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Terms in this set [20]
the industry or market opportunities that are most relevant to a company and those that its strategy should aim at capturing include opportunities
that the company has the financial resources to pursue, that are well-matched to the company's competitive capabilities and resource strengths, where the company has the greatest potential for competitive advantage, and that offer important avenues for growth
which of the following statements about market opportunity is correct?
depending on the prevailing circumstances, a company's opportunities can be plentiful or scarce and can range from wildly attractive to unsuitable
strategic actions to eliminate an internal cost disadvantage include
outsourcing high-cost activities to vendors capable of performing the activity more cheaply, implementing the use of best practices, trying to eliminate some cost-producing activities by revamping the value chain, and investing in productivity-enhancing, cost-saving technology
which one of the following is not a good indicator of how well a company's present strategy is working?
whether the company's resource strengths and competitive capabilities outnumber its resource weaknesses and competitive vulnerabiliities
options for attacking the high costs of items purchased from suppliers do not include
raising prices to customers [so as to cover the high costs]
a company's cost competitiveness is largely a function of
how efficiently it manages its internally performed value chain activities and the costs in the value chains of its suppliers and forward channel allies
which one of the following is not something that can be learned from doing a competitive strength assessment?
the extent to which a company's customer value proposition is superior to its rivals'
evaluating a company's resources, capabilities, and competitive strength relative to its rivals using VRIN tests does not include developing answers to which one of the following questions?
how good is the company's value chain?
every organization has many resources, capabilities, and routines; however, those few things the company does really well and are performed with a very high proficiency are termed
distinct capabilities
which of the following is not an example of an external threat to a company's future business prospects [see table 4.2]?
weaker brand image and a smaller network of retailer dealers than rivals have
which of the following statements is false?
none of these
a company's value chain consists of
the collection of activities it performs in the course of designing, producing, marketing, delivering, and supporting its product or service
SWOT analysis
is a simple but powerful tool for sizing up a company's internal strengths and competitive deficiencies, its market opportunities, and the external threats to its future well-being
which of the following analytical tools are particularly useful for determining whether a company's prices and costs are competitive?
value chain analysis and benchmarking
a company that is at a disadvantage in the marketplace because it lacks competitively valuable resources possessed by rivals
nearly always is relegated to trailing position in the industry
which one of the following groups of characteristics is least likely to represent valuable company resources or competitive capabilities?
larger workforce, longer time in business, lower profit margins, and smaller capital investment spend than rivals
strategic actions to reduce the costs of internally performed value chain activities and improve a company's cost competitiveness
can aim at lowering costs [1] in the suppliers' part of the industry value chain, [2] in a company's own internally performed activities, and/or [3] in the forward channel portion of the value chain
imitation by rivals is most challenging when
capabilities reflect a high level of social complexity and causal ambiguity
identifying the strategic issues that a company managers need to address
entails locking in on what challenges the company has to overcome in order to be financially and competitively successful in the years ahead, sets the agenda for deciding what actions to take next to improve the company's performance and business outlook, involves using the results of both industry and competitive analysis and evaluations of the company's internal situation using the VRIN tests, and is facilitated by analysis of the company's cost structure and customer value proposition relative to its rivals
benchmarking
entails comparing how different companies perform various value chain activities and then making cross-company comparisons of the costs of these activities
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