actions to strengthen the company's competitive position by hiring one or more new top executives of laying off a portion of its work force or paying down its long-term debt, Changing circumstances and ongoing managerial efforts to improve the strategy, account for why a company's strategy evolves over time and why the task of crafting a company's strategy is a work in progress, not a one-time event, a blend of (1) proactive actions to improve the company's financial performance and secure a competitive edge and (2) as needed reactions to unanticipated developments and fresh market conditions, A company's strategy evolves from one version to the next because of, the proactive efforts of company managers to improve this or that aspect of the strategy, a need to respond to changing customer requirements and expectations, and a need to react to the fresh strategic maneuvers of rival firms, In choosing among strategy alternatives, company managers, are well-advised to embrace strategic actions that can pass the test of moral scrutiny--it is not enough to just stay within the bounds of what is legal and is in compliance with prevailing government regulations, The reputational and financial damage that unethical strategies and behavior can do to a company, is substantial; consequently, there are good business reasons for a company and its personnel to avoid unethical strategic actions and behaviors, The customer value proposition portion of a company's business model concerns, the company's approach to satisfying buyer needs and requirements at a price they will consider a good value, The two crucial elements of a company's business model are, its customer value proposition ( the company's approach to satisfying buyer needs and requirements at a price they will consider a good value) and its "profit formula" (its business approach to generating sufficiently large revenues and controlling the costs of its value proposition, such that the company will be appealingly profitable in delivering the intended value to customers), The difference between a company's strategy and a company's business model is that, its strategy is defined by the specific market positioning, competitive moves, and business approaches management employs to try to produce good business results while its business model relates to management's blueprint for delivering a valuable product or service to customers in a manner that will generate revenues sufficient to cover costs and yield an attractive profit, fits the company's internal and external situation, improves company performance, and helps achieve sustainable competitive advantage, Crafting and executing strategy are top-priority managerial tasks because, how well a company performs and the degree of market success it achieves are directly attributable to the caliber of its strategy and the proficiency with which the strategy is executed. Options are just one tool in the compensation kit. In Table 4.2, which of the following is not an example of an external threat to a company's future profitability? Deftly probing for Interests while using Criteria to understand and persuade rather than bully, and brainstorming for Options without the positional habit of focusing on only one option, we can identify No-agreement … Undoubtedly, achieving any goal requires acute self-discipline. In some instances, this is because the behavior violates the Twitter Rules. One strategy for achieving anything in life is to become an effective manager of your time. 1. Whether a company's costs are competitive with those of its 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 compare with the costs of the internally-performed value chain of its close rivals. The market maneuvering and jockeying for buyer patronage among rival sellers in the industry, Competitive Pressures Created by the Rivalry among Competing Sellers, Rivalry intensifies when competing sellers are active in launching fresh actions to boost their market standing and business performance; conversely, rivalry is weaker when competing sellers seldom make aggressive moves to boost their sales/market shares by taking customers and sales away from rivals, Most widely encountered barriers that entry candidates must hurdle include, The cost advantages enjoyed by industry incumbents, Competitive Pressures from Substitute Products are strong, moderate, or weak, 1. Which one of the following conditions weakens the competitive pressures associated with the threat of entry? Here’s why you should remain bullish on the stock market DJIA 0.18% SPX 0.55% RUT -0.25% Achieving a Compliant Query Practice" The only change in this version of the practice brief was to update the Coding Clinic reference from ICD-9-CM to ICD-10-CM and ICD-10-PCS. Some companies have even built a strong reputation for having exceptional customer service. Regardless of the size of a company, the role of the CEO is essentially the same: Set the vision for the company and ensure that vision is executed. Which of the following questions is not something company managers should consider in thinking strategically about their company's directional path and developing a strategic vision? 5 annan, operations management questions and answers. Graphic, forward-looking and directional, and focused. Ben is currently managing a campaign that has a total investment of $7,000, generates 1,400 conversions, and has a CPA (cost-per-acquisition) of $5. Outcompeting rivals by having the most unique and economically-priced product offering of any firm in the industry. In hospitals, coders and clinical documentation specialists can’t lead healthcare providers with queries. Why not? The company’s growth strategy has drawn on the approaches described in this article – redefining and growing the core (expanding the product line), entering adjacent businesses (European expansion) and focusing on new market segments and sub-segments (universities, leading high tech firms). Competitive pressures triggered by the industry's driving forces, What makes the marketplace a competitive battlefield is, the consistent jockeying of industry members to deploy whatever means in their business arsenals they believe will attract and retain buyers, strengthen their market positions, improve profitability, and ideally help them win a competitive edge over their rivals. 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