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ch5 - ch5 Student The Concepts of Competitive Strategy and...

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ch5 Student: ___________________________________________________________________________ The Concepts of Competitive Strategy and Competitive Advantage 1. A company's competitive strategy deals with A. Management's game plan for competing successfully—the specific efforts to please customers, offensive and defensive moves to counter the maneuvers of rivals, the reactions and responses to whatever market conditions prevail at the moment and the initiatives undertaken to improve the company's market position B. What its strategy will be in such functional areas as R&D, production, sales and marketing, distribution, finance and accounting and so on C. Its efforts to change its position on the industry's strategic group map D. Its plans for entering into strategic alliances, utilizing mergers or acquisitions to strengthen its market position, outsourcing some in-house activities to outside specialists and integrating forward or backward E. Its plans for overcoming the five competitive forces 2. The objective of competitive strategy is to A. Contend successfully with the industry's 5 competitive forces B. Knock the socks off rival companies by doing a better job of satisfying buyer needs and preferences C. Get the company into the best strategic group and then dominate it D. Establish a competitively powerful value chain E. Grow revenues at a faster annual rate than rivals are able to grow their revenues 3. A company achieves competitive advantage whenever A. It is the acknowledged market share leader B. It is the industry's acknowledged technology leader C. It has greater financial resources than its rivals D. It has a well-known and well-regarded brand name, prefers offensive strategies to defensive strategies and has a strong balance sheet E. It has some type of edge over rivals in attracting customers and coping with competitive forces 4. A company can be said to have competitive advantage if 5. While there are many routes to competitive advantage, they all involve 1
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The Five Generic Competitive Strategies
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