A business model is developed first. Then the firm takes steps to understand customers in terms of who, what, and how in order to develop a business-level strategy

The activities in the value chains of companies using focus strategies are quite different than the activities in the value chains of companies using industry-wide business strategies

The following are the reasons to implement TQMs, EXCEPT

To create economies of scope, tangible resources often must be shared. Less tangible resources can also be shared

Because of its focus on innovation and quality manufacturing, total quality management is not useful for firms that follow a cost leadership strategy

Stage in the family life cycle is a __________ factor.

Firms develop a competitive advantage when they are able to develop corporate-level cooperative strategies and manage them in ways that are valuable, rare, imperfectly imitable, and nonsubstitutable

Large firms with significant slack resources (i.e., are able to launch a greater number of competitive actions) but that remain flexible and act like small firms (i.e., are able to launch a variety of actions) will be more successful against rivals

As the threat of corporate failure increases due to relatedness between a firm’s business units, the firm may decide to:

Walmart’s aggressive pricing strategy is a strategic action that plays a major role in how it competes