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Terms in this set (40)The key success factors in an industry are those competitive aspects that most affect industry members' abilities to prosper in the marketplace—specific strategy elements, product attributes, competencies, competitive capabilities, and market achievements that spell the difference between being a strong competitor and a weak competitor. Whether supplier bargaining power represents a strong or weak source of competitive pressure is affected by whether the item being supplied is a standard item or, instead whether certain suppliers provide a differentiated input that enhances the performance or quality of the product as a rule the stronger the collective impact of the five competitive forces, the lower the combined profitability of industry participants Whether buyer bargaining power poses a strong or weak source of competitive pressure on industry members depends in part on the price sensitivity of buyers, whether the switching costs are high or low and how well informed the buyers are a very revealing indicator of whether potential entry is a string or weak competitive force in the market place is whether the industry growth and profit prospects are strongly attractive to potential entry candidates Factors that weaken the rivalry among competing sellers include rapid growth in buyer demand, high buy costs to switch brands, and so many industry rivals that any one company's actions have little impact some positions on an industry's group map can be more attractive than others because prevailing competitive pressures and industry driving forces favor some strategic groups and hurt others and because profit prospects often vary from strategic group to group which of the following do not qualify as potential driving forces capable of inducing fundamental changes in industry and competitive conditions increases in supplier bargaining power, stagnant economic conditions, shifts in interest rates, increases in the prices of substitute products and increased collaboration between industry members and their key suppliers competitive jockeying and market maneuvering among industry rivals is ever-changing as fresh offensive and defensive moves are initiated and as rivals emphasize first one mix of competitive weapons and tactics and then another. based on figure 3.4 which of the following is not a typical competitive weapon that company can use to battle rivals and attract buyers charging whatever price the industry leader is charging which one of the following factors or influences is not a strategically relevant component of a company's macroenvironment investor confidence in the company's future business prospects and the capabilities of its top executive team competitive pressures stemming from the threat of entry are stronger when entry barriers are low the pool of entry candidates is large, and existing industry members are earning good profits the rivalry among competing sellers tends to be more intense when industry members have too much inventory or significant amounts of idle production capacity, especially if the product has high storage and fixed costs the managerial payoff from spending the time and effort to gather and digest competitive intelligence about rivals strategies and situations and gain some inkling of what moves they will be making come from (1) avoiding the mistake of flying blind into competitive battle (2) helping a company craft offensive and defensive strategic moves with some confidence just identifying an industry's driving forces is not enough, a more important step is to determine whether the collective impact of the driving forces will be to increase or decrease market demand, make competition more or less intense and lead to higher or lower industry profitability in which of the following instances are industry members subject to stronger competitive pressures from substitute products when substitutes are readily available are attractively priced and have comparable or better attributes and performances feature which of the following is generally not considered a barrier to entry weak brand preferences and low degrees of customer loyalty whether an industry presents a company with good prospects for attractive growth and profitability hinges in part on such considerations as the industry's growth potential, the anticipated strength of the five forces, whether the company is strongly or weakly positioned on the industry's strategic map the strongest of the competitive forces in the five-forces model is usually the competitive pressures associated with the market maneuvering and jockeying for buyer patronage among rival sellers in the industry which one of the following factors or conditions acts to weaken the competitive pressures associated with the threat of new entry a risky or uncertain industry outlook and or conditions that are causing existing industry members to struggle to earn decent profits when a company performs a competitively important activity better than rivals it is said to have a distinct competence in performing that activity which of the following is not part of determining whether a company prices and costs are competitive resource value analysis which of the following is not one the objectives of benchmarking to learn which company in an industry is using the greatest number of best practices in performing its value chain activities and this very likely has the industry's lowest cost value chain in table 4.2 which one of the following is not an example of a potential resource weakness or competitive deficiency that a company may have no distinctive competence in producing a high quality product according to the discussion in table 4.3 the company with the highest overall strength score enjoys a net competitive advantage vis a vis key rivals with the size of its advantage being signaled by how much its overall strength score exceeds the overall score of the other companies in the assessment the competitive power of a company resource strength or competitive capability is in part determined by whether it has competitive value and is hard for rivals to copy or match the three steps of SWOT analysis are identifying the resource strengths and weaknesses and opportunities and threats, drawing conclusions about the company's overall business situation and translating the conclusions into strategic action to improve the company's strategy and business prospects a company's value chain consists of two broad categories of activities: primary activities foremost in the company's scheme for creating and delivering value to customers and the requisite support activities that facilitate and enhance the performance of the primary activities In a weighted competitive strength assessment the sum of the weights should add up to 1.0 a company's options for lowering the costs of internally performed value chain activities do not include working closely with suppliers and or distribution related allies to eliminate costs in their portions of the company's value chain system identifying the strategic issues and problems a company faces and compiling a worry list is an important analytical step because the worry list helps managers get a clear fix on what strategic and competitive challenges confront the company evaluating a company's resource capabilities relative to cost position and competitive strength vs rivals entails examining whether the company has attractively strong resources and competitive capabilities and whether are well matched to market opportunities and the external threats to its future well being once managers have identified the external threats to the company's well being and future prospects they should evaluate what strategic actions can be taken to neutralize or lessen the impact of these external threats according to figure 4.5 for a company to translate its performance of value chain activities into competitive advantage it must beat rivals in performing value chain activities more proficiently creating a competitive advantage or beat rivals in performing value chain activities more cheaply in table 4.2 which of following is not an example of a potential market opportunity that a company may have the potential to increase profits because of eroding bargaining power of buyers of the industry's product the two most important parts of SWOT analysis are 1-drawing conclusions from the four SWOT lists 2- translating these conclusions into strategic actions to better match the company's strategy to its resource strengths and market opportunities which of the following is most likely to represent a company's most potent resource growth a distinct competence in performing a competitively important value chain activity in table 4.3 which of the following is not something that can be learned from doing a competitive strength assessment which of the rated competitors are employing offensive strategies and which are employing defensive strategies which of the following statements is false when it comes to using value chain analysis to determine cost effectiveness whether a company's costs are competitive with close rivals depends on how the costs of its internally performed value chain activities compare with the costs of the internally performed value chain activities of close rivals which of the following is not an indicator of how well a company's current strategy is working whether the company has at least two core competencies, one distinctive competence, and sustainable competitive advantage over its closest rivals Sets with similar termsMgmt425 chapter 2193 terms Katherine_Avila BSG Chapter 4 Quiz36 terms a7butler Business Strategy Midterm (4)36 terms miranda_vaughan Sets found in the same folderBusiness Strategy Midterm (3)33 terms miranda_vaughan quiz220 terms Little_Heebum Strategic Management test 2 quiz 124 terms livia_baker8 MGMT 439 Chapter 220 terms shoshsmc Other sets by this creatorMBA Accounting Final Exam30 terms smb108 MBA Accounting Test 239 terms smb108 Management 401 test 335 terms smb108 Database Management Midterm54 terms smb108 Other Quizlet setsMidterm Questions - Wrong29 terms Patricia_Melo76 ARCH 246 Final54 terms marissa_faith Folds, Faults, Earthquakes, and Earth's Interior40 terms sagansinope 604 Final Genetics/Genomics11 terms kailuasurfer808 Related questionsQUESTION Turn of the 20th century, key focus was creating the most efficient and effective organizational structure with the key concept being the bureaucracy and key individuals being Max Weber and Henri Fayol 4 answers QUESTION Fair labor standards act, equal pay act is amend 8 answers QUESTION which is not a requirement for a Presidential Support Program (nomination)? 6 answers QUESTION A common-law rule that allows employers the right to terminate employees at any time for any cause is best known as: 7 answers What does it mean if bargaining power of suppliers is high?The bargaining power of suppliers is high if the buyer does not represent a large portion of the supplier's sales. If substitute products are unavailable in the marketplace, then supplier power is high. And of course, if the opposite is true for any of these factors, supplier power is low.
What does it mean if bargaining power of suppliers is low?Low supplier power creates a more attractive industry. So, it increases profit potential, as suppliers do not constrain buyers. Significant supplier power creates a less attractive industry. It decreases profit potential.
In which one of the following instances does supplier bargaining power not tend to be weaker?In which of the following instances is supplier bargaining power and leverage NOT weakened? When the items purchased from suppliers are in short supply.
Which of the following conditions determines whether buyer bargaining power in an industry is weak?Which of the following conditions determines whether buyer bargaining power in an industry is WEAK? There is a surge in buyer demand that creates a "seller's market."
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Whether supplier bargaining power represents a strong or weak source of competitive pressure
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