Term
| Good strategy combined with good strategy execution... |
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Definition
| are the most telling signs of good management |
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Term
| A company's strategy consistis of ... |
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Definition
| the competitive moves and business approaches that managers are employing |
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Term
| A company's business model... |
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Definition
| is management's blueprint for delivering a valuable product or service to customers in a manner that will generate ample revenues to cover costs and yield an attractive profit |
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Term
| Which one of the following questions can be used to test the merits of one strategy over another and distinguish a winning strategy from a mediocre or losing strategy... |
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Definition
| How well does the strategy fit the company's situation |
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Term
| A company's strategy is most accurately defined as... |
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Definition
| management's commitment to pursue a particular set of actions |
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Term
| Excellent execution of an excellent strategy is ... |
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Definition
| the best recipe for making a company a standout performer |
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Term
| A creative, distinctive strategy that sets a company apart from rivals and that gives it a sustainable competitive advantage... |
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Definition
| is a company's most reliable ticket for earning above-average profitability |
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Term
| Which of the following is NOT one of the basic reasons that a company's strategy evolves over time... |
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Definition
The need on the part of company managers to initiate fresh strategic actions that boost employee commitment and create a results-oriented culture |
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Term
| The heart and soul of a company's strategy-making effort... |
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Definition
| involves coming up with moves and actions that to gain a durable competitive edge over rivals |
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Term
| A company's strategy evolves from one version to the next because of ... |
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Definition
| the proactive efforts of company managers to improve the strategy, a need to respond to changing customer requirements, and reactions to fresh strategic maneuvers of rivals. |
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Term
| The defining characteristic of a well-conceived strategic vision is... |
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Definition
| "the direction we are headed and what our future product-market-customer-technology focus will be." |
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Term
| The primary role of a functional strategy is to... |
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Definition
| is to flesh out the details of a company's business strategy and to support the overall business strategy and competitive approach |
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Term
| A company's mission statement typically addresses which of the following questions... |
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Definition
| "Who are we and what do we do?" |
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Term
| Masterful strategies come from |
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Definition
| doing things differently from competitors where it counts-out-innovating them, being more efficient, adapting faster |
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Term
| A company's strategic vision |
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Definition
| delineates management's aspirations for the business, providing a panoramic view of "where we are going" and a convincing rationale for why this makes good business sense |
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Term
| The primary roles/obligations of a company's board of directors in the strategy-making, strategy-executing process include... |
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Definition
| oversee the company's strategic direction, evaluate its senior executives, handle executive compensation, and oversee financial reporting practices. |
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Term
| Managerial jobs with strategy-making responsibility.. |
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Definition
| is a collaborative team effort in which every manager has a role for the area he or she heads extend throughout the managerial ranks and exist in every part of a company |
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Term
| Which of the following are integral parts of the managerial process of crafting and executing strategy... |
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Definition
| developing a strategic vision, setting objectives, and crafting a strategy |
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Term
| A company exhibits strategic intent when... |
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Definition
| it relentlessly pursues an ambitious strategic objective |
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Term
| Business strategy concerns |
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Definition
| is strategy at the level of a single line of business |
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Term
| A strategic group consists of those firms in an industry that... |
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Definition
| employ similar competitive approaches and occupy similar positions in the market |
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Term
| The bargaining leverage of suppliers is greater when... |
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Definition
| the supplier industry is more concentrated than the industry it sells to and is dominated by a few large companies |
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Term
| Which of the following is not a factor to consider in identifying an industry's dominant economic features? |
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Definition
| strength of driving forces and competitive forces |
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Term
| The rivalry among competing sellers tends to be less intense when... |
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Definition
| industry rivals are not particularly aggressive or active in making fresh moves to improve their market standing and business performance |
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Term
| Which of the following is not one of the five typical sources of competitive pressures? |
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Definition
| the power and influence of industry driving forces |
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Term
| In identify an industry's key success factors, strategic should |
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Definition
| consider on what basis customers choose between competing brands, what resources and competitive capabilities firms need to be successful, and what shortcomings are almost certain to put a company at a significant competitive disadvantage |
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Term
| The task of drving forces analysis is to |
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Definition
| identify the driving forces, assess whether their impact will make the industry more or less attractive, and determine what strategy changes are needed |
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Term
| Which of the following factors does not affect whether buyer bargaining power is an important source of competitive pressure in an industry? |
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Definition
| Whether buyers have a strong preference for products of superior quality or just average quality |
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Term
| Which of the following does not intensify the competitive pressures associated with the threat of entry? |
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Definition
| When industry members are struggling to earn good profits |
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Term
| The competitive pressure from substitute products tend to be stronger when |
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Definition
| buyers are relatively comfortable with using substitutes and the costs to buyers of switching over to the substitutes are low |
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Term
| Identifying the strategic issues a company faces and compiling a "worry list" of problems and roadblocks is an important component of company situation analysis because... |
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Definition
| the purpose is to identify the specific issues/problems that management needs to address |
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Term
| Quantitative measures of a company's competitive strength.. |
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Definition
| show how a company compares against rivals, factor by factor ( or capability by capability), thus revealing where it is strongest and weakest, and against whom |
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Term
| The two most important parts of SWOT analysis are.. |
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Definition
| drawing conclusion from the SWOT listings about the company's overall situation and translating these into strategic actions. |
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Term
| A company requires a dynamically evolving portfolio of resources and capabilities to... |
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Definition
| sustain its competitiveness and help drive improvements in its performance |
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Term
| Which one of the following is not a reliable measure of how well a company's current strategy is working? |
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Definition
| Whether it has a larger number of competitive assets than competitive liabilities and whether it has a superior quality product |
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Term
| A company's resource and capabilities analysis |
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Definition
| sizing up if they can support sustainable competitive advantage over market rivals |
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Term
| Which of the following is not a component of evaluating a company's resources and competitive position? |
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Definition
| Scanning the environment to determine a company's best and most profitable customers |
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Term
| A company's value chain identifies... |
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Definition
| the primary activities it performs in creating value for its customers and the related support activities |
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Term
| When a company is good at performing a particular internal activity, it is said to have... |
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Definition
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Term
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Definition
| gives a company competitive capability and is a genuine company strength and resource. |
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Term
| The biggest and most important differences among the competitive strategies of different companies boil down to... |
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Definition
| whether a company's market target is broad or narrow and whether the company is pursuing a competitive advantage linked to low cost or differentiation. |
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Term
| A competitive strategy predicated on low-cost leadership tends to work best when... |
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Definition
| price competition is vigorous and the offerings of rivals firms are essential identical |
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Term
| Which of the following is not one of the ways that a company can achieve a cost advantage by revamping its value chain? |
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Definition
| Increasing production capacity and then striving hard to operate at full capacity |
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Term
| The keys to sustaining a broad differentiation strategy are... |
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Definition
| to stress constant innovation to stay ahead of imitative rivals and to concentrate on a few differentiating features. |
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Term
| How valuable a low-cost leader's cost advantage is depends on... |
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Definition
| whether it is easy or inexpensive for rivals to copy the low-cost leader's methods or otherwise match its low costs |
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Term
| Successful differentiation allows a firm to... |
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Definition
| command a premium price for its product, and/or increase unit sales, and/or gain buyer loyalty to its brand |
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Term
| The major avenues for achieving a cost advantage over rivals include... |
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Definition
| revamping the firm's value chain to eliminate or bypass some cost-producing activities and/or out-managing rivals in efficiency. |
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Term
the competitive advantage of a best-cost provider is... |
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Definition
| its capability to incorporate upscale attributes at lower costs than rivals whose products have similar upscale attributes. |
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Term
| A focused low-cost strategy can lead to attractive competitive advantage when... |
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Definition
| a firm can lower costs significantly by limiting its customer base to a well-defined buyer segment |
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Term
| Broad differentiation strategies are well-suited for market circumstances where... |
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Definition
| there are many ways to differentiate the product or service and many buyers perceive these differences as having value. |
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Term
| What does the scope of the firm refer to? |
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Definition
| The range of activities the firm performs internally and the breadth of its product offerings. |
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Term
| Which of the following rivals make the best targets for an offensive attack? |
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Definition
| Firms that are weak in areas where challenger is strong |
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Term
| Incorporating opportunities for organizational learning can |
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Definition
| increase a company's knowledge asset and capabilities |
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Term
| What is the goal of signaling a challenger that strong retaliation is likely in the event of an attack? |
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Definition
| Divert the challenger to use less threatening options |
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Term
| Which of the following is not a strategic disadvantage of vertical integration? |
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Definition
| Vertical integration reduces the opportunity for achieving greater product differentiation |
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Term
| Because when to make a strategic move can be just as important as what move to make, a company's best option with respect to timing is... |
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Definition
| to carefully weigh the first-mover advantages against the first-mover disadvantages and act accordingly |
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Term
| A good example of vertical integration is |
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Definition
| a crude oil refiner purchasing a firm engaged in drilling and exploring for oil. |
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Term
| A company racing to seize opportunities on the frontiers of advancing technology often utilizes strategic alliances and collaborative partnerships to... |
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Definition
| help master new technologies and build new expertise and competencies, establish a stronger beachhead for participating in the target industry, and open up broader opportunities in the target industry |
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Term
| Which of the following is not one of the benefits of outsourcing value chain activities presently performed in-house? |
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Definition
| Enables a company to gain better access to end users and better market visibility |
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Term
| Entering into strategic alliances and collaborative partnerships can be competitively valuable because... |
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Definition
| cooperative arrangements with other companies are very helpful in racing against rivals to build a strong global presence and/or racing to seize opportunities on the frontiers of advancing technology |
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