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Which of the following is not a frequently used strategic approach

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3. 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. 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, technological superiority, or unusually good value for the money;C. Striving to be more profitable than rivals and 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 resource strengths that give the company competitive capabilities that rivals can't easily imitate or trump with capabilities of their own;4. The difference between a company's strategy and a company's business model is that;A. a company's strategy is management's game plan for achieving strategic objectives while its business model is management's game plan for achieving financial objectives.;B. the strategy concerns how to compete successfully and the business model concerns how to operate efficiently.;C. a company's strategy is management's game plan for realizing the strategic vision whereas a company's business model is the game plan for accomplishing the business purpose or mission.;D. strategy relates broadly to a company's competitive moves and business approaches (which may or may not lead to profitability) while its business model relates to whether the revenues and costs flowing from the strategy demonstrate that the business is viable from the standpoint of being able to earn satisfactory profits and returns on investment.;E. a company's strategy concerns how to please customers while its business model concerns how to please shareholders.;5. A winning strategy is one that;A. builds strategic fit, is socially responsible, and maximizes shareholder wealth.;B. is highly profitable and boosts the company's market share.;C. fits the company's internal and external situation, builds sustainable competitive advantage, and improves company performance.;D. results in a company becoming the dominant industry leader.;E. can pass the ethical standards test, the strategic intent test, and the profitability test.;6. Which of the following is an integral part of the managerial process of crafting and executing strategy?;A. Developing a proven business model;B. Deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage;C. Setting objectives and using them as yardsticks for measuring the company's performance and progress;D. Communicating the company's values and code of conduct to all employees;E. Deciding on the company's strategic intent;7. Developing a strategic vision for a company entails;A. prescribing a strategic direction for the company to pursue and a rationale for why this strategic path makes good business sense.;B. describing its business model and the kind of value that it is trying to deliver to customers.;C. putting together a story line of why the business will be a moneymaker.;D. describing "who we are and what we do.;E. coming up with a long-term plan for outcompeting rivals and achieving a competitive advantage.;8. Which of the following is the best example of a well-stated strategic objective?;A. Increase revenues by more than the industry average.;B. Be among the top 5 five companies in the industry on customer service.;C. Overtake key competitors on product quality within three years.;D. Improve manufacturing performance by 5% within 12 months.;E. Obtain 150 new customers during the current fiscal year.;9. Strategy-making is;A. primarily the responsibility of key executives rather than a task for a company's entire management team.;B. more of a collaborative group effort that involves all managers and sometimes key employees, as opposed to being the function and responsibility of a few high-level executives.;C. first and foremost the function and responsibility of a company's strategic planning staff.;D. first and foremost the function and responsibility of a company's board of directors.;E. first and foremost the function of a company's chief executive officer?who formulates strategic initiatives and submits them to the board of directors for approval.;10. The primary roles/obligations of a company's board of directors in the strategy-making, strategy-executing process include;A. playing the lead role in forming the company's strategy and then directly supervising the efforts and actions of senior executives in implementing and executing the strategy.;B. providing guidance and counsel to the CEO in carrying out his/her duties as chief strategist and chief strategy implementer.;C. overseeing the company's direction, strategy and business approaches and evaluating the caliber of senior executives' strategy-making and strategy-executing skills.;D. working closely with the CEO, senior executives, and the strategic planning staff to develop a strategic plan for the company and then overseeing how well the CEO and senior executives carry out the board's directives in implementing and executing the strategic plan.;E. reviewing and approving the company's business model and also reviewing and approving the proposals and recommendations of the CEO as to how to execute the business model.;11. Thinking strategically about industry and competitive conditions in a given industry involves evaluating such considerations as;A. the forces driving change in the industry.;B. the dominant economic features of the industry in which the company operates.;C. the kinds of competitive forces industry members are facing and the strength of each competitive force.;D. the key factors influencing future competitive success in the industry.;E. All of the above.;13. The rivalry among competing firms tends to be more intense;A. when demand for the product is growing slowly, buyers have low switching costs, and the actions of any one company to attract more customers and boost market share have strong direct impact on their rivals.;B. when the products/services of rival sellers are strongly differentiated and buyer demand is strong.;C. when rivals are relatively content with their market position.;D. when there are so many industry rivals that the impact of any one company's actions is spread thinly across all industry members.;E. the smaller the number of firms in the industry and the more unequal their market shares.;14. Potential entrants are more likely to be deterred from actually entering an industry when;A. incumbent firms have previously been aggressive in defending their market positions against entry.;B. incumbent firms are complacent.;C. buyers are not particularly price sensitive and the industry already contains a dozen or more rivals.;D. the relative cost positions of incumbent firms are about the same, such that no one incumbent has a meaningful cost advantage.;E. buyer switching costs are moderately low because of strong product differentiation among incumbent firms.;15. Which of the following is particularly pertinent in evaluating whether an industry presents a sufficiently attractive business opportunity?;A. The industry's growth potential, whether competition appears destined to become stronger or weaker, and whether the industry's overall profit prospects are above average, average, or below average;B. An assessment of which firms in the industry have the best and worst competitive strategies, whether the number of strategic groups in the industry is increasing or decreasing, and whether economies of scale and experience curve effects are a key success factor;C. Whether there are more than 5 key success factors and more than 5 barriers to entry;D. Constructing a strategic group map and assessing the attractiveness of the competitive position of each strategic group;E. Whether the market leaders enjoy competitive advantages and how hard it is to develop a strongly differentiated product;16. Which of the following is not pertinent in identifying a company's present strategy?;A. The key functional strategies (R&D, supply chain management, production, sales and marketing, HR, and finance) a company is employing;B. Management's planned, proactive moves to outcompete rivals (via better product design, improved quality or service, wider product lines, and so on);C. The company's mission, strategic objectives, and financial objectives;D. Moves to respond and react to changing conditions in the macro-environment and in industry and competitive conditions;E. The strategic role of its collaborative partnerships and strategic alliances with others;17. Which of the following is not a good example of a company strength?;A. More intellectual capital and better e-commerce capabilities than rivals;B. Fruitful partnerships or alliances with suppliers that reduce costs and/or enhance product quality and performance;C. Having higher earnings per share and a higher stock price than key rivals;D. A well-known brand name and enjoying the confidence of customers;E. A lower-cost value chain than rivals;18. The competitive power of a company's core competence or distinctive competence depends on;A. whether it helps differentiate a company's product offering from the product offerings of rival firms.;B. how hard it is to copy and how easily it can be trumped by substitute resource strengths and competitive capabilities of rivals.;C. whether customers are aware of the competence and view the competence positively enough to boost the company's brand name reputation.;D. whether the competence is one of the industry's key success factors.;E. whether the competence is technology-based or based on superior marketing know-how.;19. The three steps of SWOT analysis are;A. identifying the company's resource strengths and weaknesses and its opportunities and threats, drawing conclusions about the company's overall situation, and translating the conclusions into strategic actions to improve the company's strategy.;B. pinpointing the company's competitive assets, pinpointing its competitive deficiencies, and determining whether it enjoys a competitive advantage.;C. determining whether the company has more competitive assets than competitive liabilities, determining whether the company has good market opportunities, and evaluating the seriousness of the threats to the company's future profitability.;D. matching the company's strategy to its resource strengths, correcting the company's important resource weaknesses, and identifying the company's best market opportunities.;E. benchmarking the company's strengths and weaknesses against those of key rivals, identifying its market opportunities and the external threats it faces, and determining the company's potential for establishing a competitive advantage over rivals.;20. The three main areas in the value chain where significant differences in the costs of competing firms can occur include;A. age of plants and equipment, number of employees, and advertising costs.;B. operating-level activities, functional area activities, and line of business activities.;C. the nature and make-up of their own internal operations, the activities performed by suppliers, and the activities performed by wholesale distribution and retailing allies.;D. human resource activities (particularly labor costs), vertical integration activities, and strategic partnership activities.;E. variable cost activities, fixed cost activities, and administrative activities.

 

Paper#33692 | Written in 18-Jul-2015

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