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BUS 475 Week 3 Practice Developing and Communicating Strategic Objectives
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BUS 475 Week 3 Practice Developing and Communicating Strategic Objectives

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Required information Economic Value Creation This activity is important because it reviews the concept of economic value creation when measuring competitive advantage. The goal of the activity is to learn how economic value creation helps a firm measure competitive advantage. Familiarize yourself with the text material from economic value creation before completing this exercise. Complete the activities that follow. The bar chart shown here provides the following information: cost to produce a pizza, price charged to the customer for the pizza, and the maximum price the consumer would be willing to pay for the pizza. Match each question to its correct cost response by clicking on each question and dragging it to the correct drop space beside each cost. 2. __________ denotes the dollar amount a consumer would attach to a good or service (that is, willingness to pay). 3. Total costs include fixed and variable costs. ________________________ costs are independent of consumer demand, whereas __________________ costs change with the level of consumer demand. 4. ________costs capture the value of the _______ alternative use of the resources employed. 5. Business-Level Strategy Generic business strategies balance cost leadership and differentiation. This activity is important because these are two very different strategies—each with a scope of either focused or broad competition. One of the best methods for honing your understanding of these contrasting strategic positions is to consider some familiar firms and think through where they fit in the business-strategies framework. Each of the firms featured in this activity are discussed in greater detail in chapter 6 of your text. This goal of this exercise is to identify which firms use which business-level strategies and how they apply in the generic business-strategies framework. Southwest and Delta both compete in the airline industry, but they follow different business strategies. Delta’s transportation infrastructure is based upon a high-value hub-and-spoke system and offers upscale services to high mileage flyers. Southwest Airlines uses a point-to-point basic system for nationwide air transport. What generic business strategy is Southwest using? 6. A strategic position is the firm's profile based on value creation and cost. Effective managers will create a large gap between the ______________ and the cost required to produce it. 7. The four generic business strategies are generated by comparing the strategic position with the scope of competition. Tesla, an electric car manufacturer, is presented in the text as fitting into which of these categories? 8. Timex and Rolex both compete in the wristwatch market, but they follow different business strategies. Rolex creates a high-quality timepiece with unique features that last a lifetime. Timex efficiently produces a watch of acceptable quality. What generic business strategy is Rolex using? 9. Blue Ocean Strategy This exercise reviews the concept of combining business-level strategies, specifically cost leadership and differentiation, to create a blue ocean strategy. While an appealing position to obtain, the strategy has inherent difficulties that a firm must overcome. This activity reinforces the material in section 6.5 of your text and Learning Objective 6-5 on evaluating values and cost drivers that may allow a firm to pursue a blue ocean strategy. It also covers why it is difficult for firms to succeed with such a strategy (Learning Objective 6-6). Read the minicase below and complete the activities that follow. Minicase The chapter focuses on IKEA to exemplify value innovation in the furniture retailing industry. What might this same concept of balancing differentiation and low costs look like in the automotive industry? The number of automotive firms that use a highly differentiated business strategy is quite large and probably easy to distinguish. Brands such as Rolls-Royce, Porsche, and Land Rover all focus on providing value-added features for affluent individuals willing to pay more for the products they want. Low-cost leaders are also pretty easy to identify. Brands such as Kia and Hyundai offer several models that many consumers consider of acceptable quality for the price. When Chrysler and Daimler merged, the goal was to build a blue ocean strategy by leveraging the differentiation of Mercedes-Benz (Daimler’s brand) with the low-cost manufacturing experience of Chrysler. However, what resulted was a firm that found itself squarely “stuck in the middle” with a higher cost structure and reduced value added than either firm had prior to the merger. Daimler’s subsequent spin-off of Chrysler resulted in a loss of $3 billion. In recent decades, Toyota would be considered a successful value innovator in the automotive industry. Toyota has been able to use lean manufacturing and other operational efficiencies to drive a lower cost structure than many of its competitors. At the same time, it has generally maintained a differentially superior reputation for reliable high-quality cars with a good set of features that many consumers will purchase. Now apply these examples to the value and cost trade-offs depicted in the V–C chart, which is a synthesis of Exhibits 6.3 and 6.4 from the book. This figure shows positions of competitive advantage and disadvantage. 10 A value innovation strategy requires trade-offs between differentiation and low costs. These are two distinct business-level positions that often require very different internal value chain activities. An example of a low-cost activity that may not be appropriate for a differentiator is 11 A strategy canvas comparing JetBlue to the differentiated and low-cost airlines provides a visual depiction of some of the issues found in the JetBlue discussion throughout the chapter. Which three factors in the canvas (see Exhibit 6.11 in the text) most prominently show the key problems at JetBlue? 12 The text provides an example of a firm "stuck in the middle." JCPenney attempted a change in strategic position under the leadership of CEO Ron Johnson (who was lured away from Apple retailing). Mr. Johnson was fired less than 18 months after his arrival at JCPenney due to a stark drop in sales after implementing some of his planned changes. What is a key lesson to be learned from this example?

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