Exam 1: What Is Strategy and Why Is It Important

Amy's Drive-Thru, a fast food facility, offers healthy, sustainably grown veggie and vegan fast food at higher prices than its competitors in the market and has a drive-through and indoor seated casual dining operation. What strategy is Amy's Drive-Thru using to gain competitive advantage?

A company's realized strategy evolves from one version to the next due to

A company's strategy represents a managerial commitment to an integrated array of considered choices about how to compete. This includes the choice about how to capitalize on attractive opportunities to grow the business. Why is opportunity recognition a vital component of the company's strategy?

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

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

Why are crafting and executing business strategies the foremost tasks of any organization?

Which of the following questions ought to be used to distinguish a winning strategy from a so-so or flawed strategy?

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 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?

Consider the following three companies and their strategies. - Company A is an established database management company that acquires a well-reputed but small publishing house to enter the booming publishing industry. - Company B, a sports management house, declared bankruptcy during a recent recession but now has created a television network that airs regional sports events. - Company C, a package delivery business, is a startup based on delivery efficiency models created by a few students, and delivers almost all kinds of packages. Which of the following describes the use of strategies by these companies accurately?

Strategy, at its essence, is about

A creative and distinctive strategy that sets a company apart from rivals and that gives it a sustainable competitive advantage

In evaluating proposed or existing strategies managers should

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 is a seldom used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

A company's strategy consists of the action plan management takes to

What factors determine whether a strategy can be called a winning strategy?

In crafting a company's strategy, managers

A company achieves a competitive advantage when it

A coffee machine manufacturer sells high-quality espresso machines at a very low price but provides low-cost refills of varietal coffee pods at a relatively higher price. Explain this business model.