SMGT 2256- CHAPTER 1 EXAM
QUESTIONS AND ANSWERS GRADED A+
2026
What does Strategy mean? - ANS is a set of coordinated actions that its managers take in
order to outperform the company's competitors and achieve superior profitability.
What does Strategy require? - ANS How to position the company in the marketplace
How to attract customers
How to compete against rivals
How to achieve the company's performance targets
How to capitalize on opportunities to grow the business
How to respond to changing economic and market conditions
A strategy stands a better chance of succeeding when.. - ANS its predicated on actions,
business approaches, and competitive moves aimed at 1) appealing to buyers in ways that set a
company apart from its rivals and 2) staking out a market position that is not crowded with
strong competitors.
competitive advantage - ANS whenever it has some types of edge over rivals in attracting
buyers and coping with competitive forces.
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
, competitive advantage is essential - ANS for realizing greater marketplace success and higher
profitability over the long term.
The pattern of actions that define a company's strategy - ANS Actions to strengthen the firm's
bargaining position with suppliers, distributors, and others
Actions to gain market share via more performance features, better design, quality or customer
service, wider product selection, or other such actions
Actions to gain increased market share or profitability via lower costs
Actions to enter new product or geographic markets or to exit exisiting ones
Actions to capture emerging market opportunities and defend against external threats to the
company's business prospects
Actions to strengthen market standing and reputation through corporate responsibility and
environmental sustainability programs
Actions to strengthen corporate culture, motivate employees, and create a productive working
environment
Actions to strengthen competitiveness via strategic alliances, and collaborative partnerships,
mergers, or acquisitions.
Actions and approaches used in managing R&D, production, sales and marketing, finance, and
other key activities
Actions to upgrade, build, or acquire competitively important resources and capabilities
What makes a competitive advantage sustainable? - ANS a company's products or services
over those of competitors- reasons that competitors are unable to nullify, duplicate, or
overcome despite their best efforts.
5 most frequently used and dependable strategic approaches to setting a company apart from
rivals, building strong customer loyalty, and gaining competitive advantage: - ANS 1) low-cost
provider strategy
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
QUESTIONS AND ANSWERS GRADED A+
2026
What does Strategy mean? - ANS is a set of coordinated actions that its managers take in
order to outperform the company's competitors and achieve superior profitability.
What does Strategy require? - ANS How to position the company in the marketplace
How to attract customers
How to compete against rivals
How to achieve the company's performance targets
How to capitalize on opportunities to grow the business
How to respond to changing economic and market conditions
A strategy stands a better chance of succeeding when.. - ANS its predicated on actions,
business approaches, and competitive moves aimed at 1) appealing to buyers in ways that set a
company apart from its rivals and 2) staking out a market position that is not crowded with
strong competitors.
competitive advantage - ANS whenever it has some types of edge over rivals in attracting
buyers and coping with competitive forces.
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
, competitive advantage is essential - ANS for realizing greater marketplace success and higher
profitability over the long term.
The pattern of actions that define a company's strategy - ANS Actions to strengthen the firm's
bargaining position with suppliers, distributors, and others
Actions to gain market share via more performance features, better design, quality or customer
service, wider product selection, or other such actions
Actions to gain increased market share or profitability via lower costs
Actions to enter new product or geographic markets or to exit exisiting ones
Actions to capture emerging market opportunities and defend against external threats to the
company's business prospects
Actions to strengthen market standing and reputation through corporate responsibility and
environmental sustainability programs
Actions to strengthen corporate culture, motivate employees, and create a productive working
environment
Actions to strengthen competitiveness via strategic alliances, and collaborative partnerships,
mergers, or acquisitions.
Actions and approaches used in managing R&D, production, sales and marketing, finance, and
other key activities
Actions to upgrade, build, or acquire competitively important resources and capabilities
What makes a competitive advantage sustainable? - ANS a company's products or services
over those of competitors- reasons that competitors are unable to nullify, duplicate, or
overcome despite their best efforts.
5 most frequently used and dependable strategic approaches to setting a company apart from
rivals, building strong customer loyalty, and gaining competitive advantage: - ANS 1) low-cost
provider strategy
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
