mgmt final ch 5
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| show | false
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| show | False
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| show | False
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| True or false? To generate above average returns, a firm following an overall cost leadership position should not be concerned with attain attaining parity or proximity on the basis of differentation relative to its peers. | show 🗑
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| True or false? The experience curve concept suggests that production costs tend tend to decrease as production increases regardless of where an industry is at in its life cycle. | show 🗑
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| firms that compete on overall cost leadership are vulnerable if all rivals share a common input or raw material that contributes a significant amount to total costs. | show 🗑
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| True or false? the example of Lexus automobiles in the text points out that a firm can strengthen its differentation strategy by achieving integration at multiple points along the value chain. | show 🗑
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| show | false
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| true or false? a successful differentation strategy increases rivalry since buyers become more price sensitive | show 🗑
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| true or false? if a firm has a successful differentiation strategy, it is not necessary to attain parity on cost. | show 🗑
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| One potential pitfall of a differentiation strategy is that a brand's identification in the marketplace may become diluted through excessive product line extensions. | show 🗑
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| show | true
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| show | false
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| show | true
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| show | false
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| Mass customization enables manufacturers to be more responsive to customer demands for high quality products. true or false? | show 🗑
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| an important idea behind the profit pool concept is that there is always a strong relationship between the generation of revenues and the capturing of profits. true or false? | show 🗑
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| an important potential pitfall of an integrated overall cost leadership and differentiation strategy is that firms may fail to implement either one and become stuck in the middle. true or false? | show 🗑
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| show | true
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| show | true
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| The internet offers few advantages for focusers because niche players and small companies cannot implement capabilities as effectively as their large competitors. true or false? | show 🗑
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| The internet has provided a small subset of companies with greater tools for managing costs. true or false? | show 🗑
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| show | true
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| the market life cycle should be used as a short run forecasting device because it provides a conceptual framework for understanding what changes typically occur. true or false? | show 🗑
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| An important advantage of first movers or pioneers in a market is that they may establish brand recognition that may later serve as an important switching cost. true or false? | show 🗑
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| show | false
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| show | false
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| show | true
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| show | true
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| show | false
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| show | false
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| during the decline stage of the product life cycle,harvesting strat means that a firm keeps a product going without significantly reducing market support, technological development, or other investments, while hoping competitors exit the market. T or F? | show 🗑
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| show | false
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| many firms facing a turnaround situation try to reduce their costs by outsourcing the production of many inputs. true or false? | show 🗑
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| the primary aim of strategic management at the business level is: | show 🗑
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| show | overall cost leadership
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| A manufacturing business pursuing cost leadership will likely: | show 🗑
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| show | repeating a process until a task becomes easier.
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| show | if it can induce greater demand and thereby help a firm travel down the experience curve faster
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| show | overall cost leadership
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| potential pitfall of cost leadership | show 🗑
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| show | improving brand image, better customer service, adding additional product features
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| show | differentiation
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| show | decreased emphasis on competition based on price
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| A differentiation strategy enables a business to address the five competitive forces by: | show 🗑
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| show | uniqueness that is not valuable, too high a price premium, perceptions of differentiation may vary between buyers and sellers
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| a narrow market focus is to differentiation based strategy as a | show 🗑
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| show | focus on a market segment or group of segments
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| show | erosion of cost advantages within the narrow segment, even product and service offerings that are highly focused are subject to competition from new entrants and from imitation, focusers can become too focused to satisfy buyer needs
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| research has consistently shown that firms that achieve both cost leadership and differentiation advantages tend to perform | show 🗑
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| show | automated and flexible manufacturing systems, exploiting the profit pool concept for competitive advantage, coordinating the extended value chain by way of information and technology
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| defined as the total profits in an industry at all points along the industry's value chain | show 🗑
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| show | firms that fail to attain both may end up with neither and become stuck in the middle, underestimating the challenges and expenses associated with coordinating value creating activities, miscalculating the sources of revenue and profit pools in the firm
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| ways the Internet is lowering transaction costs | show 🗑
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| show | mass customization
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| show | mass customization
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| Because of the internet, firms that use a focus strategy have new opportunities to: | show 🗑
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| show | nearly all competitors will have greater access to tools for managing costs making it hard for any one to achieve an advantage
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| show | generic strategies, functional areas, value creating activities, and overall objectives
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| show | introduction
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| show | premium pricing
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| show | maturity
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| In a given market, key technology no longer has patent protection, experience is not an advantage, and there is a growing need to compete on price. What stage of its life cycle is the market in? | show 🗑
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| A market that mainly competes on the basis of price and has stagnant growth is characteristic of what life cycle stage? | show 🗑
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| As markets mature, | show 🗑
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| show | maturity
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| Advantages that cannot be duplicated by other competitors are | show 🗑
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| show | decline
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| show | decline in the market life cycle
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| show | harvesting
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| Research shows that these are all strategies used by firms engaged in successful turnarounds | show 🗑
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| Piecemeal productivity improvements during a turnaround typically does not involve | show 🗑
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