Chapter 1- Strategy And The Quest For Competitive Advantage

Front 1

which of the following statements about a company's strategy is true?

Back 1

managers at all companies face three central questions in thinking strategically about their company's present circumstances and prospects: Where are we now? Where do we want to go? How are we going to get there?

Front 2

The competitive moves and business approaches a company's management are using grow the business, attract and please customers, compete sucessfully, conduct operations, and achieve the targeted levels of organizational performance is referred to as its

Back 2

Strategy

Front 3

Which one of the following is not related to actions and approaches that comprise a company's strategy?

Back 3

How to prove to shareholders that the company's business model is viable

Front 4

in answering the question, " How are we going to get there?" management must have deliberate plans for addressing such issues as

Back 4

changing market conditions, development of internal capabilities and competencies, and allocation of financial resources

Front 5

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

Back 5

Management actions to revise the company's financial and strategic performance targets

Front 6

Which of the following is not one of the most frequently used strategic approaches to building advantage?

Back 6

Striving for a competitive edge based on bigger profit margins.

Front 7

The most important aspect of a company's business strategy

Back 7

is its approach to competing in the marketplace.

Front 8

Strategies that yield sustainable competitive advantage is important because

Back 8

A strategy that yields a competitive advantage over rivals and creates an enduring demand for a company's products or services is the key to a company's ability to earn ongoing above-average profits.

Front 9

A company achieves sustainable competitive advantage when

Back 9

an attractive number of buyers have a lasting preference for its products or services as compared to the offerings of competitors.

Front 10

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

Back 10

is a company's most reliable ticket to above-average profitability.

Front 11

Approaches to achieving a sustainable competitive advantage include which of the following?

Back 11

- developing unmatched resource strengths and competitive capabilities
- Focusing on a narrow market niche within an industry.
- Strategies keyed to creating a differentiation-based advantage.
- Strategies keyed to developing a cost- based advantage.
ALL OF THEM

Front 12

Company strategies evolve because

Back 12

of the ongoing need to respond to changing market conditions, the fresh moves of competitos, shifting buyer needs and preferences, emerging market opportunities, new ideas for improving the strategy, and any evidence that indicates the strategy is not working well.

Front 13

It is normal for a company's strategy to end up being

Back 13

a blend of deliberate actions to improve the company's competitiveness and financial performance and unplanned reactions to changing circumstances and fresh market conditions.

Front 14

Which of the following statements about a company's realized strategy is true?

Back 14

A company's realized strategy is typically a blend of deliberate/ planned initiatives and emergent/unplanned reactive strategy elements.

Front 15

A company's business model

Back 15

1.- Specifies a customer value proposition
2.- develops a profit formula
3.- Identifies key resources and processes required to create and deliver customer value.

Front 16

A viable business model

Back 16

must have a tight fit with organizational capabilities and generate revenues sufficient to cover costs and deliver good profitability.

Front 17

Which of the following statements concerning Sirius XM's business model and that of the over-the-air radio broadcasters(as discussed in concepts & Connections 1.2) is false?

Back 17

The profit formula for over-the-air radio broadcasters involves fixed costs associated with operating a satellite-based music delivery service.

Front 18

A winning strategy is one that

Back 18

fits the company's internal and external situation, builds sustainable competitive advantage, and boosts company performance.

Front 19

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

Back 19

Has the strategy produced good financial performance?

Front 20

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

Back 20

Is the strategy well-matched to the company's situation, helping the company achieve a sustainable competitive advantage, and resulting in better company performance?