Flashcard Business Strategy Ch 1 Quiz Quizlet PDF

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26/5/2021

Flashcard Business Strategy Ch 1 Quiz | Quizlet

Business Strategy Ch 1 Quiz Termini in questo set (9) A frequently used and

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dependable strategic approach to setting a company apart from rivals and winning a competitive advantage includes _______________________ A. developing expertise and resource strengths that give the company competitive capabilities that rivals can't easily imitate or trump with capabilities of their own. B. focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of serving the special needs and tastes of buyers comprising the niche. C. outcompeting rivals on the basis of such differentiating features as higher quality, wider product selection, added performance, better service, more attractive styling, technological superiority, or unusually good value for the money. D. All of these.

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Flashcard Business Strategy Ch 1 Quiz | Quizlet

What is the reason that a

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company's strategy tends to be a "work in progress" and evolves over time? A. The competitive advantage potential of developing new strategic moves annually. B. Changes in a company's vision and values cause it to constantly alter its strategy to meet the ongoing need to imitate the new strategic moves of industry leaders. C. The changing nature of employee skills and capabilities. D. The changing circumstances in the market and the competitive arena.

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Flashcard Business Strategy Ch 1 Quiz | Quizlet

When can a company achieve

A

sustainable competitive advantage? A. Whenever an attractively large number of buyers develop a durable preference for its products or services over the offerings of competitors, despite the efforts of competitors to overcome or erode its advantage. B. Whenever it possesses the most profitable business model in the industry. C. Whenever it emulates the vision, mission, and values of its closest competitor as closely as possible but then offers its products/services at a lower price or significantly differentiates its product/service offering from that of its closest competitor. D. Whenever it consistently achieves both its strategic and financial objectives, regardless of whether its current financial situation appears unfavorable at the moment and its long term strategic prospects seem limited.

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The heart and soul of any

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strategy is the actions and moves in the market place that managers are taking to gain a competitive edge over rivals. Which of the following is not a condition that would lead managers to modify the company's strategy? A. In response to mounting evidence that the strategy is not working well. B. In response to unexpected moves of competitors and shifting buyer needs. C. In response to emerging market opportunities. D. In response to employee demands for higher wages and better working conditions.

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Competing in the

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marketplace on the basis of a competitive advantage _____________ A. gives buyers an immediate preference for a company's products or services over those of competitors. B. means that a company has to offer the lowest price for differentiated goods that at least match the feature and performance of higher-priced rival brands. C. enhances the company's prospects for winning in the marketplace and earning superior long-term profits relative to rivals. D. deals with how management plans to maximize profits while, at the same time, operating in a socially responsible manner that keeps the company's prices as low as possible.

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Flashcard Business Strategy Ch 1 Quiz | Quizlet

Which of the following

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statements about strategies is correct? A. Strategy is about competing differently from rivals and doing what competitors can't do. B. The strategic choices a company makes are seldom easy decisions and often involve difficult trade-offs. C. Every strategy needs a distinctive element that attracts customers and produces a competitive edge. D. All of these.

A company's strategy

A

__________________ A. tends to be a combination of both proactive and adaptive elements. B. is initially established by reactive moves. C. generally consists of new strategy elements that emerge as changing conditions warrant. D. is mostly emergent, but also includes deliberate elements.

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A company's business model

Flashcard Business Strategy Ch 1 Quiz | Quizlet

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___________________________ A. is management's blueprint for delivering a valuable product or service to customers in a manner that will generate ample revenues to cover costs and yield an attractive profit. B. consists of two crucial elements: (1) its customer value proposition and (2) its profit formula. C. Both A and B. D. Neither A nor B.

Which of the following are

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among the tests a winning strategy must pass? A. The performance test and the cost advantage test. B. The fit test and the performance test. C. The fit test and the profitability test. D. The competitive advantage test and the profitability test

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