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SEVI 3013 Strategic Management Exam 2 Questions with 100% Correct Answers | Verified | Lat, Exams of Marketing Business-to-business (B2B)

University of Arkansas (UA)Marketing Business-to-business (B2B)

What is meant by Business-level Strategy? - ✔✔examine how firms compete in a given industry, require a choice What key questions should a business strategy answer - ✔✔- Can competitive strategies be sustained? - How to overcome the 5 forces and achieve competitive advantage? What are the generic business level strategies? - ✔✔basic types of business-level strategies based on breadth of target market and type of competitive advantage

Typology: Exams

2024/2025

Available from 02/14/2025

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Questions with 100% Correct Answers | Verified
| Latest Update 2025
What is meant by Business-level Strategy? - ✔✔examine how firms compete in a
given industry, require a choice
What key questions should a business strategy answer - ✔✔- Can competitive
strategies be sustained?
- How to overcome the 5 forces and achieve competitive advantage?
What are the generic business level strategies? - ✔✔basic types of business-level
strategies based on breadth of target market and type of competitive advantage
Describe what cost leadership is? - ✔✔- A firm's generic strategy based on appeal
to the industrywide market using a competitive advantage based on low cost
- managing relationships throughout the entire value chain to lower costs
SEVI 3013 Strategic Management Exam 2
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Partial preview of the text

Download SEVI 3013 Strategic Management Exam 2 Questions with 100% Correct Answers | Verified | Lat and more Exams Marketing Business-to-business (B2B) in PDF only on Docsity!

Questions with 100% Correct Answers | Verified

| Latest Update 2025

What is meant by Business-level Strategy? - ✔✔examine how firms compete in a given industry, require a choice What key questions should a business strategy answer - ✔✔- Can competitive strategies be sustained?

  • How to overcome the 5 forces and achieve competitive advantage? What are the generic business level strategies? - ✔✔basic types of business-level strategies based on breadth of target market and type of competitive advantage Describe what cost leadership is? - ✔✔- A firm's generic strategy based on appeal to the industrywide market using a competitive advantage based on low cost
  • managing relationships throughout the entire value chain to lower costs

SEVI 3013 Strategic Management Exam 2

Describe what differentiation is? - ✔✔- products and/or services that are unique and valued

  • emphasis on nonprice attributes for which customers will gladly pay a premium Describe what focus is? - ✔✔- Narrow product lines, buyer segments, or targeted geographic markets What key activities do firms pursue to achieve competitive advantage for cost leadership strategies? - ✔✔- protects a firm against rivalry from competitors
  • protects the firm against powerful buyers
  • provides a more flexibility to cope with demands from powerful suppliers who want to increase input costs
  • provides substantial entry barriers due to economies of scale and cost advantages
  • puts the firm in a favorable position with respect to substitute products

What are the risks associated with cost leadership? - ✔✔- too much focus on one or a few value chain activities

  • increase in the cost of the inputs on which the advantage is based
  • strategy can be too easily imitated
  • a lack of parity on differentiation
  • reduces flexibility
  • obsolescence of the basis of a cost advantage What are the risks associated with differentiation? - ✔✔- uniqueness that is not valuable
  • too much differentiation
  • too high a priced premium
  • differentiation that is easily imitated
  • dilution of brand identification through product line extensions
  • perceptions of differentiation may vary between buyers and sellers

What are the risks associated with focus? - ✔✔- erosion of cost advantages within the narrow segment

  • highly focused products and services still subject to competition from new entrants and from imitation
  • focusers too focused to satisfy buyer needs How do different strategies help companies deal with adverse industry conditions (five forces)? - ✔✔- quality of service that is higher than customers desire, thus, they become vulnerable to competitors who provide an appropriate level of quality at a lower price. What is meant by the experience curve? - ✔✔- the decline in unit costs of production as cumulative output increases
  • how business "learns" to lower costs as it gains experience with production process

What activities do companies apply to effectively combine cost leadership and differentiation? - ✔✔- this strategy enables a firm to provide two types of value to differential attributes and prices

  • goal is thus to provide unique value to customers in an efficient manner What is meant by "stuck in the middle"? - ✔✔if they attain both cost and differentiation advantages What is meant by the industry life cycle? - ✔✔- the stages of introduction, growth, maturity, and decline that occur over the life of an industry
  • the emphasis on various generic strategies, functional areas, value-creating activities, and overall objectives varies over the course of an industry life cycle Generic strategies - ✔✔- Introduction: differentiation
  • Growth: differentiation
  • Maturity: differentiation, overall cost leadership
  • Decline: overall cost leadership, focus Market Growth Rate - ✔✔- Introduction: low
  • Growth: very large
  • Maturity: Low to moderate
  • Decline: negative Number of segments - ✔✔- Introduction: very few
  • Growth: some
  • Maturity: many
  • Decline: few Intensity of competition - ✔✔- Introduction: low
  • Growth: Increasing
  • Maturity: very intense
  • decline: general management and finance Overall objective - ✔✔- intro: increase market awareness
  • growth: create consumer demand
  • maturity: defend market share and extend product life cycle
  • decline: consolidate, maintain, harvest, or exit What strategies do firms apply to gain competitive advantage at each of the life cycle stages? - ✔✔- intro: being the "first mover" in a market
  • growth: build consumer preferences for specific brands
  • maturity: reverse positioning, breakaway positioning
  • decline: maintaining, harvesting, exiting, and consolidating