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Question
Explain the relationship between strategic management and competitive advantage for firms. How can a firm achieve sustained competitive advantage?
Answer
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Related questions
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Opportunity analysis is one of the basic functions of
A) marketing.
B) finance/accounting.
C) computer information systems.
D) production/operations.
E) research and development.
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One of the dangers of remaining a local competitor is that more aggressive companies will use their global growth to capture economies of scale and learning.
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All of the following are limitations of the BCG Matrix EXCEPT
A) Viewing every business as a star, cash cow, dog or question mark can be an oversimplification.
B) The Matrix requires at least three years worth of data.
C) The Matrix does not reflect divisional or industry growth over time.
D) The Matrix does not allow a company to be classified as somewhere in between two categories.
E) Variables such as size of market and competitive advantages are not considered in the Matrix.
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Which of the following is NOT a major approach to R&D?
A) To be a pioneer
B) To be an innovative imitator
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After a draft mission statement has been developed, it is important to
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B) vote on the mission statement.
C) ask managers to prepare a mission statement for the organization.
D) ask managers to seek support for the mission statement from their subordinates.
E) request modifications, additions, and deletions to the mission statement.
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R&D employees and managers perform all of the following tasks EXCEPT
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In the BCG Matrix, a division with a high relative market share position in a low-growth industry can be described as a
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B) Cash Cow.
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In the BCG Matrix, when a division of an organization has a high relative market share and is in a fast-growing industry, it is called a
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In the BCG Matrix, how would a division with a low relative market share position in a high growth industry be described?
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Increased education and diversity of the workforce at all levels are reasons why the top-down approach should be favored in organizations.
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When the correlation between dollar sales and dollar marketing expenditures has historically been low, market penetration is an appropriate strategy.
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Political forecasts can be the most important part of an external audit for firms that depend heavily on government contracts.
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Political, governmental, and legal factors can represent key threats or opportunities for both small and large organizations.
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IFRS standards comprise 25,000 pages, whereas GAAP standards comprise 5,000 pages.
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Forward integration strategy is especially effective when the availability of quality distributors is so limited as to offer a competitive advantage to those firms that integrate forward.
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In the United States, the population has been moving from the South and West to the Northeast and Midwest.
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McDonalds currently owns more than 50 percent of its restaurants.
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Mass communication and high technology have ________ in diverse cultures worldwide.
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Remaining solely domestic is an increasingly safer strategy for U.S. companies.
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It is predicted that, by 2025, over 18% of the population in the United States will be 65 years or older.
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Strategy implementation is often considered to be the most difficult stage in the strategic-management process because it requires personal discipline, commitment, and sacrifice.
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Contingency plans should be as simple as possible.
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With a divisional structure by customer, an organization can effectively cater to the requirements of clearly defined customer groups.
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Strategists should try to cover all bases by planning for all possible contingencies.
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Europeans are especially motivated by pay-for-performance, commission salaries, and objective measurement and reward systems.
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Since a combination strategy bears no risk, many organizations pursue a combination of two or more strategies simultaneously.
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A low value of the dollar means lower exports and higher imports.
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In socialist countries such as France, Belgium, and the United Kingdom, the only grounds for immediate dismissal from work is a criminal offense.
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Optimizing for tomorrow the trends of today is the purpose of strategic management.
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Strategic objectives include those associated with growth in revenues, growth in earnings, higher dividends, larger profit margins, and improved cash flow.