79) All of these are ways to establish value EXCEPT:
A) developing rapport with the customer.
B) charging more.
C) obtaining more customers.
D) reducing costs to the customer.
80) Strategy is a ________ field of study.
A) simple
B) complex
C) varied
D) convoluted
81) What are the three means to view business strategy developed by Michael Porter?
A) High cost, unsuitable, and focus
B) Low cost, unsuitable, and focus
C) High cost, differentiation, and focus
D) Low cost, differentiation, and focus
82) A ________ exists when a firm finds a unique position in the market through a product or
service.
A) differentiation approach
B) low-cost approach
C) first-mover approach
D) sustainable competitive advantage approach
83) A ________ occurs when a firm seeks to be the lowest-cost competitor in the industry.
A) differentiation approach
B) low-cost approach
C) first-mover approach
D) sustainable competitive advantage approach
84) A focus differentiation strategy revolves around
A) knowing all your potential customers.
B) crafting a business with small geographic approach.
C) establishing measurable goals.
D) making the capability valuable.
85) Which of the following is the first logical step in developing a firm’s strategy?
A) Employing a firm’s mission statement to specify where the firm is to compete and how
B) Laying out a detailed strategic plan to specify a series of resources that will be used to meet
each part of the mission and strategy
C) Ensuring that the strategy meets the criterion of being defendable for some length of time
D) Evaluating the strategy constantly to ensure that the competitive advantage relative to the firm’s
competitors is still relevant
86) ________ are resources that combine to allow a firm to do things better than its competitors.
87) A ________ is a measure to evaluate whether a person or firm is meeting stated goals.
88) ________ measures are tied to financial or strategic goals of a company.
89) ________ measures deal with the “feel” of an organization.
90) ________ is where a company has an advantage that other firms cannot immediately copy.
91) ________ assets are the capabilities and skills of the founder(s) or employees.
92) ________ is the benefit of gaining customer loyalty by being the first firm to provide a new
product or service in the market.
93) ________ are the financial gains gathered from an asset or capability that are in excess of the
ordinary returns in that particular industry.
94) A ________ is a broad approach that a small business will use to accomplish its mission.
95) Describe how a mission statement and strategy assist in the success of a business.
96) List and describe the elements of designing a mission statement.
97) Explain and give examples of the two metrics in establishing measurable goals.
98) Explain the three steps for identifying a sustainable competitive advantage.
99) Why is it critical for owners of apps to build strong personal relationships with customers?
100) What is the difference between a tangible and an intangible asset? Provide examples.
101) List the four criteria for developing an unorthodox capability.
102) Describe the four logical steps in developing a firm’s strategy.
103) According to Michael Porter, what are the three broad means to view a business’s strategy?
Why do firms use a combination of these strategies?