Chapter #1 part 1

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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

10 Questions2 MinutesCreated by ThinkingTree154

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?

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.

Chapter #1 part 1

Strategic Management Quiz

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