The most important aspect of a company's business strategy
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is its approach to competing in the marketplace.
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Which of the following statements about a company's strategy is true?
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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?
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Company strategies evolve because
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of the ongoing need to respond to changing market conditions, the fresh moves of competitors, 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.
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Approaches to achieving a sustainable competitive advantage include which of the following?
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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.
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A strategy that sets a company apart from rivals and that gives it a sustainable competitive advantage
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is a company's most reliable ticket to above-average profitabilit
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The competitive moves and business approaches a company's management are using grow the business, attract and please customers, compete successfully, conduct operations, and achieve the targeted levels of organizational performance is referred to as its
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strategy.
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Which of the following statements concerning Sirius XM's business model and that of over-the-air radio broadcasters (as discussed in Concepts & Connections 1.2) is false?
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The profit formula for over-the-air radio broadcasters involves fixed costs associated with operating a satellite-based music delivery service.
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It is normal for a company's strategy to end up being
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a blend of deliberate actions to improve the company's competitiveness and financial performance and unplanned reactions to changing circumstances and fresh market conditions.
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Which of the following statements about a company's realized strategy is true?
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A company's realized strategy is typically a blend of deliberate/planned initiatives and emergent/unplanned reactive strategy elements.
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A company's business model
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(1) specifies a customer value proposition, (2) develops a profit formula, and (3) identifies key resources and processes required to create and deliver customer value
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Which one of the following questions can be used to distinguish a winning strategy from a so-so or losing strategy?
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Has the strategy produced good financial performance?
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Which one of the following is not related to actions and approaches that comprise a company's strategy?
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How to prove to shareholders that the company's business model is viable
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Which of the following questions ought to be used to distinguish a winning strategy from a mediocre or losing strategy?
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Is the strategy well-matched to the company's situation, helping the company achieve a sustainable competitive advantage, and resulting in better company performance?
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A viable business model
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must have a tight fit with organizational capabilities and generate revenues sufficient to cover costs and deliver good profitability.
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Which of the following is not one of the most frequently used strategic approaches to building competitive advantage?
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Striving for a competitive edge based on bigger profit margins
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A winning strategy is one that
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fits the company's internal and external situation, builds sustainable competitive advantage, and boosts company performance.
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Which of the following is not an element of a company's business strategy?
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Management actions to revise the company's financial and strategic performance targets
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A company achieves sustainable competitive advantage when
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an attractive number of buyers have a lasting preference for its products or services as compared to the offerings of competitors
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Strategies that yield sustainable competitive advantage is important because
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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.
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In answering the question, "How are we going to get there?" management must have deliberate plans for addressing such issues as
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changing market conditions, development of internal capabilities and competencies, and allocation of financial resources.
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