MGT 4302 CH1 SB CONNECT EXAM STUDY SET
Lennie is the founder of a start-up business that allows homeowners to rent out
their properties like hotels. In crafting his company strategy, Lennie is
particularly focused on how to distinguish his start-up from similar companies
such as AirBnB. Which of the following choices best describes Lennie's
strategic focus? - ANSWER How to position the company in the industry.
A company's strategy is most likely to be successful when it - ANSWER
A.captures consumer interest in ways that distinguish the company from its
competitors.
B. is based on doing what competitors can't or don't do.
Which two of the following are the key elements of a company's business model?
- ANSWER A. customer value proposition
B. profit formula
As part of a company's business model, the company's ______ describes the
company's plan for meeting customer needs at a price that buyers consider a
good value. - ANSWER customer value proposition
As part of a company's business model, the ______ describes the costs a
company is willing to accept in producing a good or service given the pricing
model described in the customer value proposition. - ANSWER profit formula
A company's ______ consists of the actions the company takes to use its
resources and capabilities to create superior value for customers. - ANSWER
Strategy
Mimicking a competitor's strategies by copying its products or marketing
approach is - ANSWER = one of the least effective strategies for achieving
sustained profitability.
A ______ outlines the ways in which a company will deliver a valuable product or
service to consumers while remaining profitable. - ANSWER BUSINESS MODEL
Pet Foods & Supplies Inc. sells dog and cat products directly to pet owners via a
website. In order to maximize its customer value proposition, the company must
offer valuable products along with - ANSWER low prices
Companies using a ______ strategy compete by attempting to have lower costs
than competitors. - ANSWER low-cost provider
, Pet Foods Inc. sells cat and dog products directly to pet owners via a website.
Given pricing strategy described in the customer value proposition, the firm can
increase its profits by - ANSWER lowering cost
. Which of the following are choices that managers must make in crafting their
company's strategy? - ANSWER A.How to operate each functional area of the
business
B.How to position the company in the industry
C. How to create products or services that will attract and please customers.
Banana Computers manufactures products that appeal to a wide target market,
and they remain competitive because they frequently introduce innovative new
products that are difficult for their competitors to copy. Banana is most likely
using which of the following strategies? - ANSWER Broad differentiation
In a ______ strategy, a company seeks to satisfy the needs of a narrow group of
customers by offering affordable prices on goods produced at a low cost. -
ANSWER focused low-cost provider
. A company using a ______ strategy seeks to satisfy the needs of niche
customers by offering unique and innovative product features that are not easily
copied by rivals. - ANSWER focused differentiation
Big Box Stores enjoys a competitive advantage because their competitors find it
very difficult to match Big Box's prices and remain profitable given their higher
costs. Big Box is most likely using a ______ strategy - ANSWER low-cost provider
Which of the following most accurately describes a best-cost provider strategy?
- ANSWER It is a hybrid of low-cost provider and differentiation strategies.
_______ strategy seeks to distinguish a company's product or services from
competitors in ways that will appeal to a broad spectrum of buyers. - ANSWER
broad differentiation
Francesca owns a company that produces private-label vitamins and nutritional
supplements for chain supermarkets. The consumers who typically purchase
her products are those who are willing to buy "generic" products at a lower
price than branded products. Her company is using a ______ strategy. - ANSWER
focused low-cost
Designer Handbags Inc. manufactures and sells fine leather handbags with
price tags ranging from $5,000 to $10,000. Their target market is affluent
women who want a prestigious brand name. Designer Handbags is competing
based on which of the following strategies? - ANSWER focused differentiation
Lennie is the founder of a start-up business that allows homeowners to rent out
their properties like hotels. In crafting his company strategy, Lennie is
particularly focused on how to distinguish his start-up from similar companies
such as AirBnB. Which of the following choices best describes Lennie's
strategic focus? - ANSWER How to position the company in the industry.
A company's strategy is most likely to be successful when it - ANSWER
A.captures consumer interest in ways that distinguish the company from its
competitors.
B. is based on doing what competitors can't or don't do.
Which two of the following are the key elements of a company's business model?
- ANSWER A. customer value proposition
B. profit formula
As part of a company's business model, the company's ______ describes the
company's plan for meeting customer needs at a price that buyers consider a
good value. - ANSWER customer value proposition
As part of a company's business model, the ______ describes the costs a
company is willing to accept in producing a good or service given the pricing
model described in the customer value proposition. - ANSWER profit formula
A company's ______ consists of the actions the company takes to use its
resources and capabilities to create superior value for customers. - ANSWER
Strategy
Mimicking a competitor's strategies by copying its products or marketing
approach is - ANSWER = one of the least effective strategies for achieving
sustained profitability.
A ______ outlines the ways in which a company will deliver a valuable product or
service to consumers while remaining profitable. - ANSWER BUSINESS MODEL
Pet Foods & Supplies Inc. sells dog and cat products directly to pet owners via a
website. In order to maximize its customer value proposition, the company must
offer valuable products along with - ANSWER low prices
Companies using a ______ strategy compete by attempting to have lower costs
than competitors. - ANSWER low-cost provider
, Pet Foods Inc. sells cat and dog products directly to pet owners via a website.
Given pricing strategy described in the customer value proposition, the firm can
increase its profits by - ANSWER lowering cost
. Which of the following are choices that managers must make in crafting their
company's strategy? - ANSWER A.How to operate each functional area of the
business
B.How to position the company in the industry
C. How to create products or services that will attract and please customers.
Banana Computers manufactures products that appeal to a wide target market,
and they remain competitive because they frequently introduce innovative new
products that are difficult for their competitors to copy. Banana is most likely
using which of the following strategies? - ANSWER Broad differentiation
In a ______ strategy, a company seeks to satisfy the needs of a narrow group of
customers by offering affordable prices on goods produced at a low cost. -
ANSWER focused low-cost provider
. A company using a ______ strategy seeks to satisfy the needs of niche
customers by offering unique and innovative product features that are not easily
copied by rivals. - ANSWER focused differentiation
Big Box Stores enjoys a competitive advantage because their competitors find it
very difficult to match Big Box's prices and remain profitable given their higher
costs. Big Box is most likely using a ______ strategy - ANSWER low-cost provider
Which of the following most accurately describes a best-cost provider strategy?
- ANSWER It is a hybrid of low-cost provider and differentiation strategies.
_______ strategy seeks to distinguish a company's product or services from
competitors in ways that will appeal to a broad spectrum of buyers. - ANSWER
broad differentiation
Francesca owns a company that produces private-label vitamins and nutritional
supplements for chain supermarkets. The consumers who typically purchase
her products are those who are willing to buy "generic" products at a lower
price than branded products. Her company is using a ______ strategy. - ANSWER
focused low-cost
Designer Handbags Inc. manufactures and sells fine leather handbags with
price tags ranging from $5,000 to $10,000. Their target market is affluent
women who want a prestigious brand name. Designer Handbags is competing
based on which of the following strategies? - ANSWER focused differentiation
