Business Strategy Exam 1 questions from Connect With Answers.
What choices must managers consider when committing to a company strategy for competing
against rival companies?
Select all that apply
- how to attract customers
- how to hide the company's structural weakness
-how to respond to market conditions
- how to capitalize on growth opportunities - - how to attract customers
- how to respond to market conditions
- how to capitalize on growth opportunities
What are basic approaches in company strategy to improve chances of success in competing against
rivals?
Select all that apply
- establish a position in an uncroweded market
- soften ethical guidelines
- always aim for a low-cost strategy
- clearly differentiate a company from its rivals - - establish a position in an uncrowded market
- clearly differentiate a company from its rivals
In what ways does a competitive advantage benefit a business?
select all that apply
- smaller payroll
- larger profits
- greater success in the marketplace
- more extensive product line - - larger profits
- greater success in the marketplace
https://www.stuvia.com/
,What are the two basic ways that companies achieve competitive advantage over their business
rivals?
- deliver higher perceived value to customers
- design more effective advertisements
- appeal to a larger target market
- produce products or services at a lower cost - - deliver high perceived value to customers.
- produce products or services at a lower cost
What are three of the most reliable ways a company can distinguish itself in the marketplace, build
customer loyalty and achieve a competitive advantage?
- broad imitation strategy
-forced low-cost strategy
- low-cost provider strategy
- broad differentiation strategy - - forced low-cost strategy
- low-cost provider strategy
- broad differentiation strategy
What are some of the ways that companies typically implement a competitive strategy?
- by diversifying product lines
- by isolating the managerial staff
- by delivering superior customer service
- by focusing on quality - - by delivering superior customer service
- by focusing on quality
A sound company is essentially about ___________ in comparison to company rivals.
- carrying less debt
- competing differently
- being faster to market
- having a better trained workforce - - competing differently
https://www.stuvia.com/
,Which three companies have broad differentiation strategies that have allowed them to maintain
long-term competitive advantages?
- Johnson & johnson
- walmart
- apple
- BMW - - johnson & johnson
- apple
- BMW
When a business is more successful than its rival at attracting customers and handling competition, it
is said to have an _____________ advantage.
- long-term
-marketing
-competitive
- organizational - - competitive
What aspect of a company's operations is usually the easiest thing for competitors to duplicate?
- expertise of the company's personnel
- the company's experience
- attributes of the company's product or services
- specialized capabilities that the company has developed - - attributes of the company's products or
services
The key for a company to achieve competitive advantage is either to provide superior value to
customers or to deliver value more _________.
- efficiently
- subtly
- collaboratively
- forcefully - - efficiently
A strategy that changes in response to new market conditions and challenges is known as - An
Evolving Strategy
https://www.stuvia.com/
, What is one key characteristic of a focused low-cost strategy? - It seeks to sell to a narrow market
niche.
A typical company's strategy is often both ______, meaning that it plans ways to improve the
company's competitiveness, and ______, meaning that it responds to unforeseen market conditions.
- proactive; reactive
What choices must managers consider when committing to a company strategy for competing
against rival companies? - - how to capitalize on growth opportunities
- how to respond to market conditions
- how to attract customers
What are two characteristics of a broad differentiation strategy? - - Appealing to a wide range of
consumers
- Offering products or services that are difficult to imitate
Actions taken in response to new strategic maneuvers by rival firms or other unanticipated market
circumstances make up a company's ______ strategy. - emergent strategy
True or false: It is easier for rivals to imitate a company's product line than it is for them to duplicate
its capabilities. - True
Which strategic actions fall into the "should not do" category and are probably unethical? - - They
have a negative effect on customers, employees, and the surrounding community.
- They cause a public backlash and accusations of being irresponsible.
- They make the company look bad.
Which circumstances commonly require the modification of a company's strategy? - - technological
advances
https://www.stuvia.com/
What choices must managers consider when committing to a company strategy for competing
against rival companies?
Select all that apply
- how to attract customers
- how to hide the company's structural weakness
-how to respond to market conditions
- how to capitalize on growth opportunities - - how to attract customers
- how to respond to market conditions
- how to capitalize on growth opportunities
What are basic approaches in company strategy to improve chances of success in competing against
rivals?
Select all that apply
- establish a position in an uncroweded market
- soften ethical guidelines
- always aim for a low-cost strategy
- clearly differentiate a company from its rivals - - establish a position in an uncrowded market
- clearly differentiate a company from its rivals
In what ways does a competitive advantage benefit a business?
select all that apply
- smaller payroll
- larger profits
- greater success in the marketplace
- more extensive product line - - larger profits
- greater success in the marketplace
https://www.stuvia.com/
,What are the two basic ways that companies achieve competitive advantage over their business
rivals?
- deliver higher perceived value to customers
- design more effective advertisements
- appeal to a larger target market
- produce products or services at a lower cost - - deliver high perceived value to customers.
- produce products or services at a lower cost
What are three of the most reliable ways a company can distinguish itself in the marketplace, build
customer loyalty and achieve a competitive advantage?
- broad imitation strategy
-forced low-cost strategy
- low-cost provider strategy
- broad differentiation strategy - - forced low-cost strategy
- low-cost provider strategy
- broad differentiation strategy
What are some of the ways that companies typically implement a competitive strategy?
- by diversifying product lines
- by isolating the managerial staff
- by delivering superior customer service
- by focusing on quality - - by delivering superior customer service
- by focusing on quality
A sound company is essentially about ___________ in comparison to company rivals.
- carrying less debt
- competing differently
- being faster to market
- having a better trained workforce - - competing differently
https://www.stuvia.com/
,Which three companies have broad differentiation strategies that have allowed them to maintain
long-term competitive advantages?
- Johnson & johnson
- walmart
- apple
- BMW - - johnson & johnson
- apple
- BMW
When a business is more successful than its rival at attracting customers and handling competition, it
is said to have an _____________ advantage.
- long-term
-marketing
-competitive
- organizational - - competitive
What aspect of a company's operations is usually the easiest thing for competitors to duplicate?
- expertise of the company's personnel
- the company's experience
- attributes of the company's product or services
- specialized capabilities that the company has developed - - attributes of the company's products or
services
The key for a company to achieve competitive advantage is either to provide superior value to
customers or to deliver value more _________.
- efficiently
- subtly
- collaboratively
- forcefully - - efficiently
A strategy that changes in response to new market conditions and challenges is known as - An
Evolving Strategy
https://www.stuvia.com/
, What is one key characteristic of a focused low-cost strategy? - It seeks to sell to a narrow market
niche.
A typical company's strategy is often both ______, meaning that it plans ways to improve the
company's competitiveness, and ______, meaning that it responds to unforeseen market conditions.
- proactive; reactive
What choices must managers consider when committing to a company strategy for competing
against rival companies? - - how to capitalize on growth opportunities
- how to respond to market conditions
- how to attract customers
What are two characteristics of a broad differentiation strategy? - - Appealing to a wide range of
consumers
- Offering products or services that are difficult to imitate
Actions taken in response to new strategic maneuvers by rival firms or other unanticipated market
circumstances make up a company's ______ strategy. - emergent strategy
True or false: It is easier for rivals to imitate a company's product line than it is for them to duplicate
its capabilities. - True
Which strategic actions fall into the "should not do" category and are probably unethical? - - They
have a negative effect on customers, employees, and the surrounding community.
- They cause a public backlash and accusations of being irresponsible.
- They make the company look bad.
Which circumstances commonly require the modification of a company's strategy? - - technological
advances
https://www.stuvia.com/
