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Questions and Answers of
Management Leadership
Why is it important for you to understand business strategy? How would you describe/define strategy?
How would you describe/define strategy?
What are the two generic strategies, or primary ways, in which companies attempt to offer unique value relative to competitors?
Who is ultimately responsible for a company's strategy? Who does this individual (or individuals) call upon for help in formulating strategy for the firm?
According to Michael Porter's "Five Forces" model, why do some firms earn higher profits than other firms?
What are resources and capabilities, what is the difference between them, and why do firms need to assess them?
What are three keys to the successful implementation of a company strategy?
Who are the four primary stakeholder groups that influence strategic decisions in a company?
Why is it important for a firm to accurately determine what industry it is in?
How does each of the eight general environmental factors influence industry profitability?
How do the eight general environmental factors affect the five industry forces?
What are the elements of a complete external analysis?
How should a firm decide what industry it is in?
What are the five major industry forces? How do they shape average profitability in an industry?
What factors determine the intensity of rivalry?
Explain why increased buyer concentration would increase buyer power.
Explain what it means for suppliers to have a credible threat of forward integration.
What factors determine the intensity of the threat of new entrants?
What are substitutes?
What are the seven general environmental factors that affect industry profitability?
Identify and describe the three major elements of the value chain. How can the value chain help you do internal analysis?
What is a resource? What types of resources can firms employ in their search for competitive advantage?
What is a capability? How do capabilities work together with resources to enable companies to create value?
How do different types of resources work together to create competitive advantage?
Under what conditions will resources lead to competitive advantages? When will those advantages be sustainable?
Identify three situations in which a Company Diamond analysis would be useful to you. What two rules about data collecting should you remember when you do a diamond analysis?
What are the five sources of cost advantage?
Which of the five major sources of cost advantage contributed to the Tata Nano being the world's least expensive car?
Explain three ways that economies of scale produce cost advantages.
What is a scale curve, and how it is different from an experience curve?
What data would you need to calculate a scale curve or experience curve?
Why do companies have difficulty increasing their profitability by simply buying market share (e.g., lowering prices to increase market share?
Identify at least two ways that companies can achieve a cost advantage through lower-cost inputs.
Give an example of a company that has a cost advantage because it uses a different business model or shorter value chain than its competitors.
Define a differentiation strategy.
What are the four major categories or sources of product differentiation?
What are two processes companies can use to search for differentiation opportunities?
What is customer segmentation? Describe three different ways that customer segmentation can be done.
What is the consumption chain? Describe as many stages of the consumption chain as you can.
What is a "net promoter score," and how is it calculated? Why is the net promoter score a useful indicator of how successful a company is at differentiating its product?
Why and when do firms create value through diversification?
Apple is primarily an electronics company, creating products for business and consumer markets. Apple also operates its own chain of retail outlets. In terms of Richard Rumelt's categories of the
List the reasons why diversification fails to add value. Which one do you believe is most common? Which is least?
What factors should executives consider when making a decision on entering a new market through Greenfield entry versus making an acquisition?
How can acquiring firms increase the likelihood of a successful integration of an acquired firm?
Define vertical integration, forward vertical integration, and backward integration.
What are the "three Cs" and how do they explain why companies choose to perform an activity internally versus outsource (buy) the activity to a supplier.
Describe what the chapter describes as a "classic mistake" that firms make when making a decision to make vs. buy.
Describe the advantages of outsourcing and the conditions under which it might be advantageous to outsource an activity to an external supplier.
Define crowdsourcing and explain the different ways that companies can use an external crowd to do its work (e.g., the different types of crowdsourcing). Crowdsourcing is outsourcing tasks to
Explain what actions you could take to prevent a subcontractor from becoming a competitor.
What is a strategic alliance?
Describe and give examples of the three different types of strategic alliances. Identify the conditions under which each type is preferred.
What is the difference between a vertical alliance and a horizontal alliance?
What are four primary ways in which firms create value through strategic alliances?
Describe the two potential dangers of strategic alliances summarized by the initials H&M, and four ways that firms in alliance can build trust to minimize the risk of these dangers.
What is a strategic alliance function? Identify at least two ways that a strategic alliance function helps a firm be more successful with its alliances.
What are the five main reasons firms expand into international markets?
Describe the four types of distance that firms should consider when choosing which foreign markets to enter. What factors help managers determine which type of distance is most likely to affect the
Describe the three primary international strategies.
Describe the concepts of local responsiveness and standardization. Determine which international strategy is best suited to each pressure and explain why.
Describe the ways that managers can help keep multi-domestic strategies from becoming too costly and global strategies from failing to meet local needs.
Explain the International Strategy Triangle and list the steps to construct one.
Explain how you would you use the International Strategy Triangle to identify which international strategy a firm should use. Explain how you would use it to evaluate the strategies of firms that
What is a mode of entry? Describe the four main types of entry modes.
Which type of entry mode is most appropriate for each of the primary international strategies? List the factors that firms using each primary strategy should consider when choosing an entry mode.
What is the difference between an invention and innovation? What are the differences between incremental versus radical innovations?
How do companies create an innovative strategy by eliminating steps in the value chain?
What is the difference between "low end" and "high end" disruptive innovations?
What does "mass customization" mean? How do companies use mass customization to succeed in the market?
What does it mean to target "non-consumption?" How does a company create new markets with a Blue Ocean Strategy?
What are four behaviors of business innovators that help them generate ideas for innovative strategies?
Name two frameworks for understanding the competitive landscape.
Why do firms in an oligopolistic environment often hesitate to make moves that will take them outside of the status quo?
What strategies are most likely to be useful for firms in "perfectly" competitive markets?
What types of strategies are most useful for firms operating in dynamic markets?
What is a strategic group analysis, and how is it useful?
What factors might limit a company's ability to switch strategic groups?
What is a competitor response profile and how is it useful in evaluating competitors?
Define the Nash equilibrium used in game theory to predict the outcome of competitive interaction.
Identify the four general principles of competitive strategy.
What are the three types of market structures?
What are the strategies most likely to be useful for a monopolist?
What are the strategies most likely to be useful for an oligopolist?
When using the 7S model to create alignment, why do managers need to make sure all the Ss align with the organization's strategy? What problems follow misalignment?
What tools do managers have to realign the hard triangle? The soft square?
Is it true that the "soft stuff is the hard stuff" in creating alignment? Why or why not?
If change projects seem to stall and fail to progress, which of the 8 steps of successful change have not received enough attention?
What does it mean to institutionalize change? How long will this process take? Why?
Define line of sight. List three examples from your own career or educational experience where the principle of line of sight helped you make a better decision.
What is governance? Why is it important for strategic managers to understand the role that governance plays in the operation of the firm?
Explain the role of the Board of Directors in running a public company. What is their primary job? What distinguishes inside from outside directors?
Define the agency problem in corporate governance and describe the mechanisms many companies use to align the incentives of managers and owners.
How can a company's culture encourage members to engage in unethical behaviors? Ethical ones?
Define economic value and social value. Why do organizations tend to focus on the creation of one type of value, but not both?
What is Corporate Social Responsibility? How can philanthropy add value to a company's shareholders? Stakeholders?
Explain the three types of social entrepreneurship and give examples of each type. When does each type of social entrepreneurship create lasting social value?
Do you believe that social entrepreneurship will be able to solve difficult problems at the Base of the Pyramid? Provide a logical and fact-based explanation to support your belief.
a. What would cause a business person to make an unethical decision?b. What are the risks of doing so?
The manager of a crew that installs carpeting has tracked the crew's output over the past several weeks, obtaining these figures:Week .............Crew Size ..........Yards
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