MBA 502 Quiz 4

pattern of decisions managers make to realize defined goals

a broad declaration of purpose of an organization

• -it will identify market/ industry that company competes in 
• -state what makes the company different from competition
• -it's brief and inspiring

• Strengths
• Weaknesses
• Opportunities
• Threats

• 1.Level of Rivalry-creates competition with price
• 2.Potential for Entry-ease of entering the market
• 3.Power of Suppliers-having multiple sources for suppliers is better for business
• 4.Power of Buyers- fewer buyers the more the company has to compete to provide for buyer
• 5.Substitutes- the extent to which your product is similar to others

• Long-term- 5 or more years
• Intermediate term- 1 to 5 years
• Short term- up to 1 year
• Rolling Plans- constantly being updated

• Standing plans- placed indefinitely
• Single use plans- non program use, one time use developed to address unique
• Scenerio plan- generate hypothetical situations; imagine what could happen

what industry or market will business compete in

business buys/ acquires all levels of supply chain

company expands in multiple industries

company expands in a market that is similar to the existing company ex: Yum Foods- Pizza Hut, Taco Bell, KFC

risk is spread out by investing/ acquiring businesses in totally different industries ex: GE

• business concentration
• diversification
• international strategy

How will I beat my competition

• low cost- emphasis low cost market
• differentiation- target specific customer base/ market

improving the ability of an organization's departments to create value for the firm

• Efficiency-speed or delivery of product or service
• Quality- performance or reliability
• Innovation
• Responsiveness to customer needs- modify based upon feedback

• the environment
• Strategy
• Technology