Business Strategy: Corporate Strategy & Open Strategizing
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Questions and Answers

What are the three main themes of Strategy according to the SCP model?

  • Competition, Business, Strategy
  • Operations, Costs, Differentiation
  • Structure, Conduct, Performance (correct)
  • Industry, Firm, Value Chain

    • What is the result of scoping your industry too broadly?

  • It highlights common features of products and customers
  • It creates a clear boundary of the industry
  • It ignores differences across products and customers (correct)
  • It increases market entry barriers

    • According to the rule of thumb, what determines if two or more products are in the same industry?

  • The same profitability
  • The same geographic scope
  • The same industry structure (correct)
  • The same suppliers

    • What are the two dimensions of industry boundaries?

    <p>Product and service scope, geographic scope</p> Signup and view all the answers

    What is the purpose of evaluating industry competition?

    <p>To formulate generic strategies</p> Signup and view all the answers

    What is the primary focus of business strategy in terms of generic strategies?

    <p>Differentiation, focus, and hybrid strategy</p> Signup and view all the answers

    What is the key distinction between business strategy and corporate strategy?

    <p>Business strategy is applicable to stand-alone businesses, while corporate strategy is applicable to diverse units within large organizations</p> Signup and view all the answers

    What is a Strategic Business Unit (SBU)?

    <p>A semi-autonomous unit within a larger corporation with a unique business strategy</p> Signup and view all the answers

    What is the main objective of a business strategy?

    <p>To identify the most suitable generic strategy for a business</p> Signup and view all the answers

    What is an example of a business strategy in action?

    <p>A restaurant deciding on its food concept, menus, décor, and prices.</p> Signup and view all the answers

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