Strategic planning final exam

It is said that the ultimate goal of any effective supply chain management system is to reduce inventory with the assumption that products are available when needed.

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Consider merging with or acquiring another firm to gain added expertise and pool resource strengths. Thus, even if a company sets the attributes of its brand apart from the brands of rivals, its strategy can fail because of trying to differentiate on the basis of something that does not deliver adequate value to buyers such as lowering a buyer's cost to use the product or enhancing a buyer's well- being.

What is vertical integration? The direction identified by a company should enable this and its people to achieve success and in turn secure employees job stability. When a company's culture is grounded in many of the needed strategy-executing behaviors, employees feel genuinely better about their jobs, the company they work for, and the merits of what the company is trying to accomplish.

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Company efforts to achieve differentiation nearly always raise costs. This can be accomplished with attributes that provide buyers greater reliability, durability, convenience, or ease of use.

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Strategic management question bank answers

In markets where differentiators do no better than achieve weak product differentiation because the attributes of rival brands are fairly similar in the minds of many buyers , customer loyalty to anyone brand is weak, the costs of brand switching are fairly low, and no one company has enough of a market edge that it can get by with charging a price premium over rival brands. With common user requirements, a standardized product can satisfy the needs of buyers, in which case low selling price, not features or quality, becomes the dominant factor in causing buyers to choose one seller's product over another's. Inasmuch as corporate culture needs to foster individual participation, commitment and contribution to organizational success, this has to encourage individual learning. Differentiation In a differentiation strategy a firm seeks to be unique in its industry along some dimensions that are widely valued by buyers. Click Card to flip To move a camera's lens up or down without physically moving the camera. A culture that encourages actions, behaviors, and work practices supportive of good strategy execution not only provides company personnel with clear guidance regarding "how we do things around here" but also produces significant peer pressure from coworkers to conform to culturally acceptable norms. As technological uncertainty clears and a dominant technology emerges, try to capture any first-mover advantages by adopting it quickly. Thus, even if a company sets the attributes of its brand apart from the brands of rivals, its strategy can fail because of trying to differentiate on the basis of something that does not deliver adequate value to buyers such as lowering a buyer's cost to use the product or enhancing a buyer's well- being. The management commitment has hence to be gained from the very beginning and has to be sorely visible. Use price cuts to attract the next layer of price-sensitive buyers into the market.

Normally, the bigger the price premium for the differentiating extras, the harder it is to keep buyers from switching to the lower-priced offerings of competitors.

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