MGMT 490 CH 1 & 2 QUESTIONS AND VERIFIED
ANSWERS
A company's realized strategy is a combination of Blank______. - Answers - proactive
and reactive elements
What are some of the ways that companies typically implement a competitive strategy?
- Answers - By Delivering superior customer service
A sound company strategy is essentially about _____ In comparison to company rivals -
Answers - Competing Differently
When a business is more successful than its rivals at attracting customers and handling
competition, it is said to have a(n) Blank______ advantage. - Answers - Competitve
What are the two basic ways that companies achieve competitive advantage over their
business rivals? - Answers - By delivering higher perceived value to customers and By
producing products or services at a lower cost
What are three of the most reliable ways a company can distinguish itself in the
marketplace, build customer loyalty, and achieve a competitive advantage? - Answers -
Focused low cost strategy, low cost provider strategy, and broad differentiation strategy
What choices must managers consider when committing to a company strategy for
competing against rival companies? - Answers - How to capitalize on growth
opportunities
correct,
How to respond to market conditions
correct, and
How to attract customers
Which three companies have broad differentiation strategies that have allowed them to
maintain long-term competitive advantages? - Answers - apple, Johnson & Johnson,
BMW
What aspect of a company's operations is usually the easiest thing for competitors to
duplicate? - Answers - Attributes of the company's products or service
In what ways does a competitive advantage benefit a business? - Answers - Larger
profits
correct
Greater success in the marketplace
, What is one key characteristic of a focused low-cost strategy? - Answers - It seeks to
sell to a narrow market niche.
What are two characteristics of a broad differentiation strategy? - Answers - Offering
products or services that are difficult to imitate
correct
Appealing to a wide range of consumers
A strategy that changes in response to new market conditions and challenges is known
as - Answers - an evolving strategy
The actions that a company takes in accordance with its established business practices
make up its Blank______ strategy, in contrast with actions the company takes in
response to changing market conditions. - Answers - Deliberate
Actions taken in response to new strategic maneuvers by rival firms or other
unanticipated market circumstances make up a company's Blank______ strategy. -
Answers - emergent
A company's business model is comprised of which of the following? - Answers - profit
formula and customer value proposition
Which circumstances commonly require the modification of a company's strategy? -
Answers - Technological advances
correct
New market opportunities
correct
A shift in buyer needs
A company's approach to meeting or exceeding its customers' needs at a price they
consider a good value is called the Blank______. - Answers - customer value
proposition
A typical company's strategy is often both Blank______, meaning that it plans ways to
improve the company's competitiveness, and Blank______, meaning that it responds to
unforeseen market conditions. - Answers - proactive; reactive
The general profit formula for fast-food restaurants as invented by McDonald's involves
which of the following? - Answers - Advertising and in-store promotions
Strict specifications for ingredients
Standardized store design
Which of the following are the components of a fit test that help evaluate how well a
company's strategy matches its situation? - Answers - external, dynamic, and internal
ANSWERS
A company's realized strategy is a combination of Blank______. - Answers - proactive
and reactive elements
What are some of the ways that companies typically implement a competitive strategy?
- Answers - By Delivering superior customer service
A sound company strategy is essentially about _____ In comparison to company rivals -
Answers - Competing Differently
When a business is more successful than its rivals at attracting customers and handling
competition, it is said to have a(n) Blank______ advantage. - Answers - Competitve
What are the two basic ways that companies achieve competitive advantage over their
business rivals? - Answers - By delivering higher perceived value to customers and By
producing products or services at a lower cost
What are three of the most reliable ways a company can distinguish itself in the
marketplace, build customer loyalty, and achieve a competitive advantage? - Answers -
Focused low cost strategy, low cost provider strategy, and broad differentiation strategy
What choices must managers consider when committing to a company strategy for
competing against rival companies? - Answers - How to capitalize on growth
opportunities
correct,
How to respond to market conditions
correct, and
How to attract customers
Which three companies have broad differentiation strategies that have allowed them to
maintain long-term competitive advantages? - Answers - apple, Johnson & Johnson,
BMW
What aspect of a company's operations is usually the easiest thing for competitors to
duplicate? - Answers - Attributes of the company's products or service
In what ways does a competitive advantage benefit a business? - Answers - Larger
profits
correct
Greater success in the marketplace
, What is one key characteristic of a focused low-cost strategy? - Answers - It seeks to
sell to a narrow market niche.
What are two characteristics of a broad differentiation strategy? - Answers - Offering
products or services that are difficult to imitate
correct
Appealing to a wide range of consumers
A strategy that changes in response to new market conditions and challenges is known
as - Answers - an evolving strategy
The actions that a company takes in accordance with its established business practices
make up its Blank______ strategy, in contrast with actions the company takes in
response to changing market conditions. - Answers - Deliberate
Actions taken in response to new strategic maneuvers by rival firms or other
unanticipated market circumstances make up a company's Blank______ strategy. -
Answers - emergent
A company's business model is comprised of which of the following? - Answers - profit
formula and customer value proposition
Which circumstances commonly require the modification of a company's strategy? -
Answers - Technological advances
correct
New market opportunities
correct
A shift in buyer needs
A company's approach to meeting or exceeding its customers' needs at a price they
consider a good value is called the Blank______. - Answers - customer value
proposition
A typical company's strategy is often both Blank______, meaning that it plans ways to
improve the company's competitiveness, and Blank______, meaning that it responds to
unforeseen market conditions. - Answers - proactive; reactive
The general profit formula for fast-food restaurants as invented by McDonald's involves
which of the following? - Answers - Advertising and in-store promotions
Strict specifications for ingredients
Standardized store design
Which of the following are the components of a fit test that help evaluate how well a
company's strategy matches its situation? - Answers - external, dynamic, and internal
