Essentials of Strategic Management Chapter 01 Strategy and the Quest for Competitive Advantage

Essentials of Strategic Management Chapter 01 Strategy and the Quest for Competitive Advantage

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Chapter 01 1. Which of the following statements about a company's strategy is true? A) Crafting an excellent strategy is more important than executing it well. B) Managers at all companies face three central questions in thinking strategically about their company's present circumstances and prospects: Where are we now? Where do we want to go? How are we going to get there? C) A company's strategy deals with whether the revenue-cost-profit economics of its business model demonstrate the viability of the business enterprise as a whole. D) Masterful strategies come partly (maybe mostly) by doing things in much the same way as the industry leader but then being better than the leader in one particular area that counts heavily with buyers. E) Whether a company's strategy is ethical or not does not matter a lot because most customers and most suppliers are relatively unconcerned whether a company they do business with engages in sleazy practices or turns a blind eye to below-board behavior on the part of its employees. 2. The competitive moves and business approaches a company's management are using grow the business, attract and please customers, compete successfully, conduct operations, and achieve the targeted levels of organizational performance is referred to as its A) strategic offensive for becoming a market leader. B) business model. C) long-term strategic direction. D) mission statement. E) strategy. 3. Which one of the following is not related to actions and approaches that comprise a company's strategy? A) How to take advantage of growth opportunities B) How to prove to shareholders that the company's business model is viable C) How to outcompete rivals D) How to achieve financial and strategic objectives
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E) How each functional piece of the business (R&D, supply chain activities, production, sales and marketing, distribution, finance, and human resources) will be operated 4. In answering the question, "How are we going to get there?" management must have deliberate plans for addressing such issues as A) developing a sound business model and customer base. B) changing market conditions, development of internal capabilities and competencies, and allocation of financial resources. C) emergent strategy elements, deliberate strategy elements, and abandoned strategy elements D) "Where are we now?" and "Where do we want to go?" E) how well the strategy fit the situation, has the strategy yielded competitive advantage, and has the strategy produced good financial performance. 5. Which of the following is not an element of a company's business strategy? A) Actions to respond to changing market conditions or other external factors B) Actions to strengthen competitiveness via strategic alliances and collaborative partnerships C) Management actions to revise the company's financial and strategic performance targets D) Actions to capture emerging market opportunities and defend against external threats to the company's business prospects E) Actions to enter new geographic or product markets
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This note was uploaded on 07/21/2011 for the course BUS 10001 taught by Professor All during the Spring '11 term at Shaheed Zulfiqar Ali Bhutto Institute of Science and Technology.

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Essentials of Strategic Management Chapter 01 Strategy and the Quest for Competitive Advantage

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