MNGT 475 Chapter quizzes – Flashcards

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A winning strategy is one that
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Helps the company achieve
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the two crucial elements of a company's business model are
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its customer value proposition and its profit proposition or "profit formula"
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The difference between a company's business model and a company's strategy is that
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Its business model relates to management' blueprint for delivering a valuable product
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For a company's strategy to qualify as "ethical", it is important
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for the strategy not to entail actions or behaviors
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In crafting a strategy, management is in effect saying
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"among all the many different business approaches and ways of competing we could have chosen"
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Good strategy combined with good strategy exectution
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are strongly correlated with how well the company performs both financially and in the marketplace
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A company's strategy evolves from one version to the next
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as managers abonden obsolete or ineffective strategy elements, settle upon a set of proactive strategy elements
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The customer value proposition portion of a company's business model concerns
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the company's approach to satisfying buy needs and requirements at a price they
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Based on Figure 1.1, which of the following is not something to look for in identifying a company's strategy?
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Actions to raise or lower the company's performance targets and actions to pay down the company's long-term debt
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A company's strategy
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represents managerial commitment to undertake one set of actions rather than another in an effort to compete successfully and achieve good performance
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crafting an ethical strategy requires that managers
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carefully and conscientiously consider whether each proposed strategy element can pass the test
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Which of the following statement about a company's strategy is false?
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a company's strategy is deliberately kept under wraps by top level managers so as to catch rival companies by surprise and keep them off balance
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Which of the following is not one of the reasons that a company's strategy evolves over time?
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the need on the part of company managers to make regular strategy adjustments so
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A company achieves sustainable competitive advantage when
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An attractive number of buyers are drawn to purchase
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What makes a competitive advantage sustainable or durable as opposed to temporary is
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actions or elements in the strategy that causes an attractive number of buyers to have lasting reasons to purchase a company's products or services
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The difference between a company's mission statement and the concept of a strategic vision is that
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the strategic vision portrays a company's future direction
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which of the following is not among the principal managerial tasks associated with implementing and executing a company's strategy?
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Pushing employees to work hard, do their very best, and meet or beat
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Masterful strategies come from
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doing things differently from competitors where is counts
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The primary role/obligations of a company's board of directors in the strategy-making, strategy-executing process include
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critically appraising the company's direction, strategy, and business approaches and
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Managerial jobs with strategy-making responsibiliy
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typically extend throughout the managerial ranks
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Business strategy, as distinct from corporate strategy, is
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focused on forging actions and approaches to compete successfully and perform well in one specific line of business
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Which of the following are key tasks in the strategy-making, strategy-executing process?
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Developing a strategic vision, mission, and core values; setting objectives; and crafting a strategy
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A company's strategic vision
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delineates management's aspirations for the business, providing a panoramic view of "where we are going"
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Effectively communicating the strategic vision to company personnel is important because
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if company personnel do not understand or accept the rationale for heading in the direction top
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A company exhibits strategic intent when
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it relentlessly pursues an ambitious strategic objective, concentrating the full force of its resources and competitive actions on achieving that objective
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operating strategies concern
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the relatively narrow strategic initiatives and approaches for managing key operating units
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a company's strategic plan
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lays out its future direction
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a company's overall strategy
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is really a collection of strategic initiatives
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which one of the following questions is not something company managers should consider in thinking strategically about their company's directional path and developing a strategic vision?
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what business approaches and
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A set of "stretch" financial and strategic objectives
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helps a company avoid ho-hum results
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Which of the following is the best example of a well-stated strategic objective?
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Within 2 years, achieve costs per unit
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which of the following are characteristics of an effectively-worded strategic vision statement?
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Graphic, forward-looking and directional, and focused
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A company that pursues and achieves strategic objectives
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is frequently better able to improve its future financial performance
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Using the five-forces model of competition to determine what competition is like in a given industry involves
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building the picture of comp
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Based on figure 3.4, which of the following is not a typcial competitive weapon that a company can use to battle rivals and attract buyers?
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Constructing the biggest production
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The rivalry among competing sellers tend to be more intense when
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industry members have too much inventory or significant amounts
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competitive pressures stemming from the threat of entry are stronger when
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the pool of entry candidates is large
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Whether buyer bargaining power poses a strong or weak source of competitive pressure on industry members depends in part on
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the price sensititvity
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in which of the following instances are industry memebers subject to stronger competitive pressures from substitute products?
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when substitutes are readily available
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Which of the following is generally not considered as a barrier to entry
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Rapid market growth and weakly differentiated product offerings on the part of
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In evaluating whether potential entry is strong or weak competitive force, it is important for company managers to consider
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whether entry barriers are high or low, the size of the pool
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Whether supplier bargaining power represents a strong or weak source of competitive pressure is affected by
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whether the item being supplied is a standard item
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In mapping the positions of strategic groups in an industry
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the best variables to use as axes are those
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Evaluating whether the outlook for an industry presents a company with good prospects for attractive profitability and growhth usually does not involve a consideration of which of the following factors
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whether the industry's product is strongly or weakly diff
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As a rule, the weaker the collective impact of competitive pressures associated with the five competitive forces
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the easier it is for industry members
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The key success factors in an industry
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are those competitive factors that most affect members'
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Industry conditions change
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because forces in the industry environment are enticing
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Which of the following is not a major question to ask in gaining deep understanding about a company's industry and competitive environment?
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How big is the market for the industry's pro
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While doing the necessary detective work can be tedious
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enabling to prepare effective
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potential entrants are more likely to be deterred
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industry incumbents
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Factors that weaken the rivalry among competing sellers include
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rapid growth in buyer demand, high buyer costs to switch
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Which of the following is not a factor to be considered in the five-forces model of competition?
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competitive pressures created by shifting industry key
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two useful tools for determining whether a company's customer value proposition, prices, and costs are competitive are
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value chain analysis and be
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the value of doing a weighted comp
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learn how the company ranks rel
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the best example of a company strength is
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having proven technological e
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a potent tool for learning which companies are best at
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benchmarking
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in table 4.2, which one of the following is not an example of a potential
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a product offering that is not
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calculated weighted competitive strength scores for a company and comparing them against the
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helps a company decide what
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in table 4.2, which of the following is not an example of a potential external threat to a com
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the company's lack of well-known
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To build a competitive advantage by "out-managing" rivals
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beat rivals in performing value chain
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which of the following statements about company value chains is false?
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the activites that comprise a
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Which one of the following is not a part of determining whether a company's prices and costs are competitve?
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Resource value analysis
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Which of the following is not accurate as concerns the task of identifying the strategic issues and problems that merit front-burner mangerial attention?
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identifying the strategic issues and problems that the company faces
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the three best indicatiors of how well a company's present strategy is working are whether
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the company is achieving its stated financial
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in table 4.2, which one of the following is not an example of a potential market opportunity
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a situation where several of the company's weakest
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when a company performs an activity quite well
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a core competence in performing
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the two most important parts of SWOT analysis are
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(1) drawing conclusions from the four SWOT lists about the company's overall situation (2) translating
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Which of the following is not a means of lowering the otherwise high costs of internally performed value chain activities?
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Implementing an activity- based cot accounting system
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which one of the following is not part of conducting a SWOT analysis?
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determining whether the company's resource strengths are app
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In a weighted competitive strength assessment
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1
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The competitive power of a company resource strength or competitive capability does not hinge
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whether the strength or capability represents a distinctive competence
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Which of the following is not a component of evaluating a company's resource capabilities, relative position,
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scanning the environment to determine which company resource strength
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broad differentiation strategies are well
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there are many ways to
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Which of the following is not one of the ways that a company can achieve a
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improving product design and production
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Which of the following statements about a best-cost provider strategy is false
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the big appeal of a best-cost provider strategy is being able to offer
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A company can achieve a sustainable competitive advantage via diff
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incorporating product attributes and user features that
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In which one of the following instances is a focused strategy keyed either to low-cost or
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most buyers use the product in the same ways
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A company achieves best-cost provider status by
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using its resources and capabilities to incorp
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the two biggest factors that distinguish
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whether a company's market target is broad or narrow
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a focused low-cost strategy seeks to achieve
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serving buyers in
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The two major avenues for achieving
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revamping the firm's value chain
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the essence of a broad diff
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offer unique
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the pitfalls of a diff
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differentiating on the basis of attributes that
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Which of the following is not one of the five generic
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a superior customer
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The chief difference between a broad differentiation strategy
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the size of the buyer group that a company is trying to appeal
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Which of the following is not one of the pitfalls of a low-cost
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being greedy
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A low-cost leader's basis
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lower overall costs than rivals
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Which of the following is not an action that a company
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shifting to the use of technologies
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A broad differentiation strategy enhances pro
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a company is able to either keep the costs of achieving
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a low-cost leader can translate its low-cost
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either using its low-cost edge to underprice com
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A low-cost provider strategy becomes increasi
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price competition among rival
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a company's competitive strategy is unlikely to
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the company has a competitively valuable collection
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which of the following is not a potential advantage
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reduced business risk because of controlling
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a strategic alliance
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is a collaborative arrangement where two or more companies join forces
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Because when to make a strategic move can be just as important as what move to make
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to carefully weight the first-mover
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Which of the following is not a typical strategic
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to facilitate
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which of the following conditions do not constitute a late
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when buyer demands
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The two best reasons for investing a com
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strengthen the company's com
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which of the following is not one of the strategic options that companies have
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creating as much channel
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the best strategic alliances
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are highly selective, focusing
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which one of the following is not a defensive option for protecting
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deliberately attacking those
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based on Figure 6.1
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exerting addition
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a blue ocean
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involves abandoning eff
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which one of the following is an example of an offen
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pursuing disruptive product inn
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which of the following is not among the potential benefits
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improving a company's ability to strongly
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for backward vertical integration into the business
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must be able to achieve the same scale
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which of the following is not a typical reason that many alliances are short-lived or break
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disagreement
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Because buyer tastes for a particular product or
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companies operating in a
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which of the following is not one of the primary strategy options for
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employing a multiple cross-country that involves
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The advantages of using a franchising strategy to pursue
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having franchisees bear most of the costs and risks
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Which of the following is not among the important
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how best to revamp the com
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a company that has compet
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tranferring
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in which of the following situations is employing a "think
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when a company is striving
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The calssic
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to achieve low costs in
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which of the following is not a pote
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greater ability to employ
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multicountry competition refers
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there's so much cross-country var
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which of the following qualifies as an offen
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attacking the profit
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a u.s. manufacturer
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becomes more cost competitive in selling its exported goods in foreign markets when the u.s. dollar declines
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which of the following is the most unlikely
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selling diffe
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competing in one
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differing govern
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according to figure 7.2
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a localized multicountry strategy involves competing
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which one of the following is not a reason why a
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to build the profit
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Which one of the following approaches to objective-setting should definitely be avoided?
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Setting unspecific targets like maximize profits, reduce costs, become more efficient, or increase revenues
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A company's values related to such things as
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Fair treatment, honor and integrity, ethical behavior, innovativeness, teamwork, accountability, a passion for top-
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