. What is Scope of the Firm? - ANSWER Range of internal activities Breadth of product and service offerings geographic market presence and mix of businesses Size of competitive footprint on market or industry What is Horizontal Scope? - ANSWER the range of product and service segments that a firm offers within its focal market. What is Vertical Scope? - ANSWER the extent to which a firm's internal activities encompass one, some, many, or all of the activities that make up an industry's entire value chain system, ranging from raw-material production to final sales and service activities. What is Vertically Integrated? - ANSWER a firm that participates in multiple stages of an industry's value chain system What is Backward Integration? - ANSWER expanded the firms range of activities backwards into sources of supply What is Forward Integration? - ANSWER expand a firms range of activities forward to end users What is Outsourcing? - ANSWER contracting out value chain activities that are usually performed in-house to outside vendors What is Strategic Alliance? - ANSWER a cooperative agreement between two entities to share resources, costs and risk in pursuit of a mutually beneficial goal What is Diamond of National Competitive Advantage? - ANSWER answers important questions about competing on an international basis: Location and strengths of new entrants Advantages of value chain activities in a certain country Foreign Market opportunities where rivals are weak

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