strategic management

Porter’s notion of a differentiation strategy is best described as one in which firms seek a competitive advantage

• through having a lower cost than their competitors

• through concentrating on a narrow market segment

• through achieving a match between their internal and external environments

• through establishing their uniqueness

Business strategy focuses on

• how to allocate resources between different parts of the business

• where a firm is going and the scope of its activities

• how a firm competes within a particular market or industry.

• strategies related to functional areas such as Marketing, Production and HRM

Which of the following is not an element of Porter’s 5 Forces Model?

• The bargaining power of suppliers.

• The potential competition from new entrants.

• The firm’s existing competition.

• The firm’s macroeconomic environment.

Porter’s Value Chain is essentially a tool for

• calculating what a firm is worth.

• advising firms on how to price their products

• diagnosing and enhancing sources of competitive advantage within an organization

• identifying the competitive forces within an industry.

One type of competitive advantage is a special feature of your product that is not offered by the products of your competitors.

• True

• False

2Giving customers greater value, better products, or something not offered by the competition.

• Target market

• B2B company

• census

• competitive advantage

McDonalds and Burger King are direct competitors

• true

• false

The specific group of customers at which a company aims its products or services

• competitive analysis

• target market target market

• Census

• Unique Selling proposition

Which of the following is not the characteristic of Strategic resources

• Valuable

• Rare

• Imitate

• Substitutes

If a resource is 'inimitable' a competitor finds it:

• Easy to copy

• Easy to copy and easy to acquire

• Easy to acquire

• Difficult to cop