BUS 475 Wk 3 - Practice: Developing and Communicating Strategic Objectives

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 BUS 475 Wk 3 - Practice: Developing and Communicating Strategic Objectives
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.

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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.

__________ denotes the dollar amount a consumer would attach to a good or service (that is, willingness to pay).
Multiple Choice
• Economic value created
• Cost
• Profit
• Price
• Value



Total costs include fixed and variable costs. ________________________ costs are independent of consumer demand, whereas __________________ costs change with the level of consumer demand.
Multiple Choice
• Varying; stable
• Solid; variable
• Variable; fixed



________costs capture the value of the _______ alternative use of the resources employed.
Multiple Choice
• Opportunity; worst
• Threat; best
• Opportunity; best
• Opportunity; average
•


Required information
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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?
Multiple Choice
•
broad cost leadership
•
strategic positioning
•
focused cost leadership
•
economies of scope
•
differentiation