Question 1

The ________ strategy determines how a firm will compete in each of these markets.

Accepted Answer

A)  functional 
B)  corporate-level 
C)  unit-level 
D)  business-level 
A)  functional 
B)  corporate-level 
C)  unit-level 
D)  business-level

Question 2

Which of the following best illustrates the assertion that "demographics provide important data about the population,but societal values translate that data into business implications"?

Accepted Answer

A)  Many North American steel manufacturers were driven into bankruptcy because they were slow to adopt an important new process technology. 
B)  The construction industry tends to have higher peaks and lower valleys than the overall national economy. 
C)  New pollution laws significantly increased the operating costs of coal-burning power plants. 
D)  Baby boomers will be reaching retirement age, however, society's idea of retirement has expanded to include the pursuit of second careers. Therefore, companies will be able to hire experienced workers at open-market prices. 
A)  Many North American steel manufacturers were driven into bankruptcy because they were slow to adopt an important new process technology. 
B)  The construction industry tends to have higher peaks and lower valleys than the overall national economy. 
C)  New pollution laws significantly increased the operating costs of coal-burning power plants. 
D)  Baby boomers will be reaching retirement age, however, society's idea of retirement has expanded to include the pursuit of second careers. Therefore, companies will be able to hire experienced workers at open-market prices.

Question 3

________ strategies focus on the operations of each function and their contribution to help the firm achieve a competitive advantage.

Accepted Answer

A)  Competitive 
B)  Corporate-level 
C)  Unit-level 
D)  Business-level 
A)  Competitive 
B)  Corporate-level 
C)  Unit-level 
D)  Business-level

Question 4

Name the five industry and competitor forces that can significantly influence the performance of organizations within an industry.

Accepted Answer

Michael Porter developed perhaps the mos

Question 5

To succeed when pursuing a ________,there must be significant differences among the firm's target customers or among geographical segments of its customers.

Accepted Answer

A)  focus strategy 
B)  global strategy 
C)  leveraged strategy 
D)  competitive strategy 
A)  focus strategy 
B)  global strategy 
C)  leveraged strategy 
D)  competitive strategy

Question 6

The components of a mission statement include company philosophy,customers and markets,and geographic focus.

Accepted Answer

A) True 
 B)False

Question 7

Ferrari differentiates its products based on style and performance and targets a narrow segment of customers.Ferrari is pursuing a(n)________.

Accepted Answer

A)  multipoint competition strategy 
B)  focused differentiation strategy 
C)  focused cost leadership strategy 
D)  integrated differentiation-cost leadership strategy 
A)  multipoint competition strategy 
B)  focused differentiation strategy 
C)  focused cost leadership strategy 
D)  integrated differentiation-cost leadership strategy

Question 8

A customer segment is defined as a group of customers who ________.

Accepted Answer

A)  place a similar value on product features 
B)  are the first to purchase innovative products 
C)  are found in the same geographical location 
D)  have homogeneous demographic characteristics 
A)  place a similar value on product features 
B)  are the first to purchase innovative products 
C)  are found in the same geographical location 
D)  have homogeneous demographic characteristics

Question 9

What happens during a SWOT analysis?

Accepted Answer

During a SWOT analysis,a firm's internal

Question 10

A pizzeria in Milford always delivers its orders within 15 minutes.The other pizzerias have failed in their efforts to do so.This is an example of a comparative advantage.

Accepted Answer

A) True 
 B)False

Question 11

Which of following is a requirement for a product to have competitive advantage over others?

Accepted Answer

A)  durability 
B)  responsiveness 
C)  rarity 
D)  assurance 
A)  durability 
B)  responsiveness 
C)  rarity 
D)  assurance

Question 12

McKinsey discovered that performance declined when many of their clients implemented new strategic plans because the strategies were ________.

Accepted Answer

A)  not developed organically within the company 
B)  executed without sufficient studies of the competitive environment 
C)  implemented within old structures, cultures, skills, styles, and staff 
D)  not designed, recommended, and reviewed by McKinsey consultants 
A)  not developed organically within the company 
B)  executed without sufficient studies of the competitive environment 
C)  implemented within old structures, cultures, skills, styles, and staff 
D)  not designed, recommended, and reviewed by McKinsey consultants

Question 13

PetroJac is a premier provider of oil field consultancy services in Roswell,New Mexico.Its consultants are experts on local conditions.Recent discoveries of metal deposits in its region have spawned attractive new markets outside of the oil field,which PetroJac has been unable to exploit.Global firms with cutting-edge technology have been attracted by the new markets.If PetroJac conducts a SWOT analysis,what would be one of its weaknesses?

Accepted Answer

A)  lack of access to cutting-edge technology 
B)  recent discoveries of metal deposits 
C)  detailed knowledge of local oil markets 
D)  entry of international companies into the market 
A)  lack of access to cutting-edge technology 
B)  recent discoveries of metal deposits 
C)  detailed knowledge of local oil markets 
D)  entry of international companies into the market

Question 14

Which of the following typically helps achieve cost leadership?

Accepted Answer

A)  investing in research and development 
B)  employing economies of scale 
C)  offering superior products and services 
D)  targeting a niche segment 
A)  investing in research and development 
B)  employing economies of scale 
C)  offering superior products and services 
D)  targeting a niche segment

Question 15

Which of the following is true about cost leadership strategy?

Accepted Answer

A)  In this strategy, firms seek to make their product or service different from those of competitors. 
B)  The key to this strategy is to add value at a cost that produces a superior margin. 
C)  Firms using this strategy charge slightly higher than industry-average prices. 
D)  One of the ways of achieving cost leadership is by using special technology. 
A)  In this strategy, firms seek to make their product or service different from those of competitors. 
B)  The key to this strategy is to add value at a cost that produces a superior margin. 
C)  Firms using this strategy charge slightly higher than industry-average prices. 
D)  One of the ways of achieving cost leadership is by using special technology.

Question 16

A manufacturer striving to be the lowest-cost producer of a product or service,while charging slightly less than industry-average prices,is pursuing a(n)________.

Accepted Answer

A)  cost leadership strategy 
B)  differentiation strategy 
C)  integrated leadership strategy 
D)  multipoint competition strategy 
A)  cost leadership strategy 
B)  differentiation strategy 
C)  integrated leadership strategy 
D)  multipoint competition strategy

Question 17

Nobelle,a chocolatier based in France,produces candy containing exotic ingredients from the rain forests of Brazil.The ingredients are provided by a single supplier who has an exclusive contract with Nobelle.The chocolate manufacturer thus has a great deal of power over the market.This is an example of ________.

Accepted Answer

A)  strategic management 
B)  distinctive competence 
C)  competitive advantage 
D)  strategic vision 
A)  strategic management 
B)  distinctive competence 
C)  competitive advantage 
D)  strategic vision

Question 18

A firm can limit its strategic scope by focusing on a specific customer segment.

Accepted Answer

A) True 
 B)False

Question 19

Which one of the following is NOT included in a firm's mission statement?

Accepted Answer

A)  company philosophy 
B)  sources of revenues 
C)  principal products or services 
D)  customers and markets 
A)  company philosophy 
B)  sources of revenues 
C)  principal products or services 
D)  customers and markets

Question 20

Crystal is a vintage champagne,meaning that the champagne is made in the best years for wine production and all grapes used to make the wine are harvested in the same year.No other champagne can match this quality.Crystal has a ________.

Accepted Answer

A)  consistent advantage 
B)  competitive advantage 
C)  strategic vision 
D)  production advantage 
A)  consistent advantage 
B)  competitive advantage 
C)  strategic vision 
D)  production advantage

The ________ strategy determines how a firm will compete in each of these markets.

Which of the following best illustrates the assertion that "demographics provide important data about the population,but societal values translate that data into business implications"?

________ strategies focus on the operations of each function and their contribution to help the firm achieve a competitive advantage.

Name the five industry and competitor forces that can significantly influence the performance of organizations within an industry.

To succeed when pursuing a ________,there must be significant differences among the firm's target customers or among geographical segments of its customers.

The components of a mission statement include company philosophy,customers and markets,and geographic focus.

Ferrari differentiates its products based on style and performance and targets a narrow segment of customers.Ferrari is pursuing a(n)________.

A customer segment is defined as a group of customers who ________.

What happens during a SWOT analysis?

A pizzeria in Milford always delivers its orders within 15 minutes.The other pizzerias have failed in their efforts to do so.This is an example of a comparative advantage.

Which of following is a requirement for a product to have competitive advantage over others?

McKinsey discovered that performance declined when many of their clients implemented new strategic plans because the strategies were ________.

Which of the following typically helps achieve cost leadership?

Which of the following is true about cost leadership strategy?

A manufacturer striving to be the lowest-cost producer of a product or service,while charging slightly less than industry-average prices,is pursuing a(n)________.

A firm can limit its strategic scope by focusing on a specific customer segment.

Which one of the following is NOT included in a firm's mission statement?

Crystal is a vintage champagne,meaning that the champagne is made in the best years for wine production and all grapes used to make the wine are harvested in the same year.No other champagne can match this quality.Crystal has a ________.

The Nature of Management

Social Responsibility and Managerial Ethics

International Management and Globalization

Planning

Organizational Structure and Design

Managing Diverse Human Resources

Leadership

Motivation

Groups and Teams

Communication and Negotiation

Individual and Group Decision Making

Operations Management

Control

Organizational Change and Development

Filters

Exam 4: Strategic Management

The ________ strategy determines how a firm will compete in each of these markets.

Which of the following best illustrates the assertion that "demographics provide important data about the population,but societal values translate that data into business implications"?

________ strategies focus on the operations of each function and their contribution to help the firm achieve a competitive advantage.

Name the five industry and competitor forces that can significantly influence the performance of organizations within an industry.

To succeed when pursuing a ________,there must be significant differences among the firm's target customers or among geographical segments of its customers.

The components of a mission statement include company philosophy,customers and markets,and geographic focus.

Ferrari differentiates its products based on style and performance and targets a narrow segment of customers.Ferrari is pursuing a(n)________.

A customer segment is defined as a group of customers who ________.

What happens during a SWOT analysis?

A pizzeria in Milford always delivers its orders within 15 minutes.The other pizzerias have failed in their efforts to do so.This is an example of a comparative advantage.

Which of following is a requirement for a product to have competitive advantage over others?

McKinsey discovered that performance declined when many of their clients implemented new strategic plans because the strategies were ________.

Which of the following typically helps achieve cost leadership?

Which of the following is true about cost leadership strategy?

A manufacturer striving to be the lowest-cost producer of a product or service,while charging slightly less than industry-average prices,is pursuing a(n)________.

A firm can limit its strategic scope by focusing on a specific customer segment.

Which one of the following is NOT included in a firm's mission statement?

Crystal is a vintage champagne,meaning that the champagne is made in the best years for wine production and all grapes used to make the wine are harvested in the same year.No other champagne can match this quality.Crystal has a ________.

The Nature of Management

Social Responsibility and Managerial Ethics

International Management and Globalization

Planning

Organizational Structure and Design

Managing Diverse Human Resources

Leadership

Motivation

Groups and Teams

Communication and Negotiation

Individual and Group Decision Making

Operations Management

Control

Organizational Change and Development

Filters