Question 1

Changing circumstances and ongoing managerial efforts to improve the strategy:

Accepted Answer

A)  account for Why a Companys Strategy Evolves over Time. 
B)  explain why a company's strategic vision undergoes almost constant change. 
C)  make it very difficult for a company to have concrete strategic objectives. 
D)  make it very hard to know what a company's strategy really is. 
E)  result in abandoned strategic visions. 
A)  account for Why a Companys Strategy Evolves over Time. 
B)  explain why a company's strategic vision undergoes almost constant change. 
C)  make it very difficult for a company to have concrete strategic objectives. 
D)  make it very hard to know what a company's strategy really is. 
E)  result in abandoned strategic visions. A

Question 2

Why does a company's strategy tend to evolve over time?

Accepted Answer

Changing circumstances and ongoing management efforts to improve the strategy cause a company's strategy to evolve over time-a condition that makes the task of crafting strategy a work in progress,not a one-time event.Most of the time,a company's strategy evolves incrementally as management fine-tunes various pieces of the strategy and adjusts the strategy in response to unfolding events.However,on occasion,major strategy shifts are called for,such as when the strategy is clearly failing or when industry conditions change in dramatic ways.Industry environments characterized by high-velocity change require companies to repeatedly adapt their strategies.

Question 3

A computer chip manufacturing giant decides to outsource its operations to a new geographical location with cheaper labor amidst ongoing labor strikes in a few of its existing locations (due to proposed job cuts).This draws criticism in its new market and affects its current market position and productivity.Which of the following would be an appropriate reactive (emergent)strategy while moving forward?

Accepted Answer

A)  Hiring and training new talent to begin operations in the emerging market 
B)  Acquiring a local computer chip marketing and distribution specialist firm in the new location 
C)  Cancelling the idea of outsourcing and retaining the existing the workforce to run operations 
D)  Shifting the existing workforce to the new geographical location and paying them according to new standards 
E)  Cancelling the job cuts till the market situation and entry operations stabilize 
A)  Hiring and training new talent to begin operations in the emerging market 
B)  Acquiring a local computer chip marketing and distribution specialist firm in the new location 
C)  Cancelling the idea of outsourcing and retaining the existing the workforce to run operations 
D)  Shifting the existing workforce to the new geographical location and paying them according to new standards 
E)  Cancelling the job cuts till the market situation and entry operations stabilize E

Question 4

Which of the following airlines does NOT employ a low-cost provider strategy?

Accepted Answer

A)  Airline 1 offers low prices on short-distance flights and cuts down on meals during flights. 
B)  Airline 2 offers low prices on long-distance flights and has long service times for its planes between flights. 
C)  Airline 3 offers low prices on short-distance flights and improves flight carrier capacity through addition of seats by reducing distance between existing seats. 
D)  Airline 4 offers low prices on short-distance flights and pays minimum wage rates to the flight crew. 
E)  Airline 5 offers low prices on long-distance flights and charges fees for carry-on as well as checked luggage. 
A)  Airline 1 offers low prices on short-distance flights and cuts down on meals during flights. 
B)  Airline 2 offers low prices on long-distance flights and has long service times for its planes between flights. 
C)  Airline 3 offers low prices on short-distance flights and improves flight carrier capacity through addition of seats by reducing distance between existing seats. 
D)  Airline 4 offers low prices on short-distance flights and pays minimum wage rates to the flight crew. 
E)  Airline 5 offers low prices on long-distance flights and charges fees for carry-on as well as checked luggage.

Question 5

Good strategy combined with good strategy execution:

Accepted Answer

A)  offers a surefire guarantee for avoiding periods of weak financial performance. 
B)  is the best sign that a company is a true industry leader. 
C)  is a more important management function than forming a strategic vision combined with setting objectives. 
D)  is the clearest indicator of good management. 
E)  signals that a company has the best business model in a market. 
A)  offers a surefire guarantee for avoiding periods of weak financial performance. 
B)  is the best sign that a company is a true industry leader. 
C)  is a more important management function than forming a strategic vision combined with setting objectives. 
D)  is the clearest indicator of good management. 
E)  signals that a company has the best business model in a market.

Question 6

An automobile company with an established brand name uses a unique assembly line method to reduce the final packaging and fitting procedures cost.It then sells the cars to all customers at a reduced price.Which of the five generic strategies automobile company using?

Accepted Answer

The automobile company has employed a be

Question 7

What is the foremost question in running a business enterprise?

Accepted Answer

A)  What must managers do,and do well,to make a company a winner in the marketplace? 
B)  What can employees do,and do well,to ensure customer satisfaction? 
C)  What can shareholders do,and do well,to ensure a profitable company? 
D)  What do customers do,how to profile customers who buy a company's product,and tailor sales strategy around them? 
E)  What do suppliers do,and how to get supplies at the lowest cost to build a profitable business? 
A)  What must managers do,and do well,to make a company a winner in the marketplace? 
B)  What can employees do,and do well,to ensure customer satisfaction? 
C)  What can shareholders do,and do well,to ensure a profitable company? 
D)  What do customers do,how to profile customers who buy a company's product,and tailor sales strategy around them? 
E)  What do suppliers do,and how to get supplies at the lowest cost to build a profitable business?

Question 8

In the course of crafting a strategy,which of the following is NOT a common management function?

Accepted Answer

A)  Abandoning certain strategy elements that have grown stale or become obsolete 
B)  Modifying the current strategy when market and competitive conditions take an unexpected turn or some aspects of the company's strategy hit a stone wall 
C)  Modifying the current strategy in response to the fresh strategic maneuvers of rival firms 
D)  Taking proactive actions to improve this or that piece of the strategy 
E)  Sharing the strategy with the public to gain additional customer and shareholder support 
A)  Abandoning certain strategy elements that have grown stale or become obsolete 
B)  Modifying the current strategy when market and competitive conditions take an unexpected turn or some aspects of the company's strategy hit a stone wall 
C)  Modifying the current strategy in response to the fresh strategic maneuvers of rival firms 
D)  Taking proactive actions to improve this or that piece of the strategy 
E)  Sharing the strategy with the public to gain additional customer and shareholder support

Question 9

A pharmaceutical giant acquires a manufacturer of rare specialty drugs to improve its falling share prices and invests all its wealth into the deal.Due to a deficit,it agrees to do a joint venture for the acquisition and involves a major automobile giant to fund the deal.After a rocky start,the companies now have a strong market position and generate good profits.Which of the following regarding the company's strategy is true?

Accepted Answer

A)  It fails the Performance test. 
B)  It fails the Competitive Advantage and the Fit tests. 
C)  It is a winning strategy. 
D)  It fails in all three tests. 
E)  It fails the Fit test,but passes the Competitive advantage and Performance tests. 
A)  It fails the Performance test. 
B)  It fails the Competitive Advantage and the Fit tests. 
C)  It is a winning strategy. 
D)  It fails in all three tests. 
E)  It fails the Fit test,but passes the Competitive advantage and Performance tests.

Question 10

Why is it appropriate to argue that good strategy-making combined with good strategy execution are valid signs of good management?

Accepted Answer

Crafting and executing strategy are thus

Question 11

Why is a company's strategy partly proactive and partly reactive?

Accepted Answer

The evolving nature of a company's strat

Question 12

A middle-class customer (target)base in a region is most concerned with quality and price of products.Which of the following would be considered a best value proposition for the customers?

Accepted Answer

A)  A company that identifies unique features of its products without comparing it with a rival's products 
B)  A company that offers copycat products at low cost but an average quality compared to rivals 
C)  A company that offers the same quality of products as rivals but at a high cost based on greater market share and higher brand value 
D)  A company that provides same quality of products at a much lower price than rivals,but leaves the final assembly of product pieces to customers with an easy assembly guide 
E)  A company that sells an average quality product compared to rivals with a meager difference in price. 
A)  A company that identifies unique features of its products without comparing it with a rival's products 
B)  A company that offers copycat products at low cost but an average quality compared to rivals 
C)  A company that offers the same quality of products as rivals but at a high cost based on greater market share and higher brand value 
D)  A company that provides same quality of products at a much lower price than rivals,but leaves the final assembly of product pieces to customers with an easy assembly guide 
E)  A company that sells an average quality product compared to rivals with a meager difference in price.

Question 13

A company's strategy is NOT concerned with management's choices about how to:

Accepted Answer

A)  attract and please customers. 
B)  stake out the same market position as successful rival companies. 
C)  grow the business. 
D)  compete successfully. 
E)  conduct operations and improve the company's financial and market performance. 
A)  attract and please customers. 
B)  stake out the same market position as successful rival companies. 
C)  grow the business. 
D)  compete successfully. 
E)  conduct operations and improve the company's financial and market performance.

Question 14

A new entrant in a market dominated by established players introduces itself with copycat products of another competitor.Would this strategy work in the long term for the firm? Justify your answer.

Accepted Answer

Mimicking the strategies of successful i

Question 15

What are the three tests of a winning strategy?

Accepted Answer

A winning strategy must pass three tests

Question 16

Which of the following questions tests the merits of the firm's strategy and distinguishes it as a winning strategy?

Accepted Answer

A)  Is the company's strategy ethical and socially responsible and does it put enough emphasis on good product quality and good customer service? 
B)  Is the company putting too little emphasis on growth and profitability and too much emphasis on behaving in an ethical and socially responsible manner? 
C)  Is the strategy resulting in the development of additional competitive capabilities? 
D)  Is the strategy helping the company achieve a sustainable competitive advantage and is it resulting in better company performance? 
E)  Does the strategy strike a good balance between maximizing shareholder wealth and maximizing customer satisfaction? 
A)  Is the company's strategy ethical and socially responsible and does it put enough emphasis on good product quality and good customer service? 
B)  Is the company putting too little emphasis on growth and profitability and too much emphasis on behaving in an ethical and socially responsible manner? 
C)  Is the strategy resulting in the development of additional competitive capabilities? 
D)  Is the strategy helping the company achieve a sustainable competitive advantage and is it resulting in better company performance? 
E)  Does the strategy strike a good balance between maximizing shareholder wealth and maximizing customer satisfaction?

Question 17

Giving customers more value for the money by satisfying their expectations on key quality features,performance,and/or service attributes while beating their price expectations is a:

Accepted Answer

A)  best-cost provider strategy. 
B)  focused low-cost strategy. 
C)  focused differentiation strategy. 
D)  broad differentiation strategy. 
E)  low-cost provider strategy. 
A)  best-cost provider strategy. 
B)  focused low-cost strategy. 
C)  focused differentiation strategy. 
D)  broad differentiation strategy. 
E)  low-cost provider strategy.

Question 18

A data storage company realizes that its facilities are used most by financial institutions.It capitalizes on the opportunity and starts storing specific financial information only and is now one of the most sought-after financial databases.What strategy has the company employed?

Accepted Answer

The company has used an emergent strateg

Question 19

BloomsJay Resorts Inc.has multiple tropical resorts in various locations.In a crowded market that caters to all kinds of consumers,this resort caters mainly to gays with guaranteed hassle-free holiday experience at a premium price.What strategy is BloomsJay using to gain competitive advantage?

Accepted Answer

A)  A low-cost provider strategy 
B)  A broad differentiation strategy 
C)  A focused low-cost strategy 
D)  A focused differentiation strategy 
E)  A best-cost provider strategy 
A)  A low-cost provider strategy 
B)  A broad differentiation strategy 
C)  A focused low-cost strategy 
D)  A focused differentiation strategy 
E)  A best-cost provider strategy

Question 20

Crafting and executing a strategy is a top-priority managerial task because:

Accepted Answer

A)  it helps management create tight fits between a company's strategic vision and business model. 
B)  it allows all company personnel,and especially senior executives,to know the answer to "who are we,what do we do,and where are we headed?" 
C)  it is management's prescription for doing business,its roadmap to competitive advantage,a game plan for pleasing customers,and its formula for improving performance. 
D)  it provides clear guidance as to what the company's business model and strategic intent are,and helps keep managerial decision-making from being rudderless. 
E)  it establishes how well executives perform these tasks and are the key determinants of executive compensation. 
A)  it helps management create tight fits between a company's strategic vision and business model. 
B)  it allows all company personnel,and especially senior executives,to know the answer to "who are we,what do we do,and where are we headed?" 
C)  it is management's prescription for doing business,its roadmap to competitive advantage,a game plan for pleasing customers,and its formula for improving performance. 
D)  it provides clear guidance as to what the company's business model and strategic intent are,and helps keep managerial decision-making from being rudderless. 
E)  it establishes how well executives perform these tasks and are the key determinants of executive compensation.

Changing circumstances and ongoing managerial efforts to improve the strategy:

Why does a company's strategy tend to evolve over time?

Which of the following airlines does NOT employ a low-cost provider strategy?

Good strategy combined with good strategy execution:

An automobile company with an established brand name uses a unique assembly line method to reduce the final packaging and fitting procedures cost.It then sells the cars to all customers at a reduced price.Which of the five generic strategies automobile company using?

What is the foremost question in running a business enterprise?

In the course of crafting a strategy,which of the following is NOT a common management function?

Why is it appropriate to argue that good strategy-making combined with good strategy execution are valid signs of good management?

Why is a company's strategy partly proactive and partly reactive?

A middle-class customer (target)base in a region is most concerned with quality and price of products.Which of the following would be considered a best value proposition for the customers?

A company's strategy is NOT concerned with management's choices about how to:

A new entrant in a market dominated by established players introduces itself with copycat products of another competitor.Would this strategy work in the long term for the firm? Justify your answer.

What are the three tests of a winning strategy?

Which of the following questions tests the merits of the firm's strategy and distinguishes it as a winning strategy?

Giving customers more value for the money by satisfying their expectations on key quality features,performance,and/or service attributes while beating their price expectations is a:

A data storage company realizes that its facilities are used most by financial institutions.It capitalizes on the opportunity and starts storing specific financial information only and is now one of the most sought-after financial databases.What strategy has the company employed?

BloomsJay Resorts Inc.has multiple tropical resorts in various locations.In a crowded market that caters to all kinds of consumers,this resort caters mainly to gays with guaranteed hassle-free holiday experience at a premium price.What strategy is BloomsJay using to gain competitive advantage?

Crafting and executing a strategy is a top-priority managerial task because:

Charting a Companys Direction: Its Vision, Mission, Objectives, Andstrategy

Evaluating a Companys External Environment

Evaluating a Companys Resources, Capabilities, and Competitiveness

The Five Generic Competitive Strategies

Strengthening a Companys Competitive Position

Strategies for Competing in International Markets

Corporate Strategy

Ethics, Corporate Social Responsibility, Environmental-Sustainability, and Strategy

Building an Organization Capable of Good Strategy Execution

Managing Internal Operations

Corporate Culture and Leadership

Filters

Exam 1: What Is Strategy and Why Is It Important

Changing circumstances and ongoing managerial efforts to improve the strategy:

Why does a company's strategy tend to evolve over time?

Which of the following airlines does NOT employ a low-cost provider strategy?

Good strategy combined with good strategy execution:

An automobile company with an established brand name uses a unique assembly line method to reduce the final packaging and fitting procedures cost.It then sells the cars to all customers at a reduced price.Which of the five generic strategies automobile company using?

What is the foremost question in running a business enterprise?

In the course of crafting a strategy,which of the following is NOT a common management function?

Why is it appropriate to argue that good strategy-making combined with good strategy execution are valid signs of good management?

Why is a company's strategy partly proactive and partly reactive?

A middle-class customer (target)base in a region is most concerned with quality and price of products.Which of the following would be considered a best value proposition for the customers?

A company's strategy is NOT concerned with management's choices about how to:

A new entrant in a market dominated by established players introduces itself with copycat products of another competitor.Would this strategy work in the long term for the firm? Justify your answer.

What are the three tests of a winning strategy?

Which of the following questions tests the merits of the firm's strategy and distinguishes it as a winning strategy?

Giving customers more value for the money by satisfying their expectations on key quality features,performance,and/or service attributes while beating their price expectations is a:

A data storage company realizes that its facilities are used most by financial institutions.It capitalizes on the opportunity and starts storing specific financial information only and is now one of the most sought-after financial databases.What strategy has the company employed?

BloomsJay Resorts Inc.has multiple tropical resorts in various locations.In a crowded market that caters to all kinds of consumers,this resort caters mainly to gays with guaranteed hassle-free holiday experience at a premium price.What strategy is BloomsJay using to gain competitive advantage?

Crafting and executing a strategy is a top-priority managerial task because:

Charting a Companys Direction: Its Vision, Mission, Objectives, Andstrategy

Evaluating a Companys External Environment

Evaluating a Companys Resources, Capabilities, and Competitiveness

The Five Generic Competitive Strategies

Strengthening a Companys Competitive Position

Strategies for Competing in International Markets

Corporate Strategy

Ethics, Corporate Social Responsibility, Environmental-Sustainability, and Strategy

Building an Organization Capable of Good Strategy Execution

Managing Internal Operations

Corporate Culture and Leadership

Filters