MGT 498 Strategic Management Week 5 Questions
And Answers Latest Solutions
Which of the following are business strategies JetBlue pursued in order to gain a competitive advantage?
ANS✅ differentiation and cost-leadership
A Blank______ outlines the steps a manager will take to achieve competitive advantage in a single product
market. ANS✅ business-level strategy
The perceived value that a company creates for consumers less the company's costs to create the value equals
Blank______. ANS✅ the economic value created
Which type of strategy is being used if a company offers a product at a lower cost than its competitors?
ANS✅ cost-leadership strategy
A manufacturer of electronic components can use its manufacturing machines to produce many different
components such as semiconductors, sensors, and capacitors. In this case, the firm benefits from an economy
of _______, reducing overall production costs by finding multiple uses for its components and facilities.
ANS✅ scope
The most significant challenge JetBlue faced in implementing its business strategy was Blank______. ANS✅
reconciling the trade-offs between cutting costs and providing superior service
Two important features that managers can adjust in an effort to improve the firm's strategic position are
Blank______. ANS✅ product features and customer service
Business-level strategy addresses which overarching question? ANS✅ How should we compete?
Unique features and attributes that differentiate a product from competitors' offerings allow the firm to
Blank______. ANS✅ charge premium pricing
Select all that apply
Which two of the following variables can managers primarily manipulate in order to answer the question,
"How should we compete?" ANS✅ cost
, value
The Ritz-Carlton provides a personalized customer experience based on sophisticated analysis of data gathered
about each guest. This focus on Blank______ allows the hotel to increase its perceived value. ANS✅
customer service
A Blank______ strategy aims to create higher value for customers by offering products with unique features
but a similar level of costs to those of competing products. ANS✅ differentiation
Bundling of products and services that are consumed in tandem to create value is an example of Blank______.
ANS✅ complements
Economies of Blank______ are the savings that come from producing two or more different outputs at a lower
cost than producing each output individually. ANS✅ scope
Select all that apply
What are the three most important value drivers that managers can use to create a competitive advantage?
ANS✅ complements
customer service
product features
True or false: A company that achieves differentiation parity at a lower cost has implemented a successful
cost-leadership strategy. ANS✅ True
Which capability is required to create superior product features? ANS✅ R&D
An auto manufacturer that has access to cheaper labor and raw materials than its rivals will have a competitive
advantage regarding lower cost of Blank______ factors. ANS✅ input
Select all that apply
And Answers Latest Solutions
Which of the following are business strategies JetBlue pursued in order to gain a competitive advantage?
ANS✅ differentiation and cost-leadership
A Blank______ outlines the steps a manager will take to achieve competitive advantage in a single product
market. ANS✅ business-level strategy
The perceived value that a company creates for consumers less the company's costs to create the value equals
Blank______. ANS✅ the economic value created
Which type of strategy is being used if a company offers a product at a lower cost than its competitors?
ANS✅ cost-leadership strategy
A manufacturer of electronic components can use its manufacturing machines to produce many different
components such as semiconductors, sensors, and capacitors. In this case, the firm benefits from an economy
of _______, reducing overall production costs by finding multiple uses for its components and facilities.
ANS✅ scope
The most significant challenge JetBlue faced in implementing its business strategy was Blank______. ANS✅
reconciling the trade-offs between cutting costs and providing superior service
Two important features that managers can adjust in an effort to improve the firm's strategic position are
Blank______. ANS✅ product features and customer service
Business-level strategy addresses which overarching question? ANS✅ How should we compete?
Unique features and attributes that differentiate a product from competitors' offerings allow the firm to
Blank______. ANS✅ charge premium pricing
Select all that apply
Which two of the following variables can managers primarily manipulate in order to answer the question,
"How should we compete?" ANS✅ cost
, value
The Ritz-Carlton provides a personalized customer experience based on sophisticated analysis of data gathered
about each guest. This focus on Blank______ allows the hotel to increase its perceived value. ANS✅
customer service
A Blank______ strategy aims to create higher value for customers by offering products with unique features
but a similar level of costs to those of competing products. ANS✅ differentiation
Bundling of products and services that are consumed in tandem to create value is an example of Blank______.
ANS✅ complements
Economies of Blank______ are the savings that come from producing two or more different outputs at a lower
cost than producing each output individually. ANS✅ scope
Select all that apply
What are the three most important value drivers that managers can use to create a competitive advantage?
ANS✅ complements
customer service
product features
True or false: A company that achieves differentiation parity at a lower cost has implemented a successful
cost-leadership strategy. ANS✅ True
Which capability is required to create superior product features? ANS✅ R&D
An auto manufacturer that has access to cheaper labor and raw materials than its rivals will have a competitive
advantage regarding lower cost of Blank______ factors. ANS✅ input
Select all that apply
