7:27 1 Strategy Handout Practice Questions... 5. Based on your perceptions of developments in the world, identify a possible opportunity you can envision either opening up now or presenting itself as an opportunity in the near future (use something different than what you did in 4' above). For example, assuming you thought hybrid cars would start being a significant part of the US car fleet: you might envision an opportunity for a chain of hybrid battery maintenance and repair outlets. Opportunity Explain 6. Define the three types of generic strategies and give examples (explain the example) A Cost Based (define-explain) Example: B, Differentiation (define-explain) Example: C. Focus (define-explain) Dashboard Calendar To Do Notifications Inbox 7:28 1 Strategy Handout Practice Questions... 7. Define core competency and competitive advantage and given an example (real or plausible made up one) A. Core competency (define-explain) Example: B. Competitive advantage (define-explain) Example 8. What are the pros and cons (at least one pro and one con for each strategy lull sentences) of using the following costs strategies? For the pros', try to identify both immediate and ultimate benefits. A. Paying minimum wage Pro Con B. Buying used equipment instead of new Pro ELLE V D Dashboard Calendar To Do Notifications Inbox 7:28 1 Strategy Handout Practice Questions... B. Buying used equipment instead of new Pro Con C. Use less expensive supplies or ingredients in preparing your product Pro Con 9. Some choices for creating a differentiation strategy are given below, For each 'choice', select a product and/or business to evaluate. Select a business that seems to be following the selected strategy. The businesses and their products selected should be one's with which you are familiar from either personal use or from exposure to their marketing. For example, if the differentiation strategy to analyze was creating a prestige image for your business, you might Select Mercedes and discuss how their pricing and promotions strategy for their cars emphasizes the prestige of owning a Mercedes A. Offering unique or superior features in the product or service you are selling V Dashboard Calendar To Do Notifications Inbox 7:28 1 Strategy Handout Practice Questions... 9. Some choices for creating a differentiation strategy are given below. For each 'choice'select a product and/or business to evaluate. Select a business that seems to be following the selected strategy. The businesses and their products selected should be one's with which you are familiar from either personal use or from exposure to their marketing. For example, if the differentiation strategy to analyze was creating a "prestige image for your business, you might select Mercedes and discuss how their pricing and promotions strategy for their cars emphasizes the prestige of owning a Mercedes. A. Offering unique or superior features in the product or service you are selling Business product evaluated Your analysis B. Providing better customer service than competitors Business product evaluated Your analysis C. Offering a more reliable service or product, Business product evaluated Your analysis Edit your work to look nice. V Dashboard Calendar To Do Notifications Inbox