16 Questions
What is the main focus of corporate strategy?
Exploiting core competencies
In the context of competitive advantage, what are the two sources of change?
External and internal sources
How can firms establish a competitive advantage over their rivals?
Supplying identical products at lower prices
What is the goal of business level strategy?
Determining how to compete in a specific product market
What is the purpose of a business strategy according to the provided text?
To create a difference between the firm's position and that of its competitors
What does the term 'richness' refer to in the context of business strategy, as per the text?
The depth and detail of flow of information between the firm and customer
According to Michael Porter's framework, which of the following is one of the three generic strategies for gaining competitive advantage?
Cost leadership
What is the main consideration for firms when choosing a business level strategy, based on the text?
Maximizing the gap between supplier's cost and customer's willingness to pay
How do firms strengthen relations with customers, according to the provided text?
By encouraging ongoing interactions with customers
What is the focus of market segmentation according to the text?
Dividing customers into groups based on needs
In terms of business models, what does 'digital platform' refer to as per the text?
Internet-based location for exchanges of info/goods/services between producers/consumers
What is the main goal of narrow target markets according to the provided text?
To maximize the gap between supplier's cost and customer's willingness to pay
What is considered a business level strategy according to Michael Porter's framework?
The sets of commitments/actions that a firm intends to follow to gain competitive advantage
What does 'affiliation' encourage firms to do, according to the provided text?
Encourage ongoing interactions with customers by delivering superior value
What is the primary focus when determining 'who will be served' according to the provided text?
What is a characteristic of business model innovation according to the provided text?
Firm determines its current business model is outdated and successfully replaces it with newer ones
Test your knowledge of corporate strategy and competitive advantage with this quiz. Explore topics such as business level strategy, competitive strategy, and the emergence of competitive advantage.
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