Chapter 01 What Is Strategy

Chapter 01_What Is Strategy and Why Is It Important?

Student: ___________________________________________________________________________

1.

Which of the following is NOT one of the managerial considerations in determining how to compete successfully? A. How can a company attract, keep, and please customers? B. How can the company modify its entire product line to emphasize their internal service attributes? C. How should the company respond to changing economic and market conditions? D. How should the company be competitive against rivals? E. How should the company position itself in the marketplace? A company's strategy concerns: A. the market focus and plans for offering a more appealing product than rivals. B. how it plans to make money in its chosen business. C. management's action plan for outperforming competitors and achieving superior profitability. D. the long-term direction that management believes the company should pursue. E. whether it is employing an aggressive offense to gain market share or a conservative defense to protect its market position. A company's strategy consists of the action plan management is taking to: A grow the business, stake out a market position, attract and please customers, compete successfully, . conduct operations, and achieve performance objectives. B. compete against rivals and establish a sustainable competitive advantage. C. make its product offering more distinctive and appealing to buyers. D. develop a more appealing business model than rivals. E. identify its strategic vision, its strategic objectives, and its strategic intent. The competitive moves and business approaches a company's management is using to grow the business, stake out a market position, attract and please customers, compete successfully, conduct operations, and achieve organizational objectives is referred to as its: A. strategy. B. mission statement. C. strategic intent. D. business model. E. strategic vision. The objectives of a well-crafted...