3a - Your Results: The correct answer for each question is...

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Your Results: The correct answer for each question is indicated by a . 1 CORRECT A company's competitive strategy deals with A) the specific actions management plans to take to develop a better value chain than rivals. B) how it plans to unify its functional and operating strategies into a cohesive effort aimed at successfully taking customers away from rivals. C) deals exclusively with the specifics of management's game plan for securing a competitive advantage vis- à -vis rivals. D) its plans for under-pricing rivals and achieving product superiority. E) the specific actions management intends to take to strongly differentiate its product offering from the offerings of rival companies in the industry. 2 CORRECT The four generic types of competitive strategies include A) offensive strategies, defensive strategies, differentiation strategies, and low-cost strategies. B) low-cost provider, broad differentiation, focused low-cost, and focused differentiation. C) offensive strategies, defensive strategies, technological leadership strategies, and product innovation strategies. D) low-price strategies, premium price strategies, middle-of-the-road strategies, and market share leadership strategies. E) attacking competitor strengths, attacking competitor weaknesses, market leadership strategies, and product superiority strategies. 3 INCORRECT A low-cost provider's basis for competitive advantage is A) using an everyday low pricing strategy to gain the biggest market share. B) bigger profit margins than rival firms. C) high buyer switching costs because of the company's differentiated product offering. D) meaningfully lower overall costs than competitors. E) a reputation for charging the lowest prices in the industry. 4 INCORRECT Striving to be the industry's low-cost provider and achieving lower costs than rivals entails A) eliminating or curbing nonessential activities. B) having a smaller labor force than rivals, paying lower wages than
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rivals, locating all facilities in countries where labor costs are low, and outsourcing many value chain activities to suppliers with world-class technological capabilities. C) doing a better job than rivals in performing essential activities. D) aggressive use of activity-based costing, utilizing more best practices than rivals, and having a narrower product line than rivals. E) Both A and C. 5 INCORRECT A competitive strategy of striving to be the low-cost provider is particularly attractive when A) buyers are large and incur low costs in switching their purchases from one seller to another. B) most rivals are trying to differentiate their product offering from those of rivals. C) there are many ways to achieve higher product quality that have value to buyers. D)
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3a - Your Results: The correct answer for each question is...

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