Explain why a weighted competitive strength assessment is important and useful to strategic managers.
What will be an ideal response?
Industry and competitive analyses reveal the key success factors and competitive forces that separate industry winners from losers. Benchmarking data and scouting key competitors provide a basis for judging rivals' competitive strength on several factors such as cost, key product attributes, customer service, image and reputation, financial strength, technological skills, distribution capability, and other factors. Resource and capability analysis reveals which of these are competitively important, given the external situation, and whether the company's competitive advantages are sustainable. Weights are assigned to each of the measures of competitive strength based on their perceived importance. High-weighted competitive strength ratings signal a strong competitive position and possession of competitive advantage; low ratings signal a weak position and competitive disadvantage. In addition to showing how competitively strong or weak a company is relative to rivals, the strength ratings provide guidelines for designing wise offensive and defensive strategies. Based on these ratings, a clear picture emerges on exactly what strategic and competitive challenges confront the company, which of the company's competitive shortcomings need fixing, and what specific problems merit company managers' front-burner attention.
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Which of the following situation would be appropriate for a value creating tactic or strategy?
A. a zero-sum situation B. a distributive situation C. a situation where there can be only one winner D. a non-zero-sum situation
________ is a method of gathering primary data that involves asking people questions about their knowledge, attitudes, preferences, and buying behavior
A) Observational research B) Archival research C) Survey research D) Experimental research E) Causal research
When faced with a business problem, Sally, a young grocery store owner, discusses business problems with Don, the assistant manager and an employee for over 30 years. Sally believes Don "has seen it all" and knows there are few really new ideas; plus the business has done many simple things, such as offering friendly service, to create and maintain a competitive edge. Sally's management style is best described as
A. evidence-based. B. behavioral. C. family style. D. contingency. E. bottom-up
A term not included in a written contract is considered intentionally omitted
Indicate whether the statement is true or false