Exam2 - FC5 - The flashcards are formatted for printing....

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Strategy Strategy
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The tools for devising how you gain a monopoly (real profits). Plan for a monopoly that will last; in the long run, it’s impossible, so make a monopoly last the longest.
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Win By Beating Others Strategic Theory
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You win by beating others; it’s a matter of winning. i.e. RC Cola was greatly run and the #5 advertiser in the world, but not the best because Coke was #1; cable companies suck, but they’re a monopoly, so they don’t have to try
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Low Cost Two or Three
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There are usually only ____ winter in an industry; if you’re beyond that, you don’t exist and won’t make a profit. Big power company in the industry that dominates, essentially running the industry; extremely difficult to achieve because everything must be analyzed.
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Low Cost, Differentiation, and Niche Low Cost
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Exactly one company survives, and the number two position is guaranteed death (i.e. Kmart). Generic strategies to become successes in your industry:
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High Quality Differentiation
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Find something that customers will pay more for. Very few companies do it because it’s too expensive and it has to be worth more money to customers (i.e. improving a toaster won’t motivate people to spend more money for marginal product
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improvement).
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Technical Leadership Perceived High Quality
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Convince people they’re getting a better product, which they usually determine through price and label; therefore, you can put the same product in a different box and sell it for more since people Don’t make the best product, but make the latest, coolest product; the latest and greatest, but not necessarily high quality because it’s more prone to break (i.e. BMW).
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are foolish.
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Better Service Special Features
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Exam2 - FC5 - The flashcards are formatted for printing....

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