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5b - 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 INCORRECT 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 competing successfully—its specific efforts to please customers, its offensive and defensive moves to counter the maneuvers of rivals, its responses to whatever market conditions prevail at the moment, its initiatives to strengthen its market position, and its approach to 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 INCORRECT A company achieves competitive advantage whenever A) it has a product offering that is differentiated from the product offerings of rivals. B) its customers exhibit a high degree of loyalty to the company's brand. C) it has more core competencies than its rivals. D) it has a better credit rating than rivals. E) it has some type of edge over rivals in attracting customers and coping with competitive forces. 3 INCORRECT The five generic types of competitive strategies include A) offensive strategies, defensive strategies, differentiation strategies, low-cost strategies, and first-mover strategies. B) low-cost leadership, broad differentiation, best-cost provider, focused low-cost, and focused differentiation. C) offensive strategies, defensive strategies, striving to be a market leader, technological leadership strategies, and product innovation strategies. D) low-price strategies, premium price strategies, middle-of-the-road strategies, product leadership strategies, and market share leadership strategies. E) attacking competitor strengths, attacking competitor weaknesses,
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market leadership strategies, low-cost leadership strategies, and product superiority strategies. 4 CORRECT A low-cost leader'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. 5 INCORRECT A competitive strategy of striving to be the low-cost provider is particularly attractive when A) buyers are large, have significant power to bargain down prices, use the product in much the same ways, and incur low costs in switching their purchases from one seller to another.
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