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Question
In general, firms create competitive advantage by offering a basic product at a premium price and/or a preferred product at a low price.Answer
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Related questions
Q:
What is a strategic control system? What is the difference between feedforward and feedback controls?
Q:
Chapter XI reorganization:
A. Means that an organization must liquidate its assets
B. Means that some management decisions must be approved by a court
C. Is intended for companies that have lots of liquid assets but are locked into an unfair labor contract
D. Is most successful if an organization has very high debt levels
E. None of the above
Q:
Which of the following provides an opportunity for an organization to work out a plan for solving its financial problems under the supervision of a federal court?
A. Prepackaged reorganization strategy
B. Chapter XIII bankruptcy
C. Restructuring
D. Downscoping
E. Chapter XI reorganization
Q:
Common restructuring techniques include all of the following except:
A. Chapter XI reorganization
B. Leveraged buyouts
C. Retrenchment
D. Refocusing corporate assets on distinctive competencies
E. These are all common restructuring techniques; there is no exception
Q:
National cultures can be classified on their levels of Confucian dynamics. This means:
A. The degree to which decisions are focused on the long term or short term
B. The degree to which society draws strong distinctions between gender roles
C. The degree to which members of society accept uneven power distribution
D. The degree to which the focus of society is on the individual or the group
E. The degree to which members of society are tolerant of uncertainty and ambiguity
Q:
Most firms that file for Chapter XI protection are able to retain most of their assets through the end of the reorganization process.
Q:
Restructuring can be defined as a detailed analysis of a firm's competitors and other external stakeholders and competitive forces.
Q:
No strategy or organizational design works indefinitely.
Q:
A strategic control system helps top managers evaluate organizational progress.
Q:
If a foreign subsidiary plays a unique role as a part of an interdependent network of subsidiaries, it is playing the role of:
A. Global mandate
B. Global implementation
C. International focus
D. Local implementation
E. Specialized contribution
Q:
Which structure combines the essential elements of the functional and divisional structures?
A. Functional
B. Divisional
C. Matrix
D. Network
E. Manufacturing
Q:
Which functional area is largely responsible for spanning the boundary of the organization to interact with customers?
A. Marketing
B. Finance
C. Operations
D. Information systems
E. Human resources
Q:
What are the characteristics of a well-developed functional strategy?
Q:
What is the resource-based view of the firm? What categories of resources does a firm possess?
Q:
Enactment is the process of:
A. Responding to the environment
B. Evaluating the environment
C. Influencing the environment
D. Retreating from the environment
E. Ignoring the environment
Q:
Corporate-level decisions are typically made by:
A. Low-level employees
B. The CEO and/or board of directors
C. Functional managers
D. Department heads
E. Stockholders
Q:
Corporate strategy formulation deals primarily with:
A. How firms compete in the business areas they have selected
B. High-level financial analysis
C. The details of functional area strategies
D. The selection of business areas in which the firm will compete
E. All of the above
Q:
Strategy formulation involves which of the following?
A. Corporate-level, business-level, and division-level strategy formulation
B. Functional-level, employee-level, and customer-level strategy formulation
C. Corporate-level, business-level, and functional-level strategy formulation
D. Domain navigation, market orientation, and customer definition strategy formulation
E. Domain navigation, functional-level formulation, and corporate-level formulation
Q:
Which of the following is not a stakeholder of an organization?
A. Employees
B. Stockholders
C. Customers
D. Competitors
E. These are all stakeholders. None of the above answers is correct.
Q:
Strategic thinking deals with the rigid and systematic parts of the strategic management process.
Q:
Enactment is the process of influencing the environment through strategic actions.
Q:
What is on the two axes of the Boston Consulting Group Matrix?
A. Stars and cash cows
B. Business growth rate and relative competitive position
C. Market share and relative competitive position
D. Profitability and business growth rate
E. Business growth rate and cash flow
Q:
Mergers are more likely to be successful if:
A. They are expensive
B. They are friendly
C. They involve high premiums
D. The managers of the acquired firm leave to make way for new managers
E. There is less money spent on R&D during the first year after acquisition
Q:
Synergy among businesses is created instantly if they are related to each other.
Q:
Market saturation is one possible reason for firms to abandon their concentration strategies.
Q:
During the decline stage of the industry life cycle:
A. Tight cost controls leading to efficiency are essential
B. Products are highly differentiated
C. Competition is no longer based on price
D. New entrants are common
E. Demand is increasing
Q:
The most important elements in a business model include all of the following except:
A. Selecting a growth strategy
B. Verifying that sufficient demand exists for a given product at a given price in a particular market
C. Selecting unique features and technologies to be imbedded into the products or services
D. Determining how to capture a portion of the value created in terms of revenues and profits
E. Identifying market segments to be targeted
Q:
A firm that caters to a very specific segment of its market is pursuing which generic strategy?
A. Differentiation
B. Focus
C. Cost leadership
D. Best cost
E. None of the above
Q:
Which of the following is an advantage of pursuing cost leadership?
A. Sales always increase with increasing amounts of output
B. Loss of sales does not reduce scale benefits
C. The strategy easily accommodates changes in the market
D. Firms invest heavily in differentiating their products
E. A firm may charge the same price as its competitors but make a higher profit
Q:
For a differentiation strategy to be considered successful:A.The organization that is pursuing the differentiation must be highly innovativeB.Customers must be willing to pay more for the uniqueness of a product or service than the firm paid to create that uniquenessC.Loss of sales cannot reduce the benefits from economies of scaleD. The organization must invest heavily in differentiating its productsE. The organization that is pursuing differentiation must charge approximately the same price as its competitors but make a higher profit