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Business Strategy: Corporate Strategy & Open Strategizing

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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?

Product and service scope, geographic scope Signup and view all the answers

What is the purpose of evaluating industry competition?

To formulate generic strategies Signup and view all the answers

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

Differentiation, focus, and hybrid strategy Signup and view all the answers

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

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

What is a Strategic Business Unit (SBU)?

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

What is the main objective of a business strategy?

To identify the most suitable generic strategy for a business Signup and view all the answers

What is an example of a business strategy in action?

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