Question 1

What are the common elements of a well-crafted mission statement?

Accepted Answer

A well-crafted mission statement has five common elements. It must be short so that every employee can remember the statement. The design must be simple so that everyone in the company can understand what the senior leadership team desires. It has to provide direction to the activities of company employees. The statement should enable employees to knowing what the company does and what it does not do in an exact way. Finally, the statement should be measurable so that the company can visibly see progress.

Question 2

One risk of a cost leadership strategy is that the technology for production or of products may change.

Accepted Answer

A) True 
 B)False  True

Question 3

SWOT is an acronym that stands for Strategy, Weaknesses, Opportunities, and Threats.

Accepted Answer

A) True 
 B)False  False

Question 4

The first firm through a strategic window can occupy an extremely favorable niche and discourage competition (if the firm has the required internal strengths).

Accepted Answer

A) True 
 B)False

Question 5

One success factor to a strategic alliance is the ability to identify likely partnering risks and deal with them when the alliance is formed.

Accepted Answer

A) True 
 B)False

Question 6

Apple is an example of a company following which of Porter's generic competitive strategies?

Accepted Answer

A)  cost leadership 
B)  differentiation 
C)  cost focus 
D)  competitive scope 
E)  diversification 
A)  cost leadership 
B)  differentiation 
C)  cost focus 
D)  competitive scope 
E)  diversification

Question 7

An example of a company following a cost focus strategy is Potlach Corporation, which makes house brands of toilet paper for Safeway and other grocery store chains.

Accepted Answer

A) True 
 B)False

Question 8

A method developed in the mid-1990s as an efficient means to quickly consolidate a fragmented industry can be referred to as a

Accepted Answer

A)  merger. 
B)  strategic rollup. 
C)  cost strategy. 
D)  differentiation strategy. 
E)  focus strategy. 
A)  merger. 
B)  strategic rollup. 
C)  cost strategy. 
D)  differentiation strategy. 
E)  focus strategy.

Question 9

Discuss competitive strategy differences between a fragmented and a consolidated industry.

Accepted Answer

In a fragmented industry, there are many

Question 10

Business strategy focuses on

Accepted Answer

A)  ensuring that the company maintains the existing market share that it has historically enjoyed. 
B)  improving the competitive position of a corporation's products or services within the industry or market segment served. 
C)  providing adequate shareholders' return on investment. 
D)  preventing the competition from gaining a competitive edge by undermining their marketing plan. 
E)  recovering the competitive lead by using all available resources that the company can provide. 
A)  ensuring that the company maintains the existing market share that it has historically enjoyed. 
B)  improving the competitive position of a corporation's products or services within the industry or market segment served. 
C)  providing adequate shareholders' return on investment. 
D)  preventing the competition from gaining a competitive edge by undermining their marketing plan. 
E)  recovering the competitive lead by using all available resources that the company can provide.

Question 11

Tight cost control is an organizational requirement for a cost leadership strategy.

Accepted Answer

A) True 
 B)False

Question 12

If a mission does not provide a common thread for a corporation's businesses, managers might be unclear about where the company is heading.

Accepted Answer

A) True 
 B)False

Question 13

Jet airplane manufacturers often enter into strategic alliances to

Accepted Answer

A)  obtain new capabilities. 
B)  obtain access to specific markets. 
C)  reduce financial risk. 
D)  reduce political risk. 
E)  preserve autonomy. 
A)  obtain new capabilities. 
B)  obtain access to specific markets. 
C)  reduce financial risk. 
D)  reduce political risk. 
E)  preserve autonomy.

Question 14

The book Hypercompetition was written by

Accepted Answer

A)  Porter. 
B)  D'Aveni. 
C)  Mintzberg. 
D)  Maslow. 
E)  Drucker. 
A)  Porter. 
B)  D'Aveni. 
C)  Mintzberg. 
D)  Maslow. 
E)  Drucker.

Question 15

The two general types of cooperative strategies are collusion and strategic alliances.

Accepted Answer

A) True 
 B)False

Question 16

Strategy formulation or strategic planning begins with a(n) ________, which is the process of finding a strategic fit between external opportunities and internal strengths while working around external threats and internal weaknesses.

Accepted Answer

A)  environmental analysis. 
B)  position analysis. 
C)  strategic evaluation. 
D)  objective analysis. 
E)  situation analysis. 
A)  environmental analysis. 
B)  position analysis. 
C)  strategic evaluation. 
D)  objective analysis. 
E)  situation analysis.

Question 17

Morgan Motor Car Company manufactures classic British sports cars. Which of Porter's strategies is this company following?

Accepted Answer

A)  differentiation focus 
B)  cost leadership 
C)  stuck in the middle 
D)  differentiation 
E)  cost focus 
A)  differentiation focus 
B)  cost leadership 
C)  stuck in the middle 
D)  differentiation 
E)  cost focus

Question 18

Walt Disney Company competes successfully in the entertainment industry using which of Porter's competitive strategies?

Accepted Answer

A)  differentiation focus 
B)  stuck in the middle 
C)  cost leadership 
D)  differentiation 
E)  cost focus 
A)  differentiation focus 
B)  stuck in the middle 
C)  cost leadership 
D)  differentiation 
E)  cost focus

Question 19

According to D'Aveni's book, Hypercompetition, which of the following statements is true?

Accepted Answer

A)  Except for a few stable industries, strategy initiatives do not provide sustainable competitive advantage. 
B)  Hypercompetition is rare. 
C)  It is enough to gain competitive advantage by being the lowest cost competitor. 
D)  The theory of hypercompetition is not supported by any research. 
E)  The American home appliance industry was immune to hypercompetition. 
A)  Except for a few stable industries, strategy initiatives do not provide sustainable competitive advantage. 
B)  Hypercompetition is rare. 
C)  It is enough to gain competitive advantage by being the lowest cost competitor. 
D)  The theory of hypercompetition is not supported by any research. 
E)  The American home appliance industry was immune to hypercompetition.

Question 20

Business strategy focuses on improving the competitive position of a company's or business unit's products or services within the specific industry or market segment that the company or business unit serves.

Accepted Answer

A) True 
 B)False

What are the common elements of a well-crafted mission statement?

One risk of a cost leadership strategy is that the technology for production or of products may change.

SWOT is an acronym that stands for Strategy, Weaknesses, Opportunities, and Threats.

The first firm through a strategic window can occupy an extremely favorable niche and discourage competition (if the firm has the required internal strengths).

One success factor to a strategic alliance is the ability to identify likely partnering risks and deal with them when the alliance is formed.

Apple is an example of a company following which of Porter's generic competitive strategies?

An example of a company following a cost focus strategy is Potlach Corporation, which makes house brands of toilet paper for Safeway and other grocery store chains.

A method developed in the mid-1990s as an efficient means to quickly consolidate a fragmented industry can be referred to as a

Discuss competitive strategy differences between a fragmented and a consolidated industry.

Business strategy focuses on

Tight cost control is an organizational requirement for a cost leadership strategy.

If a mission does not provide a common thread for a corporation's businesses, managers might be unclear about where the company is heading.

Jet airplane manufacturers often enter into strategic alliances to

The book Hypercompetition was written by

The two general types of cooperative strategies are collusion and strategic alliances.

Strategy formulation or strategic planning begins with a(n) ________, which is the process of finding a strategic fit between external opportunities and internal strengths while working around external threats and internal weaknesses.

Morgan Motor Car Company manufactures classic British sports cars. Which of Porter's strategies is this company following?

Walt Disney Company competes successfully in the entertainment industry using which of Porter's competitive strategies?

According to D'Aveni's book, Hypercompetition, which of the following statements is true?

Business strategy focuses on improving the competitive position of a company's or business unit's products or services within the specific industry or market segment that the company or business unit serves.

Basic Concepts in Strategic Management

Corporate Governance

Social Responsibility and Ethics in Strategic Management

Environmental Scanning and Industry Analysis

Organizational Analysis and Competitive Advantage

Strategy Formulation: Corporate Strategy

Strategy Formulation: Functional Strategy and Strategic Choice

Strategy Implementation: Global Strategy

Strategy Implementation: Organizing and Structure

Strategy Implementation: Staffing and Directing

Evaluation and Control

Suggestions for Case Analysis

Filters

Exam 6: Strategy Formulation: Business Strategy

What are the common elements of a well-crafted mission statement?

One risk of a cost leadership strategy is that the technology for production or of products may change.

SWOT is an acronym that stands for Strategy, Weaknesses, Opportunities, and Threats.

The first firm through a strategic window can occupy an extremely favorable niche and discourage competition (if the firm has the required internal strengths).

One success factor to a strategic alliance is the ability to identify likely partnering risks and deal with them when the alliance is formed.

Apple is an example of a company following which of Porter's generic competitive strategies?

An example of a company following a cost focus strategy is Potlach Corporation, which makes house brands of toilet paper for Safeway and other grocery store chains.

A method developed in the mid-1990s as an efficient means to quickly consolidate a fragmented industry can be referred to as a

Discuss competitive strategy differences between a fragmented and a consolidated industry.

Business strategy focuses on

Tight cost control is an organizational requirement for a cost leadership strategy.

If a mission does not provide a common thread for a corporation's businesses, managers might be unclear about where the company is heading.

Jet airplane manufacturers often enter into strategic alliances to

The book Hypercompetition was written by

The two general types of cooperative strategies are collusion and strategic alliances.

Strategy formulation or strategic planning begins with a(n) ________, which is the process of finding a strategic fit between external opportunities and internal strengths while working around external threats and internal weaknesses.

Morgan Motor Car Company manufactures classic British sports cars. Which of Porter's strategies is this company following?

Walt Disney Company competes successfully in the entertainment industry using which of Porter's competitive strategies?

According to D'Aveni's book, Hypercompetition, which of the following statements is true?

Business strategy focuses on improving the competitive position of a company's or business unit's products or services within the specific industry or market segment that the company or business unit serves.

Basic Concepts in Strategic Management

Corporate Governance

Social Responsibility and Ethics in Strategic Management

Environmental Scanning and Industry Analysis

Organizational Analysis and Competitive Advantage

Strategy Formulation: Corporate Strategy

Strategy Formulation: Functional Strategy and Strategic Choice

Strategy Implementation: Global Strategy

Strategy Implementation: Organizing and Structure

Strategy Implementation: Staffing and Directing

Evaluation and Control

Suggestions for Case Analysis

Filters