SMGT 2256- CHAPTER 1 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+||BRAND NEW
What does Strategy mean? Ans✓✓✓is a set of coordinated actions that
its managers take in order to outperform the company's competitors and
achieve superior profitability.
What does Strategy require? Ans✓✓✓How to position the company in
the marketplace
How to attract customers
How to compete against rivals
How to achieve the company's performance targets
How to capitalize on opportunities to grow the business
How to respond to changing economic and market conditions
A strategy stands a better chance of succeeding when.. Ans✓✓✓its
predicated on actions, business approaches, and competitive moves
aimed at 1) appealing to buyers in ways that set a company apart from
its rivals and 2) staking out a market position that is not crowded with
strong competitors.
competitive advantage Ans✓✓✓whenever it has some types of edge
over rivals in attracting buyers and coping with competitive forces.
competitive advantage is essential Ans✓✓✓for realizing greater
marketplace success and higher profitability over the long term.
, The pattern of actions that define a company's strategy Ans✓✓✓Actions
to strengthen the firm's bargaining position with suppliers, distributors,
and others
Actions to gain market share via more performance features, better
design, quality or customer service, wider product selection, or other
such actions
Actions to gain increased market share or profitability via lower costs
Actions to enter new product or geographic markets or to exit exisiting
ones
Actions to capture emerging market opportunities and defend against
external threats to the company's business prospects
Actions to strengthen market standing and reputation through corporate
responsibility and environmental sustainability programs
Actions to strengthen corporate culture, motivate employees, and create
a productive working environment
Actions to strengthen competitiveness via strategic alliances, and
collaborative partnerships, mergers, or acquisitions.
Actions and approaches used in managing R&D, production, sales and
marketing, finance, and other key activities
Actions to upgrade, build, or acquire competitively important resources
and capabilities
What makes a competitive advantage sustainable? Ans✓✓✓a company's
products or services over those of competitors- reasons that competitors
are unable to nullify, duplicate, or overcome despite their best efforts.
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+||BRAND NEW
What does Strategy mean? Ans✓✓✓is a set of coordinated actions that
its managers take in order to outperform the company's competitors and
achieve superior profitability.
What does Strategy require? Ans✓✓✓How to position the company in
the marketplace
How to attract customers
How to compete against rivals
How to achieve the company's performance targets
How to capitalize on opportunities to grow the business
How to respond to changing economic and market conditions
A strategy stands a better chance of succeeding when.. Ans✓✓✓its
predicated on actions, business approaches, and competitive moves
aimed at 1) appealing to buyers in ways that set a company apart from
its rivals and 2) staking out a market position that is not crowded with
strong competitors.
competitive advantage Ans✓✓✓whenever it has some types of edge
over rivals in attracting buyers and coping with competitive forces.
competitive advantage is essential Ans✓✓✓for realizing greater
marketplace success and higher profitability over the long term.
, The pattern of actions that define a company's strategy Ans✓✓✓Actions
to strengthen the firm's bargaining position with suppliers, distributors,
and others
Actions to gain market share via more performance features, better
design, quality or customer service, wider product selection, or other
such actions
Actions to gain increased market share or profitability via lower costs
Actions to enter new product or geographic markets or to exit exisiting
ones
Actions to capture emerging market opportunities and defend against
external threats to the company's business prospects
Actions to strengthen market standing and reputation through corporate
responsibility and environmental sustainability programs
Actions to strengthen corporate culture, motivate employees, and create
a productive working environment
Actions to strengthen competitiveness via strategic alliances, and
collaborative partnerships, mergers, or acquisitions.
Actions and approaches used in managing R&D, production, sales and
marketing, finance, and other key activities
Actions to upgrade, build, or acquire competitively important resources
and capabilities
What makes a competitive advantage sustainable? Ans✓✓✓a company's
products or services over those of competitors- reasons that competitors
are unable to nullify, duplicate, or overcome despite their best efforts.
