Business Strategy

BUSINESS STRATEGY OBJECTIVES

1.A company's competitive strategy deals with

A. Management's game plan for competing successfully—the specific efforts to please customers, offensive and defensive moves to counter the maneuvers of rivals, the reactions and responses to whatever market conditions prevail at the moment and the initiatives undertaken to improve the company's market position

B. What its strategy will be in such functional areas as R&D, production, sales and marketing, distribution, finance and accounting and so on

C. Its efforts to change its position on the industry's strategic group map | |

2. The objective of competitive strategy is to

A. Contend successfully with the industry's 5 competitive forces

B. Knock the socks off rival companies by doing a better job of satisfying buyer needs and preferences

C. Get the company into the best strategic group and then dominate it | |

3. A company achieves competitive advantage whenever

A. It is the acknowledged market share leader

B. It is the industry's acknowledged technology leader

C. It has greater financial resources than its rivals

D. It has a well-known and well-regarded brand name, prefers offensive strategies to defensive strategies and has a strong balance sheet

E. It has some type of edge over rivals in attracting customers and coping with competitive forces | |

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4. While there are many routes to competitive advantage, they all involve

A. Building a brand name image that buyers trust

B. Delivering superior value to buyers and building competencies and resource strengths in performing value chain activities that rivals cannot readily match

C. Achieving lower costs than rivals and becoming the industry's sales and market share leader | |

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6. The biggest and most important differences among the competitive strategies of different companies boil down to

A. How they go about building a brand name image that buyers trust and whether they are a risk-taker or risk-avoider

B. The...