Chp 1
What are some of the ways that companies typically implement a
competitive strategy?
Multiple select question.
by focusing on quality
by isolating the managerial staff
by delivering superior customer service
by diversifying product lines
What are two basic approaches in company strategy to improve chances of success in competing
against rivals?
Multiple select question.
Soften ethical guidelines.
Always aim for a low-cost strategy.
Clearly differentiate a company from its rivals.
Establish a position in an uncrowded market.
When a business is more successful than its rivals at attracting customers
and handling competition, it is said to have a(n)
advantage.
Multiple choice question.
organizational
competitive
long-term
marketing
What are the two basic ways that companies achieve competitive advantage
over their business rivals?
Multiple select question.
Design more effective advertisements.
Deliver higher perceived value to customers.
Appeal to a larger target market.
Produce products or services at a lower cost.
What is one key characteristic of a focused low-cost strategy?
Multiple choice question.
It seeks to give customers the most value for their money by meeting key
quality features or performance.
It seeks to sell to a narrow market niche.
It seeks to differentiate its products from those of rivals.
It seeks to sell to a broad market segment.
What choices must managers consider when committing to a company
strategy for competing against rival companies?
Multiple select question.
how to attract customers
how to hide the company's structural weakness
how to respond to market conditions
how to capitalize on growth opportunities
A sound company strategy is essentially about
in comparison to
company rivals.
Multiple choice question.
carrying less debt
having a better trained workforce
being faster to market
competing differently
Which three companies have broad differentiation strategies that have
allowed them to maintain long-term competitive advantages?
Multiple select question.
Apple
Walmart
Johnson & Johnson
BMW
In what ways does a competitive advantage benefit a business?
Multiple select question.
more extensive product line
greater success in the marketplace
larger profits
smaller payroll
Which circumstances commonly require the modification of a company's
strategy?
Multiple select question.
technological advances
meeting financial targets
new market opportunities
a shift in buyer needs
Reason:
Walmart pursues a low-cost provider strategy.
The key for a company to achieve competitive advantage is either to provide
superior value to customers or to deliver value more
Multiple choice question.
efficiently.
collaboratively.
subtly.
forcefully.
A company's realized strategy is a combination of
Multiple choice question.
deliberate and proactive elements.
emergent and reactive strategies.
predictive and responsive strategies.
proactive and reactive elements.
What are three of the most reliable ways a company can distinguish itself in
the marketplace, build customer loyalty, and achieve a competitive
advantage? (Select all that apply.)
Multiple select question.
Broad imitation strategy
Focused low-cost strategy
Low-cost provider strategy
Broad differentiation strategy
A business strategy becomes unethical when it involves what elements?
Multiple select question.
unusual competitive advantage
disreputable behavior
unreasonable damage to the environment
deceitfulness
What are two characteristics of a broad differentiation strategy?
Multiple select question.
Offering products at the lowest possible prices
Appealing to a niche market
Appealing to a wide range of consumers
Offering products or services that are difficult to imitate
A strategy that changes in response to new market conditions and
challenges is known as
Multiple choice question.
a static strategy.
a proactive strategy.
a differentiation strategy.
an evolving strategy.
A company's business model is comprised of which of the following?
Multiple select question.
the customer value proposition
the competitive assets
the profit formula
the cost of goods sold
Actions taken in response to new strategic maneuvers by rival firms or other
unanticipated market circumstances make up a company's
strategy.
Multiple choice question.
proactive
emergent
deliberate
abandoned
What is one key characteristic of a focused low-cost strategy?
Multiple choice question.
It seeks to sell to a narrow market niche.
It seeks to differentiate its products from those of rivals.
It seeks to give customers the most value for their money by meeting key
quality features or performance.
It seeks to sell to a broad market segment.
The profit
is the company's approach to determining a cost
structure that will allow for acceptable profits, given the pricing tied to its
customer value proposition.
Formula
Which strategic actions fall into the "should not do" category and are
probably unethical?
Multiple select question.
They make the company look bad.
They have a negative effect on customers, employees, and the surrounding
community.
They cause a public backlash and accusations of being irresponsible.
They cause the company to capture so much market share that business
rivals can barely compete.
A blueprint that outlines the means for a company to deliver value to
customers in a suitably profitable manner is known as its
Multiple choice question.
emergent strategy.
proactive strategy.
business model.
strategic reaction.
What is the purpose of the fit test?
Multiple choice question.
to identify which employees are qualified for a specific project
to identify products that will most likely perform well in the company's target
market
to weed out managers who fail to meet the company's standards
to determine how well a strategy matches the company's situation
A company's approach to meeting or exceeding its customers' needs at a
price they consider a good value is called the
Multiple choice question.
business model.
customer value proposition.
profit formula.
value-price-cost strategy
Which of the following are reasons for crafting and executing strategies to be
important managerial tasks? (Select all that apply.)
Multiple select question.
They provide a path to competitive advantage.
They prohibit harassment and discrimination at workplace.
They define a company's best practices.
They lay out the means for pleasing customers.
They establish a formula for improving performance.
Which of the following are the components of a fit test that help evaluate
how well a company's strategy matches its situation? (Check all that apply.)
Multiple select question.
Dynamic fit
External fit
Performance fit
Aesthetic fit
Internal fit
Which statement about the connection between good strategy and good
execution is true?
Multiple choice question.
The marker of good management is a solid strategy that focuses on
customer value above all else.
A company can enjoy long-term success with a weak strategy if the
execution is strong and aggressive.
As long as a company has a strong strategy, successful execution is a sure
thing.
Good management consists of good strategy and good strategy execution.
Which of the following are impediments to a company's long-term industry
success?
Multiple select question.
proactive strategy making
imitative strategies
inadequate attempts to improve
illogical strategies
A company's ultimate success or failure is fundamentally tied to how well its
management team does which of the following?
Multiple select question.
copies other companies' successful strategies
develops competitively effective strategies
facilitates internal operating excellence
charts the company's direct
