Business Concepts Used in the Simulation Exercise

Business Concepts Used in the Simulation Exercise

The concepts covered in the BUAD 453 class

VRIO

SWOT

Focus low-cost strategy

Ideas Covered in other courses

Produce to demand

Total Productive Maintenance

Definition of the Concepts

The VRIO (Valuable-Rare-Imitable-Organization) is an analytical tool used by managers to examine the source of a competitive advantage by examining the microenvironment of an organization. The SWOT (Strength-Weakness-Opportunity-Threats) tool is a situational analysis technique used to determine the internal and external environment an organization by analyzing the strengths, weaknesses opportunities and advantages. Focus Low-Cost Strategy is a pricing approach where a firm gains market and stimulates demand by offering products or services at a relatively low price. Produce to demand is a supply chain strategy where an organization is keen to detect, request and safeguard inventory using small stalks of fin

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