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Quiz 2 Review Sheet

Quiz 2 Review Sheet - SPRING 2008 MANAGEMENT 300 QUIZ 2...

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SPRING 2008 MANAGEMENT 300 QUIZ 2 REVIEW BUSINESS LEVEL STRATEGY Product Differentiation – Chapter 5 1. Bases of Product Differentiation a. Product Attributes - Product Features, Product Complexity, Timing of Product Introduction, and Location b. Firm-Customer Relationships- After Sale Service, Image, Technological Innovation, Reputation of the Firm, Manufacturing Consistency, Status Symbol c. Firm Linkages- Among Functions within a Firm, With Other Firms, Product Mix, Distribution Channels, Service and Support d. (Table 5.1) 2. Value of Product Differentiation a. Product Differentiation and the Five Forces- Buyers, Suppliers, Rivalry, Substitutes, Entry, and Attractiveness b. Impact on Prices, Demand, Quantity (Graph Displayed in Class) c. Exploiting Industry Specific Opportunities i. Fragmented Industry- ii. Emerging Industry- iii. Mature Industry- Refine products or add services (Gas Station offer E-80) iv. Declining Industry- Exploit niches, serving those with strongest needs 3. Rareness of Product Differentiation- if a product is differentiated, it is rare enough. Customer preferences are evidence of a differentiated product (Increased volume of purchase, and premium price) 4. Imitability of Product Differentiation- if imitators face a cost disadvantage of imitation, they will rationally choose not to imitate. (Historical uniqueness, causal ambiguity, social complexity) 5. Organizing for Product Differentiation – U Form 6. Implementing Differentiation Internationally a. Global- Standardized product, little variance in taste and preferences, centralized control, and focused on efficiency b. Multi-Domestic- non standard product, high variance, decentralized control, focusted on satisfying tastes and preferences.
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CORPORATE LEVEL STRATEGY 1. Vertical Integration - Handout a. Forward Integration b. Backward Integration 2. Transaction Cost Economics a. Asset Specificity- the idea that certain assets will be more valuable to the firm than if the same assets were used in the same activity in another firm.
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Quiz 2 Review Sheet - SPRING 2008 MANAGEMENT 300 QUIZ 2...

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