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Question: What is a Business Strategy?

Answer: Business Strategy is a compendium of deliberate choices that an organization makes to maximize its value over a given period of time – Sun Wu (2019).

Question: What is a Value Proposition?

Answer: Value Proposition reflects the choices made by a  business concerning the customer segment it will target, the kind of needs its product will serve for those customers and the prices at which it will offer its products to them.

Question: What is a Value Chain?

Answer: Value Chain disaggregates a company into its strategically relevant activities to understand the behaviour of costs and potential sources of differentiation.

Question: What is the connection between Value Proposition and Value Chain?

Answer: The value proposition explains the benefits that a particular set of customers receive from a product or service. The value chain represents the activities involved in creating the value proposition.

Question: What is Supply Chain Management (SCM)?

Answer: Supply Chain management handles the entire production flow of a good or service — starting from the raw components to delivering the final product to the consumer.

Question: What involves in Business Management?

Answer: Business Management involves People, Assets and Processes in the business value chain, transforming a series of input resources into finished products and services.

Question: What is the connection between Value Chain and Supply Chain?

Answer: The value chain work backwards from the customer identifying value creation opportunities while supply chain commences from suppliers to complement value to customers.

Question: Is it sufficient to manage only your company’s value chain?

Answer: A firm’s product eventually becomes part of its buyer’s value chain. The ultimate basis of differentiation is a firm and its product’s role in the buyer’s value chain, determining buyer needs.

Question: What is a Modern Business?

Answer: A modern business is selling more without selling and selling better and faster than their competitors.

Question: What is Modern Marketing?

Answer: Modern Marketing is agile, aligns sales, marketing and communications and leverages creativity and technology to build memorable brand experiences that customers love, along with the human touch.

Question: What is Competitive Advantage?

Answer: Competitive Advantage refers to factors that allow a company to produce goods or services better or more cheaply than its rivals. These factors enable the productive entity to generate more sales or superior margins compared to its market rivals. The competitive advantage cannot be understood by looking at a firm as a whole.

Question: What is Commoditization?

Answer: Commoditization means that the gross of the market is no longer willing to pay premium prices for more value. They can already get more than they need from any vendor, turning to price as the decisive factor to pick a product.

Question: What is the difference between Invention and Innovation?

Answer: Invention is creating something new. Innovation is creating something new that generates income.

Question: What is the Blue Ocean Strategy?

Answer: Blue ocean strategy is the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand. It is about creating innovative products and services.

Question: What is a Differentiation Strategy?

Answer: Differentiation Strategy aims to distinguish a product or service from other similar products offered by the competitors in the market.