BMGT301 Midterm Review - BMGT301 Midterm Review Chapter...

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BMGT301 Midterm Review Chapter 2:Strategy and Technology The Danger of Relying on Technology Firms strive for sustainable competitive advantage, financial performance that consistently outperforms their industry peers o Hard to achieve because the world is so dynamic with new products and new competitors rising o Competition is most difficult with the involvement of technology because it is easy to copy products, cut costs and prices, and increase features Operational Effectiveness- performing the same tasks better than rivals perform them o danger is “sameness” o not sufficient enough to yield sustainable dominance over the competition o firms must invest in techniques to improve quality, lower cost, and generate design-efficient customer experiences Fast Follow Problem- exists when savvy rivals watch a pioneer’s efforts, learn from their successes and missteps, then enter the market quickly with a comparable or superior product at a lower cost before the first mover can dominate o when technology can be matched so quickly, it is rarely a source of competitive advantage Different Is Good Strategic Positioning- in contrast to operational effectiveness, performing different tasks than rivals, or the same tasks in a different way o FreshDirect example NYC based grocery website offering one-click menus, semi-prepared
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