Question 1

Which one of the following does NOT account for WHY a company's strategy evolves from one version to another?

Accepted Answer

A)  A need to promote stability and retain the status quo 
B)  The need to abandon some strategy elements that are no longer working well 
C)  A need to respond to changing customer requirements and expectations 
D)  A need to react to fresh strategic maneuvers on the part of rival firms 
E)  The proactive efforts of company managers to improve obsolete aspects of the strategy 
A)  A need to promote stability and retain the status quo 
B)  The need to abandon some strategy elements that are no longer working well 
C)  A need to respond to changing customer requirements and expectations 
D)  A need to react to fresh strategic maneuvers on the part of rival firms 
E)  The proactive efforts of company managers to improve obsolete aspects of the strategy

Question 2

The competitive moves and business approaches a company's management is using to grow the business,stake out a market position,attract and please customers,compete successfully,conduct operations,and achieve organizational objectives is referred to as its:

Accepted Answer

A)  strategy. 
B)  mission statement. 
C)  strategic intent. 
D)  cost-price framework. 
E)  market vision. 
A)  strategy. 
B)  mission statement. 
C)  strategic intent. 
D)  cost-price framework. 
E)  market vision.

Question 3

Telsteer Mobil,a smartphone manufacturer,is working on developing its next-generation products.It has decided on a strategy of focusing on a narrow buyer segment and outcompeting rivals by offering buyers customized product features for specialized needs and tastes.What basic strategic approach has Telsteer decided upon?

Accepted Answer

A)  Focused differentiation 
B)  Best-cost provider 
C)  Low-cost provider 
D)  Broad differentiation 
E)  Focused low-cost 
A)  Focused differentiation 
B)  Best-cost provider 
C)  Low-cost provider 
D)  Broad differentiation 
E)  Focused low-cost

Question 4

A laptop manufacturing company acquires a microprocessors manufacturing company to gain a strong market position.Which of the five generic strategies has the laptop manufacturer used to gain competitive advantage?

Accepted Answer

The laptop manufacturing company has emp

Question 5

A company's strategy stands a better chance of succeeding when:

Accepted Answer

A)  it is developed through a collaborative process involving all managers and staff from all levels of the organization. 
B)  managers employ conservative strategic moves based on past experience and form an underlying basis of control. 
C)  it is predicated on competitive moves aimed at appealing to buyers in ways that set the company apart from rivals. 
D)  managers copy the strategic moves of successful companies in its industry. 
E)  managers focus on meeting or beating shareholder expectations. 
A)  it is developed through a collaborative process involving all managers and staff from all levels of the organization. 
B)  managers employ conservative strategic moves based on past experience and form an underlying basis of control. 
C)  it is predicated on competitive moves aimed at appealing to buyers in ways that set the company apart from rivals. 
D)  managers copy the strategic moves of successful companies in its industry. 
E)  managers focus on meeting or beating shareholder expectations.

Question 6

A pharmaceutical company functioning in France for the last 10 years has moderate sales in a crowded market with competitors offering drugs with similar efficacy and safety precautions,but with better sales.The greatest challenge is to increase the prescription of their drugs.What would be the MOST effective strategy to improve sales performance in the existing market?

Accepted Answer

A)  Modifying marketing communication to increase brand familiarity within key physician segments 
B)  Relocating all the existing drug manufacturing facilities to developing countries to reduce operational costs 
C)  Employing hiring plans that aim at acquiring drug designers from rival companies 
D)  Exiting the market and entering a new unexplored geographical location 
E)  Engaging in new contract talks with suppliers about price breaks 
A)  Modifying marketing communication to increase brand familiarity within key physician segments 
B)  Relocating all the existing drug manufacturing facilities to developing countries to reduce operational costs 
C)  Employing hiring plans that aim at acquiring drug designers from rival companies 
D)  Exiting the market and entering a new unexplored geographical location 
E)  Engaging in new contract talks with suppliers about price breaks

Question 7

A pizza maker manufactures thin-crust pizzas and offers free soft drinks with a pack of four pan pizzas.What can you say about its Value-Price-Cost Framework?

Accepted Answer

Thin crust pizzas allow the pizza maker

Question 8

Management's blueprint for how and why the company's business approaches will generate revenues sufficient to cover costs and produce attractive profits and returns on investment:

Accepted Answer

A)  best describes what is meant by a company's strategy. 
B)  best describes what is meant by a company's business model. 
C)  accounts for why a company's financial objectives are at the stated level. 
D)  portrays the essence of a company's business purpose or mission. 
E)  is what is meant by the term strategic intent. 
A)  best describes what is meant by a company's strategy. 
B)  best describes what is meant by a company's business model. 
C)  accounts for why a company's financial objectives are at the stated level. 
D)  portrays the essence of a company's business purpose or mission. 
E)  is what is meant by the term strategic intent.

Question 9

Adapting to new conditions like new innovations by competitors,fast-changing technological developments,and constantly evaluating what is working result in:

Accepted Answer

A)  an assured profitability strategy. 
B)  a broad market entry strategy. 
C)  an emergent strategy. 
D)  unlimited revenue generation. 
E)  a proactive strategy. 
A)  an assured profitability strategy. 
B)  a broad market entry strategy. 
C)  an emergent strategy. 
D)  unlimited revenue generation. 
E)  a proactive strategy.

Question 10

The heart and soul of a company's strategy-making effort is determining how to:

Accepted Answer

A)  become the industry's low-cost provider. 
B)  maximize profits and shareholder value. 
C)  improve the efficiency of its business model. 
D)  maximize profits while simultaneously operating in a socially responsible manner that keeps the company's prices as low as possible. 
E)  come up with moves and actions that produce a durable competitive edge over rivals. 
A)  become the industry's low-cost provider. 
B)  maximize profits and shareholder value. 
C)  improve the efficiency of its business model. 
D)  maximize profits while simultaneously operating in a socially responsible manner that keeps the company's prices as low as possible. 
E)  come up with moves and actions that produce a durable competitive edge over rivals.

Question 11

A dining facility with multiple branches caters to newlywed couples only.The ambience,special live music arrangements for each couple,and privacy of the dining sections have become a rage among newlyweds.Which of the five generic strategies has the company used?

Accepted Answer

The dining facility has used a focus dif

Question 12

Explain why a company's strategy cannot be completely planned out in advance and why crafting a company's strategy cannot be a one-time,once-and-for-all managerial exercise.Identify at least three factors that account for why company strategies evolve.

Accepted Answer

A company's strategy tends to evolve bec

Question 13

Which of the following questions can be used to distinguish a winning strategy from a mediocre or losing strategy?

Accepted Answer

A)  How good is the company's business model? 
B)  Is the company a technology leader? 
C)  Does the company have low prices in comparison to rivals? 
D)  Is the company putting too little emphasis on behaving in an ethical and socially responsible manner? 
E)  How well does the strategy fit the company's situation? 
A)  How good is the company's business model? 
B)  Is the company a technology leader? 
C)  Does the company have low prices in comparison to rivals? 
D)  Is the company putting too little emphasis on behaving in an ethical and socially responsible manner? 
E)  How well does the strategy fit the company's situation?

Question 14

In crafting a company's strategy,managers:

Accepted Answer

A)  face the biggest challenge of how closely to replicate strategies of successful companies in the industry. 
B)  have comparatively little freedom in choosing the "hows" of strategy. 
C)  are wise not to decide on concrete courses of action in order to preserve maximum strategic flexibility. 
D)  need to come up with a sustainable competitive advantage that draws in customers and produces a competitive edge over rivals. 
E)  are well-advised to be risk-averse and develop a "conservative" strategy-"dare-to-be-different" strategies are rarely successful. 
A)  face the biggest challenge of how closely to replicate strategies of successful companies in the industry. 
B)  have comparatively little freedom in choosing the "hows" of strategy. 
C)  are wise not to decide on concrete courses of action in order to preserve maximum strategic flexibility. 
D)  need to come up with a sustainable competitive advantage that draws in customers and produces a competitive edge over rivals. 
E)  are well-advised to be risk-averse and develop a "conservative" strategy-"dare-to-be-different" strategies are rarely successful.

Question 15

FaberRoad,a respected courier brand,is fast losing its market share to competitors who do overnight deliveries of packages or offer lower prices.The company's research department has found that many customers care more about knowing exactly when a package will arrive than getting it the next day.Which strategy would best address the current state of FaberRoad and help it regain its market?

Accepted Answer

A)  Employing night delivery drivers at a high cost and maintenance charges 
B)  Developing radio tags that could be attached to packages to allow for real-time tracking by customers' PCs and mobile phones 
C)  Diversifying the different types of packages that can be transported and enabling booking through calls 
D)  Acquiring small transportation companies with cheaper trucks and tempos,rebranding,and using them for deliveries 
E)  Engaging in expensive advertising with new tag lines and famous celebrities to enhance its brand image in the market 
A)  Employing night delivery drivers at a high cost and maintenance charges 
B)  Developing radio tags that could be attached to packages to allow for real-time tracking by customers' PCs and mobile phones 
C)  Diversifying the different types of packages that can be transported and enabling booking through calls 
D)  Acquiring small transportation companies with cheaper trucks and tempos,rebranding,and using them for deliveries 
E)  Engaging in expensive advertising with new tag lines and famous celebrities to enhance its brand image in the market

Question 16

Which of the following is NOT a frequently used strategic approach to set a company apart from rivals and achieve a sustainable competitive advantage?

Accepted Answer

A)  Striving to be the industry's low-cost provider 
B)  Outcompeting rivals on the basis of differentiating features that will appeal to a broad spectrum of buyers 
C)  Developing a best-cost provider strategy that gives customers more value for the money 
D)  Focusing on a narrow market niche and serving buyers' special needs and tastes 
E)  Striving to be the industry's high-price provider 
A)  Striving to be the industry's low-cost provider 
B)  Outcompeting rivals on the basis of differentiating features that will appeal to a broad spectrum of buyers 
C)  Developing a best-cost provider strategy that gives customers more value for the money 
D)  Focusing on a narrow market niche and serving buyers' special needs and tastes 
E)  Striving to be the industry's high-price provider

Question 17

Which of the following pizza firms competing in a crowded market likely offers the best value proposition to its customers,based on the following sales pitches?

Accepted Answer

A)  Firm A: "The Tastiest Pizza You've Ever Had." 
B)  Firm B: "Get fresh,hot pizza,delivered under 20 minutes-or it's free." 
C)  Firm C: "Get your pizza at your doorstep-absolutely free delivery,anywhere." 
D)  Firm D: "One pizza,5 points: to be redeemed with a pan pizza upon reaching 50 points." 
E)  Firm E: "Open you pizza box and find a free gift.Hurry! Free gifts for 100 lucky customers." 
A)  Firm A: "The Tastiest Pizza You've Ever Had." 
B)  Firm B: "Get fresh,hot pizza,delivered under 20 minutes-or it's free." 
C)  Firm C: "Get your pizza at your doorstep-absolutely free delivery,anywhere." 
D)  Firm D: "One pizza,5 points: to be redeemed with a pan pizza upon reaching 50 points." 
E)  Firm E: "Open you pizza box and find a free gift.Hurry! Free gifts for 100 lucky customers."

Question 18

Powerful execution of a powerful strategy is a proven recipe for winning in the marketplace.True or false? Explain your answer.

Accepted Answer

This is true.Crafting and executing stra

Question 19

Different companies across different industries adopt any one of the five generic strategies to gain competitive advantage.Which of the following is most likely to use a low-cost provider strategy?

Accepted Answer

A)  A fashion clothing line uses sought-after designers and natural fabrics. 
B)  A mortgage company specializes in lending money for second homes. 
C)  An online retailer delivers organic groceries overnight. 
D)  A baby products retailer sells unassembled baby furniture produced in China. 
E)  A dairy products manufacturer uses exotic substitutes to produce lactose-free dairy products. 
A)  A fashion clothing line uses sought-after designers and natural fabrics. 
B)  A mortgage company specializes in lending money for second homes. 
C)  An online retailer delivers organic groceries overnight. 
D)  A baby products retailer sells unassembled baby furniture produced in China. 
E)  A dairy products manufacturer uses exotic substitutes to produce lactose-free dairy products.

Question 20

The pattern of actions and business approaches that would NOT define a company's strategy include actions to:

Accepted Answer

A)  strengthen market standing and competitiveness by acquiring or merging with other companies. 
B)  strengthen competitiveness via strategic coalitions and partnerships. 
C)  upgrade competitively important resources and capabilities. 
D)  gain sales and market share with lower prices despite increased costs. 
E)  strengthen the firm's bargaining position with suppliers and distributors. 
A)  strengthen market standing and competitiveness by acquiring or merging with other companies. 
B)  strengthen competitiveness via strategic coalitions and partnerships. 
C)  upgrade competitively important resources and capabilities. 
D)  gain sales and market share with lower prices despite increased costs. 
E)  strengthen the firm's bargaining position with suppliers and distributors.

Which one of the following does NOT account for WHY a company's strategy evolves from one version to another?

The competitive moves and business approaches a company's management is using to grow the business,stake out a market position,attract and please customers,compete successfully,conduct operations,and achieve organizational objectives is referred to as its:

A laptop manufacturing company acquires a microprocessors manufacturing company to gain a strong market position.Which of the five generic strategies has the laptop manufacturer used to gain competitive advantage?

A company's strategy stands a better chance of succeeding when:

A pizza maker manufactures thin-crust pizzas and offers free soft drinks with a pack of four pan pizzas.What can you say about its Value-Price-Cost Framework?

Management's blueprint for how and why the company's business approaches will generate revenues sufficient to cover costs and produce attractive profits and returns on investment:

Adapting to new conditions like new innovations by competitors,fast-changing technological developments,and constantly evaluating what is working result in:

The heart and soul of a company's strategy-making effort is determining how to:

A dining facility with multiple branches caters to newlywed couples only.The ambience,special live music arrangements for each couple,and privacy of the dining sections have become a rage among newlyweds.Which of the five generic strategies has the company used?

Explain why a company's strategy cannot be completely planned out in advance and why crafting a company's strategy cannot be a one-time,once-and-for-all managerial exercise.Identify at least three factors that account for why company strategies evolve.

Which of the following questions can be used to distinguish a winning strategy from a mediocre or losing strategy?

In crafting a company's strategy,managers:

Which of the following is NOT a frequently used strategic approach to set a company apart from rivals and achieve a sustainable competitive advantage?

Which of the following pizza firms competing in a crowded market likely offers the best value proposition to its customers,based on the following sales pitches?

Powerful execution of a powerful strategy is a proven recipe for winning in the marketplace.True or false? Explain your answer.

Different companies across different industries adopt any one of the five generic strategies to gain competitive advantage.Which of the following is most likely to use a low-cost provider strategy?

The pattern of actions and business approaches that would NOT define a company's strategy include actions to:

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

Which one of the following does NOT account for WHY a company's strategy evolves from one version to another?

The competitive moves and business approaches a company's management is using to grow the business,stake out a market position,attract and please customers,compete successfully,conduct operations,and achieve organizational objectives is referred to as its:

A laptop manufacturing company acquires a microprocessors manufacturing company to gain a strong market position.Which of the five generic strategies has the laptop manufacturer used to gain competitive advantage?

A company's strategy stands a better chance of succeeding when:

A pizza maker manufactures thin-crust pizzas and offers free soft drinks with a pack of four pan pizzas.What can you say about its Value-Price-Cost Framework?

Management's blueprint for how and why the company's business approaches will generate revenues sufficient to cover costs and produce attractive profits and returns on investment:

Adapting to new conditions like new innovations by competitors,fast-changing technological developments,and constantly evaluating what is working result in:

The heart and soul of a company's strategy-making effort is determining how to:

A dining facility with multiple branches caters to newlywed couples only.The ambience,special live music arrangements for each couple,and privacy of the dining sections have become a rage among newlyweds.Which of the five generic strategies has the company used?

Explain why a company's strategy cannot be completely planned out in advance and why crafting a company's strategy cannot be a one-time,once-and-for-all managerial exercise.Identify at least three factors that account for why company strategies evolve.

Which of the following questions can be used to distinguish a winning strategy from a mediocre or losing strategy?

In crafting a company's strategy,managers:

Which of the following is NOT a frequently used strategic approach to set a company apart from rivals and achieve a sustainable competitive advantage?

Which of the following pizza firms competing in a crowded market likely offers the best value proposition to its customers,based on the following sales pitches?

Powerful execution of a powerful strategy is a proven recipe for winning in the marketplace.True or false? Explain your answer.

Different companies across different industries adopt any one of the five generic strategies to gain competitive advantage.Which of the following is most likely to use a low-cost provider strategy?

The pattern of actions and business approaches that would NOT define a company's strategy include actions to:

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