A number of terms are listed below REQUIRED Select the terms from
A number of terms are listed below:
Select the terms from the above list to complete the following sentences.
Any management team must understand how it created value for its customers and decide how to accomplish this goal better than all its competitors. This is a decision about ________. For exciting new products and products with no substitutes, consumers are willing to pay a premium price. Focusing on inventing and commercializing products with unique attributes is a _____ __________ (or _______ _______________) strategy. For most mass-produced products sold by many competitors, consumers readily find substitutes. ____ __________ is the alternative strategy that improves profitability and ROI through _________ __ _____ and _________ __ _____. Usually this means the management team will work on increasing the quantity of output using the same capacity. The fixed cost per unit produced will decrease and, if price is fixed, then profit will increase. Often cost leadership (or reduction) is achieved by _____________the production process. Growth can also be achieved by producing similar but not identical products and this is _______ ________ growth that provides economies of scope. This type of growth can also be achieved through merger and acquisition or growth through ___________.
Implementing strategy successfully depends in part on correct identification of the _____________ _________ of a company. This is also called the company’s _____ _______________. ___________ _________ is identified by a resource or set of resources available to a company that enable it to execute its business activities more profitably than other competitors. Management teams must align the choice of strategy with the competitive advantage to implement a strategy well. The resource or set of resources that provide competitive advantage are called ___ _______ _______ (___).
To obtain feedback on how successful the implementation of strategy is, a ________ _________ (___) is often used. The BSC is the foundation of more technologically intensive __________ ____ __________ (___) systems. The BSC and ERM require refined cost reporting systems. The BSC measures success from four perspectives, ________ ___________,________ ________ ___________, ________/_________________ and of course ____________________. The BSC approach provides a more detailed basis upon which to evaluate the success of implementation of strategy.
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