Strategic Management Final Exam
B) Differentiation: Means that you can charge premium (more money) over your competitor based on perceived value (from the eyes of the buyer). (Ex. Apple)
C) Focus: Concentrates on a narrow segment and within that segment attempts to achieve either a cost advantage or differentiation. The premise is that the needs of the group can be better serviced by focusing entirely on it. (Ex. Selling Lamborghinis)
B) Corporate Strategy: Which industries do we compete in? (Future oriented, 3-5 years)
B) Marketing: The objective of the marketing function is to maximize market share.
C) Operations: The objective of the operations function is to increase productivity.
D) Finance: The objective of finance is to maximize shareholders wealth.
B) Value: Prioritize. Setting priorities helps establish what is important which leads to more successful accomplishments.
C) Communicate: Means to communicate with others such as peers, alumni, and those in need. We have much knowledge to learn from one another.
D) Lead: Means to set an example. Being a leader open paths for those who are not so fortunate. Leading opens doors we thought could not be possible.