Strategic Position and Dynamics - Strategic Positioning and Competitive Advantage
10 important questions on Strategic Position and Dynamics - Strategic Positioning and Competitive Advantage
Name three costs of using the markets
- Coordination of production flows through the vertical chain may be compromised when an activity is purchased from an independent market firm rather than performed in-house.
- Private information may be leaked when an activity is performed by an independent market firm.
- There may be costs of transacting with independent market firms that can beavoided by performing the activity in-house.
What is economic profit?
Economic profit, by contrast, represents the difference between the accounting profits from a given activity and the accounting profits from investing the same resources
in the most lucrative alternative activity.
What is Vertical foreclosure, and name four examples?
- A downstream monopolist acquires a competitive upstream firm and refuses to purchase from other upstream suppliers.
- An upstream monopolist acquires a competitive downstream firm and refuses to supply other downstream firms.
- A competitive downstream firm acquires an upstream monopolist and refuses to supply its downstream competitors.
- A competitive upsptream firm acquires a downstream monopolist and refuses to purchase from its upstream competitors.
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Name the argument against foreclosure from the Chicago school of Economics
The motivation for foreclosure cannot be the desire to extend market power, since there is a
single final product and thus a single monopoly profit.
Three main arguments/advantages for buying from another company in the supply chain?
- Market firms may possess proprietary information or patents that enable them to produce at lower cost.
- Market firms might be able to aggregate the needs of many customers, thereby enjoying economies of scale.
- Market firms might exploit their experience in producing for many customers to obtani learning economies.
In terms of preventing complete contracting, what is Bounded rationality?
Bounded rationality refers to limits on the capacity of individuals to process information,
deal with complexity, and pursue rational aims.
In terms of preventing complete contracting, what is difficulty or measure performance?
When performance under a contract is complex or subtle, not even the most accomplished wordsmiths may be able to spell out each party’s rights and responsibilities.
In terms of preventing complete contracting, what is asymmetric information?
If one party knows something that the other
does not, then information is asymmetric, and the knowledgeable party may distort or misrepresent that information.
What is a merchant coordinator?
Independent firms that specialize in linking
suppliers, manufacturers, and retailers, thereby coordinating activities between the supply chain.
Name three trabsaction costs?
- Relationship-specific assets
- Quasi-rents
- boldup problem
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