C&S an der LMU München

Karteikarten und Zusammenfassungen für C&S an der LMU München

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Lerne jetzt mit Karteikarten und Zusammenfassungen für den Kurs C&S an der LMU München.

Beispielhafte Karteikarten für C&S an der LMU München auf StudySmarter:

There are various ways to approach strategy…

What is strategy?

Beispielhafte Karteikarten für C&S an der LMU München auf StudySmarter:

Explain Co-opetition and Value Nets. (Helpful extension of Porter's 5 Forces)

Beispielhafte Karteikarten für C&S an der LMU München auf StudySmarter:

What is a diffusion curve?

Beispielhafte Karteikarten für C&S an der LMU München auf StudySmarter:

How can a supplier increase and a customer decrease switching costs?

Beispielhafte Karteikarten für C&S an der LMU München auf StudySmarter:

Explain the crazy variations in Airline Ticket prices (even though costs dont differ) or the big difference in compfort between train ticket classes (even though it would not be so difficult to make all seats compfy) with price discrimination.

Beispielhafte Karteikarten für C&S an der LMU München auf StudySmarter:

What is a Reservation Price?

Beispielhafte Karteikarten für C&S an der LMU München auf StudySmarter:

Why would you discriminate

prices?

Beispielhafte Karteikarten für C&S an der LMU München auf StudySmarter:

What factors are favoring cooperation?

Beispielhafte Karteikarten für C&S an der LMU München auf StudySmarter:

Why would organizations generally choose to cooperate?

Beispielhafte Karteikarten für C&S an der LMU München auf StudySmarter:

What does pareto efficient mean?

Beispielhafte Karteikarten für C&S an der LMU München auf StudySmarter:

What is a Nash Equilibrium?

Beispielhafte Karteikarten für C&S an der LMU München auf StudySmarter:

What is a dominant strategy?

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Beispielhafte Karteikarten für C&S an der LMU München auf StudySmarter:

C&S

There are various ways to approach strategy…

What is strategy?

Definition is a mix of firm oriented and game theoretic approach.

  • Strategy is the determination of long-term goals for a business as well as suitable steps and the allocation of resources to attain them
  • It intends to establish long-term competitive advantages
  • Possible reactions of competitors & other players taken into account (Game Theoretic approach)
  • The change of a strategy typically is costly and may not even be feasible in the short run

C&S

Explain Co-opetition and Value Nets. (Helpful extension of Porter's 5 Forces)

Co-Opetition

  • Cooperation and Competition at the same time
    • Supply of complementary goods
  • E.g. Tools like Common Standards, Common Lobbying positions
    • Lead to Clusters, R&D Alliances, Foreign direct Investments

Value Nets

Correspond to Porter’s approach, but goes beyond it by including complementors.

  • Complementary goods may enhance the firms profitability
  • Focus on chances rather than limitations
  • E.g. Brandenburger-Nalebuff Value Net

C&S

What is a diffusion curve?

Basically describes the adoption of network goods.

Network externality: the larger the “installed base“ of users, the more attractive is the good for prospective new users (positive feedback)

The diffusion curve describes the expansion of this “installed base”…

C&S

How can a supplier increase and a customer decrease switching costs?

Supplier can increase them by:

  • offering loyalty programs
  • Accumulation of information about customer
  • Long-term contracts
  • Close personal customer service ect..

Customer can decrese them by:

  • Managing is own database
  • using non supplier specific complements
  • using more than one supplier
  • negotiate price reductions ect…

C&S

Explain the crazy variations in Airline Ticket prices (even though costs dont differ) or the big difference in compfort between train ticket classes (even though it would not be so difficult to make all seats compfy) with price discrimination.

The separation of segments may be difficult. The solution shown here is second degree Price Discrimination: Versioning

Train Example

„What the company is trying to do is prevent the passengers who can pay the second-class fare from traveling third-class; it hits the poor, not because it wants to hurt them, but to frighten the rich…“

Airplane Example:

Business travelers generally have a higher willingness to pay for their

flights than vacationers.

They differentiate the product and pricing in such a way that the basic product (economy tariff) becomes unattractive for the business traveler => this may lead to the desired “self-selection“ of customers. Also Booking restrictions make the inexpensive product “unattractive“ for the business traveler since she needs the option to rebook on short notice…

C&S

What is a Reservation Price?

The maximum amount an individual is willing to pay for a product.

C&S

Why would you discriminate

prices?

Because this allows to skim off individual willingness to pay.

  • Customers‘ willingness to pay for a good is varying
    • consumers are different in general
    • times and location changes
  • Criteria exist by which customer groups that differ by WTP can be distinguished
  • Low prices still exceed marginal costs

C&S

What factors are favoring cooperation?

Many repetitions

  • A long-term interaction with suppliers, competitors and customers wanting to develop cooperation

Importance of future

  • Low discounting (Zins klein) is better for cooperation therefore prefer a partner with long-term perspectives and reduce time between interactions

Knowledge of prior moves by the other (observable actions)

  • Only then adequate reactions are possible
    • Problem could be e.g. Cartels (secret discounts)

Knowledge of the other‘s identity

  • Anonymity can cause problems

Clustering of “nice people“

  • Tit-for-tat players are particularly successful in a cluster

Low reward for aggressiveness

  • Mechanisms for punishment, encourage cooperation, even if prisoners‘ dilemma is not set off completely

C&S

Why would organizations generally choose to cooperate?

Cooperation may offer ways out of inefficient market solutions.

C&S

What does pareto efficient mean?

Pareto efficiency or Pareto optimality is a state of allocation of resources from which it is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.

C&S

What is a Nash Equilibrium?

Its a set of strategies that represent the best responses to each other for all players.

  • Best responses, are strategies, that renders the best possible pay-off for the player among the strategic choices available
  • A game with a finite number of players, each with a finite number of strategies, has at least one Nash equilibrium
  • Reaching the Nash equilibrium is not a “law”

C&S

What is a dominant strategy?

A dominant strategy is a strategy that returns the best possible pay-offs no matter which strategy the other player chooses.

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