Exam 1: What Is Business Strategy?

Ria, an entrepreneur, shares the company's profits as well as losses.She usually receives highest priority from the company.In this scenario, Ria is a _____.

Fashion Mart Corp., a clothing company, offers the best quality material made using the finest threads and advanced textile machinery.It offers an extended product guarantee to its customers, something that its competitors have found difficult to achieve.This guarantee claims that the clothes that Fashion Mart creates will not wear out even after 200 washes.This guarantee has helped Fashion Mart to retain its loyal customer base and to frequently get new custormers.This scenario best illustrates _____.

An advantage that a firm has over its competitors in the activities associated with producing a product or service, thereby allowing it to produce the same product at lower cost best defines the term _____.

Sasha has the new responsibility of initiating strategies that would help safeguarding her company against recession.She conducts a meeting with all the employees in which she explains how she would go about implementing her plans.She also motivates and encourages employees to follow through with her plan.Sasha is a _____.

Which of the following is the main purpose of a strategic management process?

What does it mean to provide unique value? Briefly explain the two strategies involved in providing unique value.

Katherine is the CEO of a car dealership company called Red Cars.When looking for new investors for the company, she usually says that Red Cars wants to, "Be the best automotive retailer in the eyes of its customers, employees, and shareholders." Which of the following does this statement best reflect?

Which of the following is an example of a resource?

The management of Earth Network Inc., a cell phone company, wants to conduct an overall study of the company.The top officials want to identify Earth Network's competencies, limitations that the company needs to improve on, areas of growth, as well as the areas that the company should completely avoid.The managers feel that this study will help them advance as an organization.This study to be conducted by the management of Earth Network Inc.can be best categorized as an example of a _____.

The top executives of Willow Inc., a furniture company, have decided what markets to compete in.Willow Inc.now has to adopt a set of organizational processes that enables it to effectively carry out these decisions.In order to translate these decisions into organizational action in a successful manner, the functional activities of the company are being measured for their efficacy to support organizational decisions.Which of the following does this scenario best illustrate?