BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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extends the value chain analysis
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is a way to analyze all the players in a game and analyze how their interactions affect the ability of a firm to generate and appropriate value
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helps us to understand the evolution of the five forces over time
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uses network analysis to understand the relationships among different companies
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Detailed explanation-1: -Value network analysis is the assessment of an organization’s members and their interactions within a value network. Participants of the value network analysis are evaluated both individually and on the benefits they bring to the network.
Detailed explanation-2: -Game theory studies interactive decision-making, where the outcome for each participant or “player” depends on the actions of all. If you are a player in such a game, when choosing your course of action or “strategy” you must take into account the choices of others.
Detailed explanation-3: -In the real world, game theory is applied when analyzing scenarios such as pricing competition and product development among competing firms. The game theory definition describes the concept as a model for understanding interactive situations among competing players.
Detailed explanation-4: -Key Takeaways. Game theory is a framework for understanding choice in situations among competing players. Game theory can help players reach optimal decision-making when confronted by independent and competing actors in a strategic setting.