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Management Strategy

Juan Butler avatar Juan Butler
14 April 2023
4.4 (200 reviews)
16 test answers

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Managers face three central questions in evaluating their company's business prospects:
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What's the company's present situation?,Where does the company need to go from here?, How should it get there?
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Strategy
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Management's action plan for running the business and conducting operations
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A company's strategy is all about how:
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how management intends to grow the business how it will build a loyal clientele and outcompete rivals how each functional piece of the business will be operated how performance will be boosted
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Companies intent on gaining sales and market share at the expense of competitors, managers typically opt for:
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Offensive Strategies
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Companies already in a strong industry position are more prone to strategies that:
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Emphasize gradual gains in the marketplace
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Risk-averse companies often prefer:
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"conservative strategies"
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A company achieves Sustainable Competitive Advantage when:
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an attractive number of buyers prefer its products or services over the offerings of competitors and when the basis for this preference is durable.
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4 of the most frequently used and dependable strategic approaches to setting a company apart from rivals, building strong customer loyalty, and winning a sustainable competitive advantage are:
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1. Striving to be the industry's low-cost provider (ex: walmart) 2.Creating a differentiation-(can be powerful so long as a company is sufficiently innovative to thwart clever rivals in finding ways to copy) 3. Focusing on serving the special needs and tastes of buyers, comprising a narrow market niche 4. Developing expertise and resource strengths that give the company competitively valuable capabilities that rivals cant easily match, copy, or trump with substitute capabilities.
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The best indicators of a company's strategy are:
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its actions in the marketplace and the statements of senior managers about the company's current business approaches, future plans, and efforts to strengthen its competitiveness and performance
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Changing circumstances and ongoing management efforts to improve the strategy cause a company's strategy to:
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evolve over time- a condition that makes crafting a strategy a process, not a one time event
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A company's strategy is shaped partly by
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management analysis and choice, and partly by the necessity of adapting and learning by doing
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The evolving nature of strategy means that the typical company strategy is a blend of:
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1. proactive decisions to improve the company's financial performance and secure a competitive edge, and 2. as needed reactions to unanticipated developments of fresh market conditions
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A company's business model explains:
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the rationale for why its business approach and strategy will be a moneymaker. Absent the ability to deliver good profitability, the strategy is not viable and the survival of the business is in doubt.
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3 questions can be used to distinguish a winning strategy from a so-so or flawed strategy:
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1. How well does the strategy fit the company's situation? 2. Is the strategy helping the company achieve a sustainable competitive advantage? 3.Is the strategy resulting in better company performance?
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Additional Criteria for judging the merits of a particular strategy include:
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1. the degree of risk the strategy poses as compared to alternative strategies and 2. the degree to which it is flexible and adaptable to changing circumstances
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A strategy focused enterprise is more:
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likely to be a strong bottom-line performer than a company whose management team does not take its strategy making responsibilities seriously.