Chapter5ReviewA - MGMT 425 Chapters 5 Review Questions 1 A...

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MGMT 425 Chapters 5 Review Questions 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 biggest and most important differences among the competitive strategies of different companies boil down to A. how they go about building a brand name image that buyers trust and whether they are a risk-taker or risk- avoider. B. the different ways that companies try to cope with the five competitive forces. C. 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. D. the kinds of actions companies take to improve their competitive assets and reduce their competitive liabilities. E. the relative emphasis they place on offensive versus defensive strategies. 3. The generic types of competitive strategies include A. build market share, maintain market share, and slowly surrender market share.
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