A) management's biggest challenge is how closely to mimic the strategies of successful companies in the industry.
B) managers have comparatively little freedom in choosing the "hows" of strategy.
C) managers are wise not to decide on concrete courses of action in order to preserve maximum strategic flexibility.
D) managers need to come up with some distinctive "aha" element to the strategy that draws in customers and produces a competitive edge over rivals.
E) managers are well-advised to be risk-averse and develop a "conservative" strategy-"dare-to-be-different" strategies rarely are successful.
G) A) and B)
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D
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A) Having a competitive product offering.
B) Building valuable expertise and capabilities not readily matched and offering a distinctive product.
C) Building experience, know-how, and specialized capabilities that have been perfected over a long period of time.
D) Having "hard to beat" capabilities and impressive product innovation.
E) All of these.
G) A) and B)
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A) Is the company's strategy ethical and socially responsible and does it put enough emphasis on good product quality and good customer service?
B) Is the company putting too little emphasis on growth and profitability and too much emphasis on behaving in an ethical and socially responsible manner?
C) Is the strategy resulting in the development of additional competitive capabilities?
D) Is the strategy helping the company achieve a sustainable competitive advantage and is it resulting in better company performance?
E) Does the strategy strike a good balance between maximizing shareholder wealth and maximizing customer satisfaction?
G) A) and B)
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A) a blend of offensive actions on the part of managers to improve the company's profitability and defensive moves to counteract changing market conditions.
B) a combination of conservative moves to protect the company's market share and somewhat more risky initiatives to set the company's product offering apart from rivals.
C) a close imitation of the strategy employed by the recognized industry leader.
D) a blend of proactive actions to improve the company's competitiveness and financial performance and adaptive reactions to unanticipated developments and fresh market conditions.
E) more a product of clever entrepreneurship than of efforts to clearly set a company's product/service offering apart from the offerings of rivals.
G) B) and C)
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A) the need to keep strategy in step with changing market conditions and changing customer needs and expectations.
B) the proactive efforts of company managers to fine-tune and improve one or more pieces of the strategy.
C) the need to abandon some strategy features that are no longer working well.
D) the need to respond to the newly-initiated actions and competitive moves of rival firms.
E) All of these.
G) A) and E)
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A) the eagerness with which executives set stretch financial and strategic objectives and develop an ambitious strategic vision.
B) aggressive pursuit of new opportunities and a willingness to change the company's business model whenever circumstances warrant.
C) good strategy-making combined with good strategy execution.
D) a visionary mission statement and a willingness to pursue offensive strategies rather than defensive strategies.
E) a profitable business model and a balanced scorecard approach to measuring the company's performance.
G) A) and B)
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C
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A) the ability of the strategy to keep the company profitable.
B) the proven ability of the strategy to generate maximum profits.
C) the speed with which it helps the company achieve its strategic vision.
D) management's ability to forge a series of moves, both in the marketplace and internally, that sets the company apart from rivals, tilts the playing field in the company's favor, and produces sustainable competitive advantage over rivals.
E) whether it allows the company to maximize shareholder value in the shortest possible time.
G) B) and C)
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A) working their way through the tasks of crafting and executing strategy helps top executives create tight fits between a company's strategic vision and business model.
B) all company personnel, and especially senior executives, need to know the answer to "who are we, what do we do, and where are we headed?"
C) there is a compelling need for managers to proactively shape how the company's business will be conducted and because a strategy-focused enterprise is more likely to be a stronger bottom-line performer than a company whose management views strategy as secondary and puts its priorities elsewhere.
D) without clear guidance as to what the company's business model and strategic intent are, managerial decision-making is likely to be rudderless.
E) how well executives perform these tasks are the key determinants of executive compensation.
G) A) and B)
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A) the competitive moves and business approaches that managers are employing to grow the business, stake out a market position, attract and please customers, compete successfully, conduct operations, and achieve targeted objectives.
B) the plans it has to outcompete rivals and establish a sustainable competitive advantage.
C) the offensive moves it is employing to make its product offering more distinctive and appealing to buyers.
D) the actions it is taking to develop a more appealing business model than rivals.
E) its strategic vision, its strategic objectives, and its strategic intent.
G) A) and C)
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A) Striving to be the industry's low-cost provider, thereby aiming for a cost-based competitive advantage
B) Outcompeting rivals on the basis of such differentiating features as higher quality, wider product selection, added performance, better service, more attractive styling, technological superiority, or unusually good value for the money
C) Developing expertise and resource strengths that give the company competitive capabilities that rivals can't easily imitate or trump with capabilities of their own
D) Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of serving the special needs and tastes of buyers comprising the niche
E) All of these
G) All of the above
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A) builds strategic fit, is socially responsible, and maximizes shareholder wealth.
B) is highly profitable and boosts the company's market share.
C) fits the company's internal and external situation, builds sustainable competitive advantage, and improves company performance.
D) results in a company becoming the dominant industry leader.
E) can pass the ethical standards test, the strategic intent test, and the profitability test.
G) A) and B)
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A) changing management conclusions about which of several appealing strategy alternatives is actually best.
B) the proactive efforts of company managers to improve this or that aspect of the strategy, a need to respond to changing customer requirements and expectations, and a need to react to fresh strategic maneuvers on the part of rival firms.
C) ongoing turnover in the managerial and executive ranks (new managers often decide to shift to a different strategy) .
D) pressures from shareholders to boost profit margins and pay higher dividends.
E) the importance of keeping the company's business model fresh and up-to-date.
G) A) and D)
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A) The need on the part of company managers to initiate fresh strategic actions that boost employee commitment and create a results-oriented culture.
B) The proactive efforts of company managers to fine-tune and improve one or more pieces of the strategy.
C) An ongoing need to abandon those strategy features that are no longer working well.
D) The need to respond to the actions and competitive moves of rival firms.
E) The need to keep strategy in step with changing market conditions and changing customer needs and expectations.
G) D) and E)
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A) What is the company's present situation?
B) What are the key products or service attributes demanded by consumers?
C) Where does the company need to go from here?
D) How should it get there?
E) All of these are pertinent in evaluating a company's business prospects.
G) C) and D)
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Answer will vary
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A) Striving to be the industry's low-cost provider, thereby aiming for a cost-based competitive advantage
B) Outcompeting rivals on the basis of such differentiating features as higher quality, wider product selection, added performance, better service, more attractive styling, technological superiority, or unusually good value for the money
C) Striving to be more profitable than rivals and aiming for a competitive edge based on bigger profit margins
D) Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of satisfying the needs and tastes of buyers comprising the niche
E) Developing expertise and resource strengths that give the company competitive capabilities that rivals can't easily imitate or trump with capabilities of their own
G) B) and D)
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A) account for why a company's strategy evolves over time.
B) explain why a company's strategic vision undergoes almost constant change.
C) make it very difficult for a company to have concrete strategic objectives.
D) make it very hard to know what a company's strategy really is.
E) All of these.
G) C) and E)
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