Lesson 2.3: The Business Processes (Competitive Advantage)

Question 1

an attribute that allows a company to outperform its competitors

Answer 1

Competitive Advantage

Question 2

This allows a company to achieve superior margins compared to its competition and generates value for the company and its shareholders.

Answer 2

Competitive Advantage

Question 3

A competitive advantage must be ___, if not ________.

Answer 3

Difficult; impossible, to duplicate

Question 4

Examples of Competitive Advantage

Answer 4

1. Access to natural resources that are restricted to competitors
2. Highly skilled labor
3. A unique geographic location
4. Access to new or proprietary technology
5. Ability to manufacture products at the lowest cost
6. Brand image recognition

Question 5

Before establishing competitive advantage, it is important to know the:

Answer 5

benefit
> A company must be clear what benefit(s) their product or service provides. It must offer real value and generate interest.

target market
> A company must establish who is purchasing from the company and how it can cater to their target market.

competitors
> It is important for a company to understand other competitors in the competitive landscape.

Question 6

T/F In any company, information technology has a powerful effect on competitive advantage in either cost or differentiation

Answer 6

true

Question 7

The technology affects value activities themselves or allows companies to gain competitive advantage by ___________- in competitive scope.

Answer 7

exploiting changes

Question 8

T/F Competitive advantage does not grow fundamentally from the value a firm is able to create to their customers.

Answer 8

false. it does grow fundamentally

Question 9

T/F It is not a trend to use information systems to achieve competitive advantage

Answer 9

False, One of the trends in information systems is achieving competitive advantage through the use of information systems.

Question 10

is a systematic high-level plan of actions aimed at planning and performing the business management process at the most efficient way to achieve strategic goals and objectives of an organization.

Answer 10

Business Management Strategy

Question 11

Types of Strategies in Strategic Management

Answer 11

Competitive Strategy
Corporate Strategy
Business Strategy
Functional Strategy
Operating Strategy

Question 12

Combines the clout of the external situation, along with the integrative concerns of the personal status of an organization

Answer 12

Competitive Strategy

Question 13

The top-level by the senior management of a diversified company

Answer 13

Corporate Strategy

Question 14

Business-unit level or business-unit strategy

Answer 14

Business Strategy

Question 15

Pointing up a particular functional area of an organization

Answer 15

Functional Strategy

Question 16

Operating units of an organization

Answer 16

Operating Strategy

Question 17

There are mentioned most important Strategic Management Model: Such as:

Answer 17

1. Balanced Scorecard
2. Strategy Map
3. Value Chain Analysis
4. SWOT Analysis
5. PEST Model
6. Gap Planning
7. Red-Blue Ocean Strategy
8. Porter’s Five Forces Model
9. Thompson and Strickland’s Model
10. VRIO Framework
11. Andrew’s Model, Glueck’s Model
12. The Schendel and Hofer Model
13. Korey’s Model
14. Schematic Model
15. Competency Management