Chat with AIExam 4: Introduction to Strategy
In considering a strategy for a firm, its leaders must decide on how they seek to position the firm within the marketplace.
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VerifiedTrue
Describe the business-level strategy.
(33) VerifiedBusiness-level strategy entails "how a company will compete in a given business and position itself among its competitors." In setting business-level strategy, a manager evaluates both the attractiveness of the industry structure and the firm's resources to determine how the firm should compete. Based on these evaluations, the manager typically chooses among three generic strategic approaches: low cost, differentiation, and focus. As examples, Southwest Airlines has adopted a low-cost business strategy in the airline industry, Gillette has chosen a differentiation strategy in the male-targeted consumer products industry, and Edward Jones has pursued a focus strategy in the investment industry.
What are the three elements a manager should consider when developing a strategy?
(34) VerifiedAs a manager develops a strategy, he or she needs to consider three elements: (1) choosing a set of activities, (2) managing trade-offs, and (3) creating fit among activities. First, the manager must realize that competitive strategy is primarily about being different, not about operational efficiency. Second, while it is imperative to choose a set of unique activities, the manager must also decide what not to do. In other words, the manager must make trade-offs in the formulation of strategy. Finally, the manager must create a solid fit among the activities so that the product or service being offered cannot be easily copied by competitors. The activities must be sustainable and interlocking to produce a product or service the customer wants.
According to the Roman military strategists, strategy was considered as
(35) In Greece, McDonald's introduced the "Greek Mac" using pita bread and yogurt sauce. This is an example of a(n)
(28) "To make bikes that allow riders of all ages and abilities to experience the joy of riding" is an example of
(33) Identify a benefit provided by an effective mission statement.
(27) In B&T Company, all product development occurs within the United States, but the company has manufacturing and distribution facilities in several countries. B&T has a(n)
(30) The transnational strategy is a cross between global and multinational strategies.
(29) Z-Technologies, a manufacturing company in Berylia, is a global organization. The company owns a manufacturing unit in Erbia and another one in Rhodia, where there is high demand for its products. Though it is an expensive and risky proposition, the parent company has full control of the manufacturing units in the foreign countries. Which of the following market entry strategies has been used by Z-Technologies?
(37) XYZ Company sells the same standard product in all nations throughout the world. This is an example of a(n)
(38) Which of the following questions is most important to the development of a firm's strategy?
(36) TechPark, a manufacturing company, was in the process of formulating a strategy in an attempt to improve the firm's competitive advantage. The managers began by evaluating the resources available within the organization to better understand how the firm should compete. Eventually, they decided to offer their products at a lower cost compared to that of their competitors. Identify the strategy used by the managers of TechPark.
(36) Strategies that combine elements of multinational and global strategies by using foreign subsidiaries to produce and distribute products are known as
(41) The first step to create competitive advantage through a strategy is to
(36) In the formulation of strategy, managers must create a solid fit among the activities to
(43) Scott determines that his firm's strategy leverages its key resources. Which of the following criteria for evaluating the quality of a firm's strategy is Scott assessing?
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