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Terms in this set (172)What choices must managers consider when committing to a company strategy for competing against rival companies? (Choose every correct answer.) How to capitalize on growth opportunities How
to capitalize on growth opportunities A sound company strategy is essentially about ______ in comparison to company rivals. carrying less debt competing differently When a business is more successful than its rivals at attracting customers and handling competition, it is said to have a(n) ______ advantage. competitive competitive What are the two basic ways that companies achieve competitive advantage over their business rivals? By producing products or services at a lower cost By producing products or services at a lower cost What are three of the most reliable ways a company can distinguish itself in the marketplace, build customer loyalty, and achieve a competitive advantage? Broad differentiation strategy Broad differentiation strategy What are some of the ways that companies typically implement a competitive strategy? (Choose every correct answer.) By isolating the managerial staff
By focusing on quality What are two basic approaches in company strategy to improve chances of success in competing against rivals? Clearly differentiate a company from its rivals. Clearly differentiate a
company from its rivals. What are two characteristics of a broad differentiation strategy? Appealing to a niche market Appealing to a wide range of consumers In what ways does a competitive advantage benefit a business? (Choose every correct answer.) Larger profits Larger profits The key for a company to achieve competitive advantage is either to provide superior value to customers or to deliver value more ______. collaboratively efficiently True or false: It is easier for rivals to imitate a company's product line than it is for them to duplicate its capabilities. True What is one key characteristic of a focused low-cost strategy?
It seeks to differentiate its products from those of rivals. It seeks to sell to a narrow market niche. A strategy that changes in response to new market conditions and challenges is known as ______. a
differentiation strategy an evolving strategy The actions that a company takes in accordance with its established business practices make up its ______ strategy, in contrast with actions the company takes in response to changing market conditions. realized deliberate Which three companies have broad differentiation strategies that have allowed them to maintain long-term competitive advantages? Apple Apple A company's realized strategy is a combination of ______. emergent and reactive strategies proactive and reactive elements When do strategic actions fall into the "should not do" category? (Choose every correct answer.) They have a negative effect on customers, employees, and the surrounding community. They have a negative effect on customers, employees, and the surrounding community. What aspect of a company's operations is usually the easiest thing for competitors to duplicate? Specialized capabilities that the company has
developed Attributes of the company's products or services A blueprint that outlines the means for a company to deliver value to customers in a suitably profitable manner is known as its ______. proactive strategy business model Which circumstances commonly require the modification of a company's strategy? (Choose every correct answer.) New market opportunities New market opportunities A company's approach to meeting or exceeding its customers' needs at a price they consider a good value is called the _____. customer value proposition customer value proposition A typical company's strategy is often both ______, meaning that it plans ways to improve the company's competitiveness, and ______, meaning that it responds to unforeseen market conditions. reactive; proactive proactive; reactive What company invented the business model for fast food restaurants? McDonald's Actions taken in response to new strategic maneuvers
by rival firms or other unanticipated market circumstances make up a company's ______ strategy. emergent Which of the following are the components of a fit test that help evaluate how well a company's strategy matches its situation? (Choose every correct answer.) Internal fit Internal fit A business strategy becomes unethical when it involves what elements? (Choose every correct answer.) Deceitfulness Deceitfulness Which performance indicators are signs of a winning strategy? (Choose every correct answer.) Above-average financial performance Above-average financial performance A company's business model is
comprised of which of the following? (Choose every correct answer.) The customer value proposition Which of the following are true statements about crafting and executing strategy? (Choose every correct answer.) The process of crafting and executing
strategies can be skipped if an enterprise has the good fortune of stumbling into the right market at the right time. The processes of
crafting and executing strategies must go hand-in-hand if an enterprise is to be successful in the long run. The profit (blank) is the company's approach to determining a cost structure that will allow for acceptable profits, given the pricing tied to its customer value proposition. formula A company's ultimate success or failure is fundamentally tied to how well its management team does which of the following? (Choose every correct answer.) Charts the company's direction Charts the company's direction The general profit formula for fast-food restaurants as invented by McDonald's involves which of the following? (Choose every correct answer.) Strict specifications for ingredients Strict specifications for ingredients What is the purpose of the fit test? To weed out managers who fail to meet the company's standards To determine how well a strategy matches the company's situation What performance indicators reveal the most about the merits of a company's strategy? (Choose every correct answer.) Profitability and financial strength Profitability and financial strength Which of the following are reasons for crafting and executing strategies to be important managerial tasks? (Choose every correct answer.) They prohibit harassment and discrimination at workplace. They establish a formula for improving performance. Which statement about the connection between good strategy and good execution is true? As long as a company has a strong strategy, successful execution is a sure thing. Good management consists of good strategy and good strategy execution. Which of the following are developed during the first stage in crafting a company strategy? A set of core values ... To measure how well a company is moving in the intended direction, it is important to ______. set objectives ... To measure how well a company is moving in the intended direction, it is important to ______. set objectives set objectives What is the purpose of a company's strategic vision? To predict what the market will look like in future decades To steer the company toward long-term growth and profits Which statements are true of a company's strategic vision? (Choose every correct answer.) It steers the organization in a specific direction. It
steers the organization in a specific direction. What are the best tactics for convincing lower-level managers and employees to support the company's strategic vision? (Choose every correct answer.) Sharing updates and progress reports haring updates and progress reports Who is the target audience of an organization's strategic vision statement? Everyone in the organization Everyone in the organization Which of the following are developed during the first stage in crafting a company strategy? (Choose every correct answer.) A mission statement A mission statement What is a company slogan? A short paragraph that describes
the company's history and accomplishments A brief phrase that summarizes the company's vision While developing a strategic vision, a company's managers might change which of the following? (Check all that apply.) The markets in which the company will compete The markets in which the company will compete A company mission statement should do which of the following? (Choose every correct answer.) Identify the company's customers or markets Identify the company's customers or markets A sense of "where we are going" is called the company's ______. core values strategic vision To mobilize employee support for a new strategic vision for a company, executives should ______. summarize the plan on the internal company website rather than discussing it in person with all employees give convincing reasons for taking the organization in a new direction Honor, integrity, teamwork, superior customer service, and innovation are examples of company ______. functional-area
strategies core values Members of an organization are most likely to support a new strategic vision if the document does which of the following? (Choose every correct answer.) Explains where the organization is going and why Explains where the organization is going and why Which statements are true about companies where core values are taken seriously? (Choose every correct answer.) There is wide latitude about if and when personnel are held accountable for embodying the values. Executives demonstrate the values in their own behavior. What purposes are served by a company slogan? (Choose every correct answer.) To present the company's strategic vision with supporting details To help employees maintain focus on the company's purpose When charting a company's direction, why do managers set objectives? To establish a strategic hierarchy for the entire company To establish performance targets that the managers hope to achieve, using the company's mission and vision What is described by a company's mission statement? (Choose every correct answer.) The company's aspirations The company's present purpose Which statements are true of a company's strategic vision? (Choose every correct answer.) It
is crafted by the company's top managers. It is crafted by the company's top managers. Why are stretch objectives helpful? (Choose every correct answer.) They prevent employees from settling for a comfortable level of performance. They prevent employees from settling for a comfortable level of performance. Why do companies designate a set of core values? (Choose every correct answer.) To encourage certain beliefs, traits, and behavioral norms To encourage certain beliefs, traits, and
behavioral norms Under what circumstances would an extreme stretch goal involving radical expectations be most likely to succeed? (Choose every correct answer.) When the company has plenty of resources available When the company has plenty of resources available Why do some companies state their core values but make little effort to ensure that individual personnel and the company in general will abide by them? The top management of the company strongly believes in its
stated values. The statement about values serves only to make the company look good. What are strategic objectives primarily concerned with? (Choose every correct answer.) An organization's market standing An organization's market standing Which factors do managers consider when establishing performance objectives? (Choose every correct answer.) The company's internal
capabilities The company's internal capabilities Long-term objectives are intended to do which of the following? (Choose every correct answer.) Allow the company to start realizing more revenue within two
months Prompt action now to improve the organization's performance later A company mission statement should do which of the following? (Choose every correct answer.) Describe where the company
expects to head in the future Establish the company's own identity Which of the following are NOT likely to happen if a company's financial objectives are met or exceeded? (Choose every correct answer.) The company's creditors will be pleased. The company will go into bankruptcy. What is a stretch objective? A managerial tactic that involves adding numerous goods and services to what the company has
traditionally offered A performance target that will require significant effort to achieve Strategic performance is measured by the rise and fall of a company's ______. competitiveness competitiveness When a company strives to achieve an extreme stretch goal but fails because the goal was simply too difficult, what will most likely happen? The effort will nevertheless produce changes that will improve the company's performance. Employees will lose their motivation. The most reliable leading indicators are ______. core values that have become an essential component of the organization strategic outcomes that measure competitiveness and market position When setting objectives, which types of performance targets must be established? (Choose every correct answer.) Financial Financial A measurement system that links financial performance goals with strategic goals is called a ______. stretch objective balanced scorecard Which of the following are short-term objectives? (Choose every correct answer.) Quarterly objectives Quarterly objectives An organization should set performance targets for which of the following? (Choose every correct answer.) Each of the organization's individual work units Each of the organization's individual work units Financial objectives are important for doing which of the following? (Choose every correct answer.) Achieving shareholder satisfaction Achieving shareholder satisfaction Which of the following should the organizational units within a company do? (Choose every correct answer.) Produce results that help the company achieve its performance targets Produce results that help the company achieve its
performance targets Better financial performance typically results from which of the following? (Choose every correct answer.) Organizational complexity More competitive vitality What entrepreneurial skills help managers craft and implement a successful company strategy? (Choose every correct answer.) Noticing signs that the business climate is changing Noticing signs that the business climate is changing Organizing and guiding a new business activity is called ______. capitalism entrepreneurship What are lagging indicators? Evaluations that reveal each employee's weaknesses Performance measurements resulting from decisions and activities in the past Sometimes a company's CEO is the main person who develops the organization's strategy. This most often happens in which of the following situations? (Choose every correct answer.) The CEO is the
owner and manager of a small company. The CEO is the owner and manager of a small company. The balanced-scorecard approach measures which of the following? (Choose every correct answer.) Team spirit Financial objectives Why might top executives involve lower-level managers in crafting and implementing a company strategy? (Choose every correct answer.) The organization
benefits when its various units compete fiercely against each other. The managers know more details about the operation of their
specific operating units than the executives do. Employees at various levels within an organization are best served by performance objectives that ______. relate to management only relate specifically to what their departments are doing Which statements about a company's goal-setting process are true? (Choose every correct answer.) It should be a top-down process. It should be a top-down process. Business strategy, in contrast to corporate strategy, involves which of the following? (Choose every correct answer.) Managing all the businesses owned by a corporation Improving the performance of individual business units Who is ultimately responsible for the results that a company strategy produces? The chief executive officer (CEO) Who would be most often involved in the crafting and implementation of functional strategies? (Choose every correct answer.) The CEO of the corporation The people in charge of each function True or false: The crafting and implementing of company strategy is exclusively a function of the top management of an organization. True False Operating strategies are designed to manage which of the following? (Choose every correct answer.) The overall operation of complex corporations Specific activities, such as Internet sales Top executives can unify the various strategies within a company by telling lower managers and other personnel about which of the following? (Choose every correct answer.) The organization's corporate structure and hierarchy of authority The major components of the corporate strategy When management discovers that there are strategic conflicts among the various levels of an organization, what should management do? (Choose every correct answer.) Consider which low-level strategies might be changed to accommodate high-level strategies. Consider which
low-level strategies might be changed to accommodate high-level strategies. Who is primarily responsible for crafting and implementing business strategy in a multi-business organization? A low-level manager The head of each business unit A toy-making business is part of a larger corporation that owns various other businesses. The toy-making business unit decides to increase its production of board games. This is an example of a(n) ______. differentiation strategy functional-area strategy The manager of a plant that produces canned goods and is owned by a food and beverage company develops a strategy for updating its production lines while maintaining its quality controls. This is an example of a(n) ______. business strategy operating strategy What will a typical strategic plan accomplish? (Choose every correct answer.) Allocate resources that will help implement the plan Allocate resources that will help implement the plan Within the hierarchy of a company, a number of strategies are likely to have been developed and implemented by various people. Under what circumstances will the company perform most effectively? (Choose every correct answer.) All the strategies are unified. All the strategies
are unified. Which of the following are true about how the content of a company's strategic plan is typically shared with different audiences? (Choose every correct answer.) A copy with detailed explanations is handed out to every employee of the company. Excerpts of the plan are posted on the company website. Typically, a company's strategy making must ______. move from the business level
to the corporate level begin at the top of a company Which elements form part of a company's strategic plan? (Choose every correct answer.) Basic business model Basic business model Which of the following should a manager do to implement a strategic plan? (Choose every correct answer.) See that lower-level strategies are well conceived and consistent Build and strengthen competitive capabilities In a small, privately owned company, the strategic plan is most likely something that the owner has ______. written down and shared with everyone in the organization pondered without writing down In which of the following situations is an adjustment of a company's strategy most likely needed? (Check all that apply.) The company faces competition from longtime business rivals. The company faces a drop in its market position. What is the role of a company's board of directors? (Choose every correct answer.) To direct all employees and managers on a day-to-day basis to ensure that everyone is working diligently To oversee top executives and ensure that they craft and implement an effective strategy The most demanding and lengthy part of the strategy management process is ______. implementing the
strategy ... When conditions outside or inside the company change enough to cause substantial disruptions, managers should ______. reevaluate the organization's direction and strategy stay with the strategic plan and trust that it will work eventually make small changes to the strategic plan, but only if the changes will require little time or effort halt the implementation of the strategic plan and resume later when conditions are more favorable reevaluate the organization's direction and strategy What are the obligations of a company's board of directors? (Choose every correct answer.) Evaluating the
strategic leadership abilities of the CEO Evaluating the strategic leadership abilities of the CEO All companies operate in a broad (blank) environment that is made up of six components, including political factors and technological factors. macro macro The "L" in PESTEL analysis stands for ______. logistical considerations
legal/regulatory conditions True or false: Strategically relevant factors typically exist only within a company's industry boundaries. True False Which of the following concepts are analytic tools for assessing a company's industry and competitive environment? (Choose every correct answer.) Strategic groups Strategic groups The most powerful tool for diagnosing the principal competitive pressure in a market is known as the ______. seven-point competitive analysis five forces model of competition
Which of the following components form part of a company's macro-environment? (Choose every correct answer.) Historical incentives Legal/regulatory conditions Which conditions increase rivalry among competing sellers? (Choose every correct answer.) When buyer demand is growing slowly When buyer demand is growing slowly What acronym serves as a reminder of the components of a company's macro-environment? SOCIAL PESTEL Which of the following are types of marketing tactics? (Choose every correct answer.) Per capita offers Sales promotions Strategically relevant factors have a bearing on the ______ direction of any given company. long-term Which of the following are concepts or analytic tools for assessing a company's industry and competitive environment? (Choose every correct answer.) The five forces framework Competitor analysis What factors determine how serious the threat of entry is for a particular market? (Choose every correct answer.) The effect of barriers to entry The effect of barriers to entry Which of the following are outlined in the five forces model of competition? (Choose every correct answer.) Competition
from rival sellers Competition from rival sellers The advantage gained from a "wall of patents" is a form of ______. network effect intellectual property protection Which of the following are factors that affect the intensity of rivalry among competing sellers within an industry? (Choose every correct answer.) Suppliers Suppliers What allowed Honda to successfully enter the U.S. lawn mower market despite local competition? Its reputation and its expertise with gasoline engines What allowed Honda to successfully enter the U.S. lawn mower market despite local competition? Which of the following are methods rival sellers use to try to differentiate their products from those of competitors? (Choose every correct answer.) Introducing new products less frequently Providing improved customer service Which of the following are examples of substitute products that lead to competitive pressure between industries? (Choose every correct answer.) Newspapers and cable news Newspapers and cable news Powerful ______ can end up eroding industry profitability by ______ higher prices. buyers; paying suppliers; charging The threat of ______ increases competitive pressure on incumbent firms. new complementary products a new entrant in an industry In the past, Microsoft has used its dominant market status in which of the following ways? (Choose every correct answer.) To charge PC makers premium prices To charge PC makers premium prices Which of the following is an example of something that establishes a network effect in customer demand? Lawn mowers Video game systems Suppliers of ______ are in a weak bargaining position because there is no reason to choose the product of one supplier over that of another except for price. differentiated inputs commodities Which of the following factors would lead to higher entry barriers for new industry entrants? (Choose every correct answer.) Easy access to distribution channels High capital requirements Low switching costs ______ supplier bargaining power. limit limit When two industries are closely related to one another, companies can be threatened by the competitive pressure produced by ______ products. substitute substitute The suppliers of any given industry must have sufficient (blank) power in order to influence the terms of supply in their favor. bargaining, negotiating, or negotiation The ability of sellers to raise prices without losing sales is restricted by ______. customer promotions buyer price sensitivity Intel uses its ______ to give top priority to PC manufacturers that primarily use Intel chips. market dominance market dominance Which of the following would likely have the greatest bargaining power over the sellers who supply them? A small business owner Best Buy stores Supplier power is greatest when demand for products is ______ and the products are ______. low; in short supply high; in short supply Big apparel retailers like Target and L. L. Bean wield significant ______ when they are buying products from manufacturers. price sensitivity bargaining power When the supplier industry is more highly ______ than the industry it sells to, it is generally able to deny requests for lower prices. dispersed concentrated Anheuser-Busch has partially ______ into metal-can manufacturing to gain bargaining power over manufacturers. integrated backward integrated backward Buyers with strong bargaining power can exert strong ______ pressures and reduce industry profitability by demanding price concessions and additional features. competitive competitive Consumers have the option to delay the purchase of ______ goods such as hot tubs and home entertainment centers. discretionary discretionary (blank) rarely have much bargaining power when negotiating price concessions, but (blank) can have considerable bargaining power. New entrants;
individual consumers Individual consumers; business buyers When all five types of competitive forces are exerting strong pressure on an industry, the industry is said to be ______. over-regulated competitively unattractive True or false: All buyers of a product generally have equal bargaining power with sellers. True False To match a business strategy to prevailing competitive conditions, companies must initiate actions that alter the underlying factors driving the ______. four "golden" principles five competitive forces Which circumstances would increase the bargaining power of buyers? (Choose every correct answer.) When the differentiation of industry goods is strong When buyers are comparatively large and few Companies that make products that enhance the value of a focal firm's products when those products are used together are called ______. KSFs complementors The change agents with the biggest influences in reshaping an industry landscape are known as (blank) forces. (Enter one word in the blank.) driving Buyers' bargaining power is reduced when ______. sellers are pressured into providing concessions product information is incomplete Longer life expectancies and more wealth in the hands of retirees are examples of shifts in ______. increased globalization buyer demographics Intense competitive pressure from ______ of the five competitive forces is sufficient to destroy the conditions for good profitability. all five just one What forces drive change within an industry? (Choose every correct answer.) Market stability Technological advancement What must companies do to develop a sound business strategy to combat competitive conditions? (Choose every correct answer.) Circumvent or violate legal barriers Identify competitive pressures True or false: In a given industry, all the driving forces push change in the same direction but in different amounts. True False The (blank1)(blank2) framework includes cooperative interactions among industry participants and introduces the category of "complementors." (Enter one word in each blank.) Blank 1: value When undertaking the third step in a strategic analysis of industry dynamics, managers must decide what strategy adjustments are needed to deal with the effects of ______. new entrants driving forces List the three steps of driving-forces analysis in order, with the first step at the top. Identify what the driving forces are. Assess whether the driving forces are acting to make an industry more or less attractive. Determine what strategy changes are needed to prepare for the effects of the driving forces. Identify what the driving forces are. Assess whether the driving forces are acting to make an industry more or less attractive. Determine what strategy changes are needed to prepare for the effects of the driving forces. Increasing consumer demand, low-cost foreign inputs, and reduced trade barriers all contribute to the increasing (blank) of economic markets. (Enter one word in the blank.) globalization, globalisation, or globalizaton When evaluating strategy options, companies must determine whether a competitive ______ exists where competitors are able to create and capture new demand. "blue ocean" "white space" How do product innovations affect the pattern of competition within an industry? Products from various companies tend to become more alike. More first-time buyers become interested in the products. In the retail industry, competition between (blank1) is more intense than the rivalry among (blank2). Gucci and Walmart; suppliers Walmart and Target; high-end fashion retailers Understanding the ______ of driving forces requires looking at the effects of each factor separately. minor determinants collective impact Which indicators of a rival's potential strategic moves are found in the SOAR Framework for Competitor Analysis? Resources and capabilities Resources and capabilities When analyzing industry dynamics, before taking action to prepare for industry and competitive changes, companies must first diagnose ______. the forces driving industry change the forces driving industry change True or false: Key success factors are so important that all firms in a given industry must pay attention to them or else jeopardize their competitive success. True True The final step in evaluating an industry and competitive environment is to ______. make certain that the strategy group does not negate the competitor analysis combine the results of each analytic framework to determine its prospects Industry members with similar competitive approaches and positions in the market are known as a(n) (blank) group. strategic or strategic group On a map of strategic groups, why are some groups more favorably positioned than others? The position of some strategic groups requires that they apply for government subsidies. Industry driving forces favor some strategic groups and hurt others. The SOAR Framework for Competitor Analysis was developed by ______. Samuel Walton Michael Porter The competitive factors that most affect industry members' ability to prosper in the marketplace are known as ______ factors. key
success key success What are some of the most important factors for determining a company's prospects for competitive success and attractive profits? (Choose every correct answer.) Whether the company occupies a stronger market position than rivals Whether the company occupies a stronger market position than rivals Sets with similar termsMGMT 484250 terms selden_bullock Bus. Policy and Decision Making Test 149 terms oscar_gomez3 Strategy & Implementation35 terms Kenna_Logan BUSA 6600 (Chapter 2)20 terms cmurphyga77 Sets found in the same folderCh.1 Strategy23 terms berenicecole Ch.3 Strategy25 terms berenicecole Other sets by this creatorCh.4 Smartbook16 terms berenicecole ch.915 terms berenicecole Ch. 823 terms berenicecole Ch. 6,10,11 Exam 237 terms berenicecole Recommended textbook solutionsHuman Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions Human Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions
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Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions What are some of the ways that companies typically implement a competitive strategy choose every correct answer?-is the set of actions that its managers take to outperform the company's competitors and achieve superior profitability. what are some ways that companies typically implement a competitive strategy?. by focusing on quality.. by delivering superior customer service.. by diversifying product lines.. How do you implement a competitive strategy?How to Develop Your Competitive Strategy. First consider your business situation. ... . Research your target markets and competitive environment. ... . Identify current or potential sources of competitive advantage (differentiators) ... . Validate your competitive strategy. ... . Develop an implementation plan.. What are the 4 major competitive strategies?4 competitive strategy are as follows:. Cost Leadership Strategy or Low-cost strategy.. Differentiation strategy.. Best-cost strategy.. Market-niche or focus strategy.. What are the two basic ways that companies achieve competitive advantage over their business rivals quizlet?What are the two basic ways that companies achieve competitive advantage over their business rivals? - Deliver higher perceived value to customers. - Produce products or services at a lower cost.
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What are some of the ways that companies typically implement a competitive strategy quizlet?
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