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Terms in this set (20)A diagnosis of the competitive challenge, an element of a good strategy, is primarily accomplished through strategy - implementation. analysis Which of the following does a firm possess when it can outperform other firms in the same industry or the industry average over a prolonged period of time? - consistent power position sustainable competitive advantage Revved Rider Inc., a motorcycle company, is the market leader due to its superior engine technology and service orientation. These unique qualities have helped the company generate revenues that are consistently higher than other firms in the same industry. Which of the following can be concluded about Revved Rider Inc. from this scenario? - It has a direct investment in the other firms. It has a competitive advantage over the other firms. Which of the following statements about competitive advantage is not true? - A firm will have a sustainable competitive advantage when it outperforms its competitors over a prolonged period of time. A firm's competitive advantage is always absolute, not relative. A firm is likely to have a competitive advantage when it - performs at a level similar to the other firms in the industry. provides services that consumers will value more than those of its rivals. The greater the difference between value creation and cost, the - less likely a firm will gain competitive advantage. greater a firm's economic contribution. When a firm integrates the competitive strategies of cost-leadership and differentiation, it will most likely result in - a competitive advantage through superior performance. trade-offs that work against each other. How has Walmart staked out a unique strategic position? - by paying high wages to attract the most talented employees. by cutting costs to offer lower prices than competitors. Which of the following has contributed to Tesla's competitive advantage in terms of stock appreciation? - copying the most popular features of competitors' vehicles reinvesting profits to continually design and produce better electric vehicles Quick Eats is a fast-food restaurant that has recently entered the hospitality industry. Since most of its competitors are pursuing a low-cost position and doing well, Quick Eats also wants to adopt the same strategy. Which of the following will be a likely implication of this decision? - Quick Eats will face low profit potential. Quick Eats will face low profit potential. Which of the following statements is true of strategy? - Statements of desire, on their own, are strategy. Actions that allow a firm to address a competitive challenge are strategy. A company's vision primarily states - how the company plans to accomplish its goals. what the company wants to ultimately accomplish. An organization's _____ describes what the organization actually does—the products and services it plans to provide, and the markets in which it will compete. - mission mission Which of the following statements accurately brings out the difference between an organization's vision and mission? - Mission is the organization's aspirations for the future and vision is about how these aspirations can be made true over time. Vision defines what the organization wants to accomplish ultimately, whereas the mission defines the means by which vision is accomplished. Which of the following actions of an automobile firm will be considered as a strategic commitment? - the firm
launching an existing model of a car in red as a limited edition for six months the firm investing eight years and $4 billion to develop a range of hybrid cars with which it will compete in the future Product-oriented vision statements provide managers with - goals for employee development. goals to improve service. Which of the following statements is true of customer-oriented visions? - They tend to force managers to take a myopic view of the business environment. They define a business in terms of providing solutions to people's needs. If a company chooses to keep its vision customer-oriented rather than product-oriented, what will be the implication of that decision? - The company will tend to be more flexible when adapting to changing environments. The company will tend to be more flexible when adapting to changing environments. Organizational core values are the answer to which of the following questions? - How do we accomplish our goals? How do we accomplish our goals? Which of the following statements will effectively guide a strategist? - It is necessary to isolate the key stakeholders and their needs when formulating a strategy. The principles of strategic management can be applied universally to all organizations. Sets with similar termsChapter 120 terms Amb218 Chapter 2 Quiz20 terms rob_frye7 Chapter 2 Quiz20 terms grim7063 MGT 49941 terms hshepherd12 Sets found in the same folderChapter 6 Quiz20 terms ryan_small704 Chapter 4 Quiz21 terms ryan_small704 Chapter 2 Quiz22 terms ryan_small704 Chapter 5 Quiz17 terms ryan_small704 Other sets by this creatorinvite59 terms ryan_small704 Chapter 11 Finance 331 Test 315 terms ryan_small704 Fin 8107 terms ryan_small704 FIN 330 Review Questions112 terms ryan_small704 Recommended textbook solutionsInformation Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions
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Which of the following is a challenge for organizations when it comes to sustaining a competitive advantage quizlet?
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