Question 1

Crafting a strategy involves

Accepted Answer

A)  blending deliberate/planned initiatives with emergent/unplanned reactive responses to changing circumstances, while abandoning planned strategy elements that have failed in the marketplace. 
B)  developing a five-year strategic plan and then fine-tuning it during the remainder of the plan period. 
C)  trying to imitate as much of the market leader's strategy as possible so as not to end up at a competitive disadvantage. 
D)  doing everything possible (in the way of price, quality, service, warranties, advertising, and so on) to make sure the company's product/service is very clearly differentiated from the product/service offerings of rivals. 
E)  All of these accurately characterize the managerial process of crafting a company's strategy. 
A)  blending deliberate/planned initiatives with emergent/unplanned reactive responses to changing circumstances, while abandoning planned strategy elements that have failed in the marketplace. 
B)  developing a five-year strategic plan and then fine-tuning it during the remainder of the plan period. 
C)  trying to imitate as much of the market leader's strategy as possible so as not to end up at a competitive disadvantage. 
D)  doing everything possible (in the way of price, quality, service, warranties, advertising, and so on) to make sure the company's product/service is very clearly differentiated from the product/service offerings of rivals. 
E)  All of these accurately characterize the managerial process of crafting a company's strategy. A

Question 2

Which of the following is a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

Accepted Answer

A)  Striving to be the industry's low-cost provider, thereby aiming for a cost-based competitive advantage. 
B)  Outcompeting rivals on the basis of such differentiating features as higher quality, wider product selection, added performance, better service, more attractive styling, or technological superiority. 
C)  Developing competitively valuable resources and capabilities that rivals can't easily match, copy, or trump with capabilities of their own. 
D)  Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of serving the special needs and tastes of buyers comprising the niche. 
E)  All of these. 
A)  Striving to be the industry's low-cost provider, thereby aiming for a cost-based competitive advantage. 
B)  Outcompeting rivals on the basis of such differentiating features as higher quality, wider product selection, added performance, better service, more attractive styling, or technological superiority. 
C)  Developing competitively valuable resources and capabilities that rivals can't easily match, copy, or trump with capabilities of their own. 
D)  Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of serving the special needs and tastes of buyers comprising the niche. 
E)  All of these. E

Question 3

The competitive moves and business approaches a company's management is using to grow the business, compete successfully, attract and please customers, conduct operations, respond to changing economic and market conditions, and achieve organizational objectives is referred to as its

Accepted Answer

A)  strategy. 
B)  mission statement. 
C)  strategic intent. 
D)  business model. 
E)  strategic vision. 
A)  strategy. 
B)  mission statement. 
C)  strategic intent. 
D)  business model. 
E)  strategic vision. A

Question 4

Which of the following is not an element of a company's business strategy?

Accepted Answer

A)  Actions to respond to changing market conditions or other external factors 
B)  Actions to strengthen competitiveness via strategic alliances and collaborative partnerships 
C)  Actions to strengthen internal capabilities and competitively valuable resources 
D)  Actions to manage the functional areas of the business 
E)  Management actions to revise the company's financial and strategic performance targets 
A)  Actions to respond to changing market conditions or other external factors 
B)  Actions to strengthen competitiveness via strategic alliances and collaborative partnerships 
C)  Actions to strengthen internal capabilities and competitively valuable resources 
D)  Actions to manage the functional areas of the business 
E)  Management actions to revise the company's financial and strategic performance targets

Question 5

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

Accepted Answer

A)  Does the strategy contain a sufficient number of emergent/reactive elements? 
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 well-matched to the company's situation, helping the company achieve a sustainable competitive advantage, and resulting in better company performance? 
E)  Does the strategy strike a good balance between maximizing shareholder wealth and maximizing customer satisfaction? 
A)  Does the strategy contain a sufficient number of emergent/reactive elements? 
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 well-matched to the company's situation, helping the company achieve a sustainable competitive advantage, and resulting in better company performance? 
E)  Does the strategy strike a good balance between maximizing shareholder wealth and maximizing customer satisfaction?

Question 6

A company's strategy is a "work in progress" and evolves over time because of

Accepted Answer

A)  the ongoing need of company managers to react and respond to changing industry and competitive conditions. 
B)  the ongoing need to imitate the new strategic moves of the industry leaders. 
C)  the need to make regular adjustments in the company's strategic vision. 
D)  the importance of developing a fresh strategic plan every year. 
E)  the frequent need to modify key elements of the company's business model. 
A)  the ongoing need of company managers to react and respond to changing industry and competitive conditions. 
B)  the ongoing need to imitate the new strategic moves of the industry leaders. 
C)  the need to make regular adjustments in the company's strategic vision. 
D)  the importance of developing a fresh strategic plan every year. 
E)  the frequent need to modify key elements of the company's business model.

Question 7

Which of the following is not a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

Accepted Answer

A)  Aiming for a cost-based competitive advantage 
B)  Outcompeting rivals on the basis of such differentiating features as higher quality, wider product selection, added performance, better service, or more attractive styling 
C)  Striving to be more profitable than rivals by aiming for a competitive edge based on bigger profit margins 
D)  Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of satisfying the needs and tastes of buyers comprising the niche 
E)  Developing expertise and resources that give the company competitive capabilities that rivals can't easily imitate or trump with capabilities of their own 
A)  Aiming for a cost-based competitive advantage 
B)  Outcompeting rivals on the basis of such differentiating features as higher quality, wider product selection, added performance, better service, or more attractive styling 
C)  Striving to be more profitable than rivals by aiming for a competitive edge based on bigger profit margins 
D)  Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of satisfying the needs and tastes of buyers comprising the niche 
E)  Developing expertise and resources that give the company competitive capabilities that rivals can't easily imitate or trump with capabilities of their own

Question 8

A company's strategy is most accurately defined as

Accepted Answer

A)  management's approaches to building revenues, controlling costs, and generating an attractive profit. 
B)  management's game plan for growing the business, attracting and pleasing customers, conducting operations, and achieving financial and market performance objectives. 
C)  management's concept of "where we are headed." 
D)  the business model that a company's board of directors has approved for outcompeting rivals and making the company profitable. 
E)  the choices management has made regarding what financial plan to pursue. 
A)  management's approaches to building revenues, controlling costs, and generating an attractive profit. 
B)  management's game plan for growing the business, attracting and pleasing customers, conducting operations, and achieving financial and market performance objectives. 
C)  management's concept of "where we are headed." 
D)  the business model that a company's board of directors has approved for outcompeting rivals and making the company profitable. 
E)  the choices management has made regarding what financial plan to pursue.

Question 9

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

Accepted Answer

A)  is a reliable indicator that the company has a profitable business model. 
B)  is a company's most reliable ticket to above-average profitability. 
C)  signals that the company has a bold, ambitious strategic intent that places the achievement of strategic objectives ahead of the achievement of financial objectives. 
D)  is the best indicator that the company's strategy and business model are well-matched and properly synchronized. 
E)  All of these. 
A)  is a reliable indicator that the company has a profitable business model. 
B)  is a company's most reliable ticket to above-average profitability. 
C)  signals that the company has a bold, ambitious strategic intent that places the achievement of strategic objectives ahead of the achievement of financial objectives. 
D)  is the best indicator that the company's strategy and business model are well-matched and properly synchronized. 
E)  All of these.

Question 10

A company's strategy consists of

Accepted Answer

A)  actions to develop a more appealing business model than rivals. 
B)  plans involving alignment of organizational activities and strategic objectives. 
C)  offensive and defensive moves to generate revenues and increase profit margins. 
D)  competitive moves and approaches that managers have developed to grow the business, attract and please customers, conduct operations, and achieve targeted objectives. 
E)  its strategic vision, its strategic objectives, and its strategic intent. 
A)  actions to develop a more appealing business model than rivals. 
B)  plans involving alignment of organizational activities and strategic objectives. 
C)  offensive and defensive moves to generate revenues and increase profit margins. 
D)  competitive moves and approaches that managers have developed to grow the business, attract and please customers, conduct operations, and achieve targeted objectives. 
E)  its strategic vision, its strategic objectives, and its strategic intent.

Question 11

Which of the following is not one of the basic reasons that a company's strategy evolves over time?

Accepted Answer

A)  An ongoing need to abandon those strategy features that are no longer working well 
B)  The proactive efforts of company managers to improve the company's financial performance and secure a competitive advantage 
C)  The need on the part of company managers to make regular adjustments in the company's business model 
D)  The need to respond to the actions and competitive moves of rival firms 
E)  The need to keep strategy in step with changing industry and competitive conditions 
A)  An ongoing need to abandon those strategy features that are no longer working well 
B)  The proactive efforts of company managers to improve the company's financial performance and secure a competitive advantage 
C)  The need on the part of company managers to make regular adjustments in the company's business model 
D)  The need to respond to the actions and competitive moves of rival firms 
E)  The need to keep strategy in step with changing industry and competitive conditions

Question 12

A company achieves sustainable competitive advantage when

Accepted Answer

A)  it has a profitable business model. 
B)  a sufficiently large number of buyers have a lasting preference for its products or services as compared to the offerings of competitors. 
C)  it is able to maximize shareholder wealth. 
D)  it is consistently able to achieve both its strategic and financial objectives. 
E)  its strategy and its business model are well-matched and in sync. 
A)  it has a profitable business model. 
B)  a sufficiently large number of buyers have a lasting preference for its products or services as compared to the offerings of competitors. 
C)  it is able to maximize shareholder wealth. 
D)  it is consistently able to achieve both its strategic and financial objectives. 
E)  its strategy and its business model are well-matched and in sync.

Question 13

A well-conceived strategy is value creating producing excellence in company performance and is best when the gains are achieved

Accepted Answer

A)  in profitability and financial strength 
B)  in competitive strength and market standing 
C)  in developing distinctive competencies and sustainability 
D)  in developing a desirable competitive edge 
E)  All of these 
A)  in profitability and financial strength 
B)  in competitive strength and market standing 
C)  in developing distinctive competencies and sustainability 
D)  in developing a desirable competitive edge 
E)  All of these

Question 14

A company's business model

Accepted Answer

A)  concerns the actions and business approaches that will be used to grow the business, conduct operations, please customers, and compete successfully. 
B)  relates to the principle business components that will allow the business to generate revenues ample to cover costs and produce a profit. 
C)  concerns what moves in the marketplace it plans to make to outcompete rivals. 
D)  deals with how it can simultaneously maximize profits and operate in a socially responsible manner. 
E)  concerns how management plans to pursue strategic objectives, given the larger imperative of meeting or beating its financial performance targets. 
A)  concerns the actions and business approaches that will be used to grow the business, conduct operations, please customers, and compete successfully. 
B)  relates to the principle business components that will allow the business to generate revenues ample to cover costs and produce a profit. 
C)  concerns what moves in the marketplace it plans to make to outcompete rivals. 
D)  deals with how it can simultaneously maximize profits and operate in a socially responsible manner. 
E)  concerns how management plans to pursue strategic objectives, given the larger imperative of meeting or beating its financial performance targets.

Question 15

The most important aspect(s) of a company's business strategy

Accepted Answer

A)  are the actions and moves in the marketplace that managers take to gain a sustainable competitive advantage. 
B)  is figuring out how to maximize profits and shareholder value. 
C)  concerns how to improve the efficiency of its business model. 
D)  deals with how management plans to maximize profits while, at the same time, operating in a socially responsible manner. 
E)  is figuring out how to become the industry's low-cost provider. 
A)  are the actions and moves in the marketplace that managers take to gain a sustainable competitive advantage. 
B)  is figuring out how to maximize profits and shareholder value. 
C)  concerns how to improve the efficiency of its business model. 
D)  deals with how management plans to maximize profits while, at the same time, operating in a socially responsible manner. 
E)  is figuring out how to become the industry's low-cost provider.

Question 16

Managers in all types of businesses must address the central strategic question

Accepted Answer

A)  Where are we now? 
B)  Where do we want to go from here? 
C)  How are we going to get there? 
D)  When will we know we are there? 
E)  All of these 
A)  Where are we now? 
B)  Where do we want to go from here? 
C)  How are we going to get there? 
D)  When will we know we are there? 
E)  All of these

Question 17

A company's business model

Accepted Answer

A)  details the manner in which the company will pass the three tests of a winning strategy. 
B)  indicates how the strategy will result in achieving the targeted strategic objectives. 
C)  clarifies (1) how the business will provide customers with value, and (2) why the business will generate revenues sufficient to cover costs and produce attractive profits. 
D)  explains how it intends to achieve high profit margins. 
E)  sets forth the actions and approaches that it will employ to achieve market leadership. 
A)  details the manner in which the company will pass the three tests of a winning strategy. 
B)  indicates how the strategy will result in achieving the targeted strategic objectives. 
C)  clarifies (1) how the business will provide customers with value, and (2) why the business will generate revenues sufficient to cover costs and produce attractive profits. 
D)  explains how it intends to achieve high profit margins. 
E)  sets forth the actions and approaches that it will employ to achieve market leadership.

Question 18

A creative, distinctive strategy that delivers a sustainable competitive advantage is important because

Accepted Answer

A)  without a proven strategy a company is likely to fall into bankruptcy. 
B)  without a competitive advantage a company cannot have a profitable business model. 
C)  a strategy that yields a competitive advantage over rivals is a company's most reliable means of achieving above-average profitability and financial performance. 
D)  a competitive advantage is what enables a company to achieve its strategic objectives. 
E)  how a company goes about trying to please customers and outcompete rivals is what enables senior managers to choose an appropriate strategic vision for the company. 
A)  without a proven strategy a company is likely to fall into bankruptcy. 
B)  without a competitive advantage a company cannot have a profitable business model. 
C)  a strategy that yields a competitive advantage over rivals is a company's most reliable means of achieving above-average profitability and financial performance. 
D)  a competitive advantage is what enables a company to achieve its strategic objectives. 
E)  how a company goes about trying to please customers and outcompete rivals is what enables senior managers to choose an appropriate strategic vision for the company.

Question 19

Changing circumstances and ongoing managerial efforts to improve the strategy

Accepted Answer

A)  account for why a company's 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)  All of the above. 
A)  account for why a company's 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)  All of the above.

Question 20

In evaluating proposed or existing strategies managers should

Accepted Answer

A)  initiate new initiatives even though they don't seem to match the company's internal and external situation 
B)  scrutinize the company's existing strategies compatibility with desired outcomes on a regular basis 
C)  evaluate the firm's business model at least every three years 
D)  ensure core capabilities are incorporated for establishing a competitive advantage 
E)  align existing strategies with new strategies to emphasize incremental gains 
A)  initiate new initiatives even though they don't seem to match the company's internal and external situation 
B)  scrutinize the company's existing strategies compatibility with desired outcomes on a regular basis 
C)  evaluate the firm's business model at least every three years 
D)  ensure core capabilities are incorporated for establishing a competitive advantage 
E)  align existing strategies with new strategies to emphasize incremental gains

Crafting a strategy involves

Which of the following is a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

The competitive moves and business approaches a company's management is using to grow the business, compete successfully, attract and please customers, conduct operations, respond to changing economic and market conditions, and achieve organizational objectives is referred to as its

Which of the following is not an element of a company's business strategy?

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

A company's strategy is a "work in progress" and evolves over time because of

Which of the following is not a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

A company's strategy is most accurately defined as

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

A company's strategy consists of

Which of the following is not one of the basic reasons that a company's strategy evolves over time?

A company achieves sustainable competitive advantage when

A well-conceived strategy is value creating producing excellence in company performance and is best when the gains are achieved

A company's business model

The most important aspect(s) of a company's business strategy

Managers in all types of businesses must address the central strategic question

A company's business model

A creative, distinctive strategy that delivers a sustainable competitive advantage is important because

Changing circumstances and ongoing managerial efforts to improve the strategy

In evaluating proposed or existing strategies managers should

Charting a Companys Direction: Vision and Mission, Objectives, and Strategy

Evaluating a Companys External Environment

Evaluating a Companys Resources, Cost Position, and Competitiveness

The Five Generic Competitive Strategies

Supplementing the Chosen Competitive Strategy-Other Important Strategy Choices

Strategies for Competing in International Markets

Corporate Strategy: Diversification and the Multibusiness Company

Strategy, Ethics, and Corporate Social Responsibility

Superior Strategy Execution-Another Path to Competitive Advantage

Filters

Exam 1: What Is Strategy and Why Is It Important

Crafting a strategy involves

Which of the following is a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

The competitive moves and business approaches a company's management is using to grow the business, compete successfully, attract and please customers, conduct operations, respond to changing economic and market conditions, and achieve organizational objectives is referred to as its

Which of the following is not an element of a company's business strategy?

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

A company's strategy is a "work in progress" and evolves over time because of

Which of the following is not a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

A company's strategy is most accurately defined as

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

A company's strategy consists of

Which of the following is not one of the basic reasons that a company's strategy evolves over time?

A company achieves sustainable competitive advantage when

A well-conceived strategy is value creating producing excellence in company performance and is best when the gains are achieved

A company's business model

The most important aspect(s) of a company's business strategy

Managers in all types of businesses must address the central strategic question

A company's business model

A creative, distinctive strategy that delivers a sustainable competitive advantage is important because

Changing circumstances and ongoing managerial efforts to improve the strategy

In evaluating proposed or existing strategies managers should

Charting a Companys Direction: Vision and Mission, Objectives, and Strategy

Evaluating a Companys External Environment

Evaluating a Companys Resources, Cost Position, and Competitiveness

The Five Generic Competitive Strategies

Supplementing the Chosen Competitive Strategy-Other Important Strategy Choices

Strategies for Competing in International Markets

Corporate Strategy: Diversification and the Multibusiness Company

Strategy, Ethics, and Corporate Social Responsibility

Superior Strategy Execution-Another Path to Competitive Advantage

Filters