strategic mgmt Exam Questions with Correct
Answers
Save
Terms in this set (94)
A ________ is a course of strategy
action that managers take
in the effort to attain For business, superior performance is demonstrated
SUPERIOR through above average PROFITABILITY, as compared
PERFORMANCE. to others in the same industry.
________ is typically Profitability
measured using after tax
return on invested capital
,Strategy is about choosing
how to compete:
How to create products or
services that attract and
please customers.
How to position the
company in the industry.
How to develop and
deploy resources to build
valuable competitive
capabilities.
How each functional piece
of the business (R&D,
supply chain activities,
production, sales and
marketing, distribution,
finance, and human
resources) will be
operated.
How to achieve the firm's
performance targets
The _________ that an strategies
organization's managers
pursue have a major
impact on its performance
relative to its peers.
When a firm's profitability competitive advantage
is greater than the average
profitability for all firms in
its industry, it has a _______
_______ over its rivals
,_______ ________ Capabilities Competitively Valuable
cannot be easily bested,
matched, or imitated by
rivals.
represent superior know-
how and specialized
abilities that require time
to fully develop and
perfect.
result in a sustainable
competitive advantage
over rivals.
*The Importance of
Capabilities in Building
and Sustaining
Competitive Advantage
A ____-____ ______ strategy— low-cost provider
achieving a cost-based
advantage over rivals.
A _____ ______ strategy— broad differentiation
seeking to differentiate
products or services from
rivals' in ways that will
appeal to a broad
spectrum of buyers.
A _______ ____-____ strategy— focused low-cost
concentrating on a narrow
buyer segment (or market
niche) and outcompeting
rivals by having lower
costs than rivals and thus
being able to serve niche
members at a lower price.
, A _____ _____ strategy— focused differentiation
concentrating on a narrow
buyer segment (or market
niche) and outcompeting
rivals by offering niche
members customized
attributes that meet their
tastes and requirements
better than rivals'
products.
A ____-____ provider strategy best-cost
— a low cost-
differentiation hybrid
giving customers more
value for the money by
satisfying buyers'
expectations on key
quality/features/
performance/service
attributes, while beating
their price expectations.
A company's _____ _____ sets business model
forth how its strategy and
operating approaches will
create value for
customers, while at the
same time generate ample
revenues to cover costs
and realize a profit.
The two elements of a customer value proposition
company's business model profit formula
are its (1) ______ _____ _______
and (2) its ______ ______
Answers
Save
Terms in this set (94)
A ________ is a course of strategy
action that managers take
in the effort to attain For business, superior performance is demonstrated
SUPERIOR through above average PROFITABILITY, as compared
PERFORMANCE. to others in the same industry.
________ is typically Profitability
measured using after tax
return on invested capital
,Strategy is about choosing
how to compete:
How to create products or
services that attract and
please customers.
How to position the
company in the industry.
How to develop and
deploy resources to build
valuable competitive
capabilities.
How each functional piece
of the business (R&D,
supply chain activities,
production, sales and
marketing, distribution,
finance, and human
resources) will be
operated.
How to achieve the firm's
performance targets
The _________ that an strategies
organization's managers
pursue have a major
impact on its performance
relative to its peers.
When a firm's profitability competitive advantage
is greater than the average
profitability for all firms in
its industry, it has a _______
_______ over its rivals
,_______ ________ Capabilities Competitively Valuable
cannot be easily bested,
matched, or imitated by
rivals.
represent superior know-
how and specialized
abilities that require time
to fully develop and
perfect.
result in a sustainable
competitive advantage
over rivals.
*The Importance of
Capabilities in Building
and Sustaining
Competitive Advantage
A ____-____ ______ strategy— low-cost provider
achieving a cost-based
advantage over rivals.
A _____ ______ strategy— broad differentiation
seeking to differentiate
products or services from
rivals' in ways that will
appeal to a broad
spectrum of buyers.
A _______ ____-____ strategy— focused low-cost
concentrating on a narrow
buyer segment (or market
niche) and outcompeting
rivals by having lower
costs than rivals and thus
being able to serve niche
members at a lower price.
, A _____ _____ strategy— focused differentiation
concentrating on a narrow
buyer segment (or market
niche) and outcompeting
rivals by offering niche
members customized
attributes that meet their
tastes and requirements
better than rivals'
products.
A ____-____ provider strategy best-cost
— a low cost-
differentiation hybrid
giving customers more
value for the money by
satisfying buyers'
expectations on key
quality/features/
performance/service
attributes, while beating
their price expectations.
A company's _____ _____ sets business model
forth how its strategy and
operating approaches will
create value for
customers, while at the
same time generate ample
revenues to cover costs
and realize a profit.
The two elements of a customer value proposition
company's business model profit formula
are its (1) ______ _____ _______
and (2) its ______ ______
