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MGT 460 Midterm

Chapter 4

TermDefinition
Business level strategy an integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product markets
Market Segmentation a process used to cluster people with similar needs into individual and identifiable groups. Consumer markets vs. industrial markets.
Who, What, and How Target customers, their needs, and core competencies.
Scope of Competition Narrow vs. Broad
Strategic position cost leadership, differentiation, or integration
Differentiation strategy an integrated set of actions taken to produce goods or services (at an acceptable cost) that customers perceive as being different in ways that are important to them.
Focused Strategy an integrated set of actions taken to produce goods or services that serve the needs of a particular competitive segment.
Integrated Cost Leadership/Differentiation Strategy involves engaging in primary value chain activities and support functions that allow a firm to simultaneously pursue low coast and differentiation
Flexible Manufacturing Systems (FMS) A program that integrates human, physical, and information resources to create relatively differentiated products at relatively low costs.
Customer Relations Management (CRM) managing the firm's relationships with its customers in order to understand their needs
Total Quality Management (TQM) a managerial process that emphasizes an organization's commitment to the customer and to continuous improvement of all processes through problem-solving approaches based on empowerment of employees
Created by: jennshaw92
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