MGT 4002 EXAM 2 STUDY GUIDE QUESTIONS COMPLETE
WITH 100% CORRECT ANSWERS
\.A ________ primarily details the goal-directed actions managers take
in their quest for competitive advantage when competing in a single
product market. - ANSWERS-business-level strategy
\.Which of the following is a firm effect that has an impact on the
competitive advantage of a firm? - ANSWERS-the value and the cost
position of the firm relative to its competitors
\.When a firm makes choices between a cost or value position to
achieve competitive advantage, it is primarily involved in - ANSWERS-
strategic trade-offs.
\.Beach Grub is a chain of "fast casual" restaurants that sells its menu
items at higher prices than its competitors. Yet, the restaurant has a
large customer base due to its wide product portfolio and superior
customer service. Which of the following generic business strategies
has Beach Grub adopted in this scenario? - ANSWERS-differentiation
\.Thomas is the owner of a landscaping company that caters to a very
wealthy clientele. His company has struggled to differentiate itself from
, the other high-end landscapers in the area, but because he has hired
several expensive but highly-qualified team members, Thomas is unable
to shift to a cost leadership strategy. Which strategy is most likely to
achieve a competitive advantage? - ANSWERS-Narrow the scope of
competition and focus on unique features such as the use of organic
materials.
\.Airbase is a consumer electronics company known for its affordable
mobile devices that follows a cost-leadership strategy. In this scenario,
Airbase should ideally compare its strategic position with - ANSWERS-a
consumer electronics company popular among price-conscious
customers.
\.Swan Song is a spa that caters to the needs of a small percentage of
highly health-conscious consumers. It offers state-of-the-art treatments
in a luxurious setting. Since there are very few spas that offer the same
unique services, customers are willing to pay a premium price for its
products and services. In this scenario, Swan Song is following a -
ANSWERS-focused differentiation strategy.
\.When a differentiator charges a similar price as its competitors in the
same strategic group but offers more perceived value, it - ANSWERS-
gains market share from other firms.
WITH 100% CORRECT ANSWERS
\.A ________ primarily details the goal-directed actions managers take
in their quest for competitive advantage when competing in a single
product market. - ANSWERS-business-level strategy
\.Which of the following is a firm effect that has an impact on the
competitive advantage of a firm? - ANSWERS-the value and the cost
position of the firm relative to its competitors
\.When a firm makes choices between a cost or value position to
achieve competitive advantage, it is primarily involved in - ANSWERS-
strategic trade-offs.
\.Beach Grub is a chain of "fast casual" restaurants that sells its menu
items at higher prices than its competitors. Yet, the restaurant has a
large customer base due to its wide product portfolio and superior
customer service. Which of the following generic business strategies
has Beach Grub adopted in this scenario? - ANSWERS-differentiation
\.Thomas is the owner of a landscaping company that caters to a very
wealthy clientele. His company has struggled to differentiate itself from
, the other high-end landscapers in the area, but because he has hired
several expensive but highly-qualified team members, Thomas is unable
to shift to a cost leadership strategy. Which strategy is most likely to
achieve a competitive advantage? - ANSWERS-Narrow the scope of
competition and focus on unique features such as the use of organic
materials.
\.Airbase is a consumer electronics company known for its affordable
mobile devices that follows a cost-leadership strategy. In this scenario,
Airbase should ideally compare its strategic position with - ANSWERS-a
consumer electronics company popular among price-conscious
customers.
\.Swan Song is a spa that caters to the needs of a small percentage of
highly health-conscious consumers. It offers state-of-the-art treatments
in a luxurious setting. Since there are very few spas that offer the same
unique services, customers are willing to pay a premium price for its
products and services. In this scenario, Swan Song is following a -
ANSWERS-focused differentiation strategy.
\.When a differentiator charges a similar price as its competitors in the
same strategic group but offers more perceived value, it - ANSWERS-
gains market share from other firms.
