MGMT 5560 CHAPTER QUIZZES QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026

MGMT 5560 CHAPTER QUIZZES QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 a company's strategy and it's quest for competitive advantage are tightly connected because - Answers a company is almost certain to earn significantly higher profits when it enjoys a competitive advantage as opposed to when it competes with no advantage or is hamstrung by competitive disadvantage a company's strategy is defined by - Answers the specific market positioning, competitive moves, and business approaches that form management's answer to "what's our plan for running the company and producing good results?" the reputational and financial damages that unethical strategies and behavior can do to a company - Answers is substantial; consequently, there are good reasons for a company and its personnel to avoid unethical strategic actions and behavior a company achieves competitive advantage when - Answers it has some type of edge over rivals in attracting buyers and coping with competitive forces which of the following is not one of the reasons that a company's strategy evolves over time? - Answers the need on the part of the company's managers to make regular strategy adjustments so as to keep rivals of balance and always guessing about what moves it will make next good strategy and good strategy execution - Answers are the most telling and trustworthy signs of good management the profit proposition and profit formula portion of a company's business model concerns - Answers its business approach to generating sufficiently large revenues and controlling the costs of its customer value proposition, such that the company will simultaneously be able to deliver the intended value to customers and deliver appealing profits to shareholders which of the following statements about a company's strategy is true? - Answers a company's strategy is typically a blend of proactive and reactive strategy elements a company's strategy can be considered "ethical"? - Answers if it does not entail actions or behaviors that cross the moral line from "can do" to "should not do" (because such actions are unsavory, unconscionable, injurious to others, or unnecessarily harmful to the environment). a portion of a company's strategy is always developed on the fly because - Answers managers must always be willing to supplement or modify various proactive strategy elements with as needed reactions to unanticipated happenings in the surrounding environment a winning strategy is one that - Answers fits the company's internal and external situation, builds sustainable competitive advantage, and improves company performance. The two crucial elements of a company's business model are - Answers it's customers value proposition and its "profit formula" based on figure 1.1, which of the following is not something to look for in identifying a company's strategy - Answers actions to raise or lower the company's performance targets and actions to play down the company's long term debt in crafting a company's strategy, - Answers managers need to come up with some distinctive "aha" element to the strategy that draws in customers and produces a competitive edge over rivals. the difference between a company's strategy and a company's business model is that - Answers its strategy is defined by the specific market positioning, competitive moves, and business approaches management employs to try to produce good business results while its business model relates to management's blueprint for delivering a valuable product or service to customers in a manner that will generate revenues sufficient to cover costs and yield an attractive approach which of the following statements about a company's strategy is false? - Answers a company's strategy is deliberately kept under wraps by top-level managers so as to catch rival companies by surprise and keep them off-balance a company's strategy evolves from one version to the next - Answers as mangers abandon obsolete or ineffective strategy elements, settle upon a set of proactive strategy elements, and then as new circumstances unfold make adaptive strategic adjustments, which gives rise to reactive strategy elements which one of the following statements about whether a company's strategy can be considered ethical is true? - Answers just keeping a company's strategic actions within the bounds of what is legal does not mean the strategy is ethical In crafting a strategy, management is in effect saying - Answers "among all the many different business approaches and ways of competing we could have chosen, we have decided to employ this particular combination of competitive and operating approaches in moving the company in the intended direction, strengthening its market position and competitiveness, and boosting performance." there are many routes to competitive advantage, but they all involve - Answers providing buyers with what they perceive as superior value compared to the offerings of rival sellers In choosing among strategy alternatives, company managers - Answers are well-advised to embrace strategic actions that can pass the test of moral scrutiny- it is not enough to just stay within the bounds of what is legal and is in compliance with prevailing government regulations Which of the following is a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage? - Answers outcompeting rivals by having the most unique and economically product offering of any firm in their industry changing company's circumstances and ongoing managerial efforts to improve the strategy - Answers account for why a company's strategy evolves over time and why the task of crafting a company's strategy is a work in progress, not a one time event The primary roles/obligations of a company's board of directors in the strategy-making, strategy-executing process include - Answers critically appraising the company's direction, strategy, and business approaches and evaluating the caliber of senior strategy-making and strategy-executing skills a "balanced scorecard" that includes both strategic and financial performance targets - Answers helps managers avoid the mistake of focusing only on financial performance measures and overlooking the fact that the surest path to boosting company profitability quarter after quarter corporate strategy for a diversified or multi-business enterprise - Answers concerns strategy initiatives to establish business positions in different industries, whether to hold or divest existing businesses, strategic actions to boost the combines performances of the set of businesses a company's strategic plan consists of - Answers a vision of where it is headed, a set of performance targets, and a strategy to achieve them which of the following is the best example of a well-stated financial objective? - Answers increased total profits by 10% annually the managerial objective of setting purposes - Answers convert the strategic vision and mission into specific performance targets- the results and outcomes management wants to achieve; objectives function as yardstick for measuring how well the company is doing. which of the following is the best example of a well-stated strategic objective? - Answers reduce production costs per unit by 10% within 12 months which of the following statements is not among the benefits of effectively communicating management's strategic vision to all company personnel? - Answers a sound, well-communicated company vision greatly simplifies the top executive task of setting stretch strategic and financial objectives, developing a strategic intent, and crafting a balanced which of the following are characteristics of an effectively-worded strategic vision statement - Answers feasible, memorable, makes good business sense, and has some wiggle room a company with strategic intent is one that - Answers concentrates the full force of its resources and competitive actions on achieving an ambitious strategic outcome. in a diversified or multi-business company has diversified into, and functional and operating strategies within each business - Answers corporate strategy, a business strategy for each business the company has diversified into, and operating strategies A company's values or core values concern: - Answers the beliefs, traits, and behavioral norms that company personnel are expected to display in conducting the company's business and pursuing its strategic vision and mission which of the following statements about managing the task of implementing executing strategy is false? - Answers management's handling of the strategy implementation and execution process can be considered successful which of the following are part of the strategy-making, strategy-executing process shown in figure 2.1? - Answers setting objectives and using them as yardsticks for measuring the company's performance and tracking its progress in achieving the attentive the primary role of functional area strategies - Answers add relevant details to the hows of a company's overall business strategy by specifying what actions, approaches, and practices will be employed which one of the following factors is not an important consideration in deciding whether the outlook of the industry presents the company with good prospects for attractive profitability? - Answers whether statistical analysis indicates that long-term industry profitability is trending up or down An industry's key success factors - Answers are the particular strategy elements, product attributes, resource strength, competitive capabilities, and market achievement Whether supplier bargaining power represents a strong or weak source of competitive pressure is affected by - Answers whether the item being supplied is a standard item, or instead, whether certain suppliers provide a differentiated input that enhances the performance or quality of the industry's product which one of the following is not a useful question for company managers to pose in trying to predict the likely questions of important rivals? - Answers which competitors are in the best strategic group in the industry? in which of the following circumstances are competitive pressures associated with the bargaining power of buys not relatively strong? - Answers when buyer demand is growing rapidly and sellers products are strongly differentiated Based on Figure 3.4, which of the following is not a typical competitive weapon that a company can use to battle rivals and attract buyers? - Answers charging whatever price the industry leader is charging Potential entrants are more likely to be deterred from actually entering an industry when - Answers industry incumbents are willing and able to launch strong defensive maneuvers to maintain their positions and make it harder for a newcomer to compete successfully and profitably which of the following are most unlikely to qualify as driving forces? - Answers mounting competition from substitutes, increasing efforts on the part of the industry members to collaborate with suppliers, and the speed with which the number of industry key success factors is either rising or falling As a rule, the stronger the collective impact of the five competitive forces, - Answers the lower the combined profitability of industry participants