Chapter #1 part 1
Strategic Management Quiz
Test your understanding of strategic management concepts with our comprehensive quiz. This quiz covers essential strategies, competitive advantages, business models, and more from the world of corporate management.
- 10 engaging multiple-choice questions
- Assess your knowledge and learn about strategy
- Perfect for students and professionals alike
A company’s strategy consists of the action plan that management executes in order to
Compete against rivals and achieve sustainable profitability.
Stake out a unique market position and compete differently.
Develop a more appealing business model than rival firms.
Become better than the leader in one particular area that counts heavily with buyers.
Identify a strategic mission, vision, and goals.
A creative, distinctive strategy that delivers a sustainable competitive advantage is important because
How a company goes about trying to please customers and outcompete rivals is what enables senior managers to choose an appropriate strategic vision for the company.
Crafting a strategy that yields a competitive advantage over rivals is a company’s most reliable means of achieving above-average profitability and financial performance.
A competitive advantage is what enables a company to achieve its strategic objectives.
Without a competitive advantage a company cannot become the industry leader.
Without a competitive advantage a company is likely to fall into bankruptcy.
When can a company achieve sustainable competitive advantage?
Whenever it possesses the most profitable business model in the industry and can satisfy shareholder expectations better than its competitors
When elements of the strategy give buyers lasting reasons to prefer a company’s products or services over those of competitors
When it is able to produce better products for fewer costs than its rivals
When it consistently achieves both its long-term and short-term strategic and financial objectives
If it can translate its vision, mission, and values into a well-crafted strategy
A company’s business model
Determines whether its strategy will be ethical or not.
Is management’s story line for how the strategy will result in achieving sustainable competitive advantage.
(1) specifies a customer value proposition and (2) develops a profit formula.
Identifies how the company plans to outmaneuver and outcompete key rivals and become a market leader.
Sets forth the actions and approaches that it will rely on to earn the best profit margins in the industry.
Granville Transportation, a designer and manufacturer of self-driving buses and streetcars, is working on developing the next generation of electric vehicles. Granville has chosen to focus on a narrow buyer segment of medium-sized cities with populations between 100,000 and 1,000,000, and is outcompeting rivals by manufacturing its vehicles at a lower cost via artificial intelligence-guided robots. Which of the five basic strategic approaches has Granville Transportation decided upon?
Broad differentiation
Focused differentiation
Focused low-cost provider
Low-cost provider
Best-cost provider
Which one of the following is not related to actions and approaches that comprise a company’s strategy?
Proving to shareholders that the company’s business model is viable
Achieving a low-cost provider strategy
Seeking a broad differentiation strategy
Concentrating on a focused low-cost strategy
Pursuing a best-cost provider strategy
In answering the question “How well does the strategy fit the company’s situation,” management must be willing and ready to address such issues as
Developing a sound business model and customer base.
Emergent strategy elements, deliberate strategy elements, and abandoned strategy elements.
Changing market conditions, development of internal capabilities and competencies, and allocation of financial resources.
Determining where the company is now and where does the company want to go.
How to develop copy-cat strategies.
Which of the following is not an element of a company’s realized business strategy?
Actions and approaches used in managing R&D, production, sales and marketing, finance, and other key activities
Actions to strengthen competitiveness via strategic alliances and collaborative partnerships
Actions to capture emerging market opportunities and defend against external threats to the company’s business prospects
Actions to enter new geographic or product markets
Adhering to abandoned strategy elements
Which of the following is not one of the most frequently used strategic approaches to building a sustainable competitive advantage?
Sticking with an outdated business model
Focusing on a narrow market niche within an industry
Striving to be the industry’s low-cost provider, thereby aiming for a cost-based competitive advantage over rivals
Developing an advantage based on offering more value for the money
Creating a differentiation-based advantage over rivals
The heart and soul of any strategy
Is its ability to increase shareholder value.
Is the actions and moves to gain a competitive edge over rivals in the marketplace.
Deals with how management plans to maximize profits while, at the same time, operating in a socially responsible manner.
Is the day-to-day demands of delivering a service or producing goods to be sold.
Is its linkage with its business model.
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