What is Strategy?
Explain to the entire club why you're interested in business strategy.
What is: Whatever your answer was!
What are Competitors?
These are unique strengths embedded deep within a company that allow it to differentiate itself from rivals.
What are Core Competencies?
This business strategy is the simultaneous pursuit of differentiation and low cost in order to open up a new market space and create new demand.
What is Blue Ocean?
What is the name of the Strategy professor who teaches STRAT 411?
Who is David Bryce?
Define the word 'Strategy'.
What is: a dynamic plan to create value and gain, and sustain, competitive advantage.
These are the 2 external aspects of the SWOT Analysis
What is Opportunities and Threats?
These types of resources have physical attributes and are visible.
Tangible
What are the two generic types of business strategies?
What is Low Cost and Differentiation?
What recent offering did Amazon just add to its marketplace?
What is Amazon Pharmacy?
The difference between Economies of Scale and Economies of Scope.
What is: Economies of scope refer to cost savings that arise from producing multiple products or services together, while economies of scale refer to cost savings that arise from producing more of a single product or service.
This aspect of Porter's Five Forces includes bargaining leverage, brand identity, price sensitivity, and threat of backward integration.
What is Buyer Power? (Buyer's Bargaining Power)
The internal activities a company engages in when transforming inputs into outputs:
What is Value Chain?
What is the definition of Differentiation in business strategy?
What is: Providing unique value that allows a firm to command a premium price for its product or service *Relies on the consumer's willingness to pay more*
What social media CEO did the SEC recently announce a lawsuit against?
Who is Elon Musk?
What are the four questions in the Strategy Map Framework?
What is:
Where do we compete?
What is our unique value?
What resources and capabilities do we have?
What
The risk that potential competitors will enter an industry is which Force?
What is Threat of Entry?
VRIO stands for:
What is Valuable, Rare, Costly to Imitate, Organized to capture value? (a strategic planning tool designed to help organizations uncover and protect the resources and capabilities that give them a long-term competitive advantage.)
The advantages of this strategic commitment include economies of scale, learning curve effects, and brand equity.
What is the First Mover advantage?
What are the names of the three strategy consulting firms that make up the Big Three?
What is Mckinsey, Bain, and BCG? (MBB)
The difference between a scale curve and an experience curve.
A scale curve refers to the relationship between increasing production and decreasing costs, while an experience curve refers to the relationship between increasing cumulative production and decreasing costs.
Name all five forces in the Porter's Five Forces framework
What is:
What is structure, strategy, systems, skills, style, staff, and shared values.
One type of innovative/disruptive strategy is reconfiguring the value chain by eliminating activities. Name one company that has done this and explain how.
What is: Amazon, Netflix, Tesla, IKEA, etc.
How many golf balls can fit in a Boeing 747?
What is approximately 2.5 billion golf balls?
What is the term for Superior Performance relative to other competitors in the same industry of the industry average?
What is Competitive Advantage?
An approach to business and organizational management that draws inspiration from evolutionary biology and applies it to strategic decision-making.
What is Rugged Landscape Strategy?
What is a statement a company uses to convince customers that its product or services provide more value than a competitor's?
What is a value proposition?
A cooperative agreement between two or more businesses or organizations aimed at achieving a common goal, often through the sharing of resources, knowledge, and expertise, without forming a formal merger or joint venture.
What is Strategic Alliance?
How many times did the Fed cut interest rates in 2024?
What is 3?