Test Bank Crafting and Executing Strategy: Concepts: 2024 Release 23rd Edition Thompson, Peteraf
74 views 1 purchase
Course
Strategic Management
Institution
Strategic Management
Test Bank for Crafting and Executing Strategy: Concepts: The Quest for competitive advantage 2024 Release 23e 23rd edition by Arthur Thompson, Margaret Peteraf, John Gamble and A. Strickland. Full Chapters (Chapter 1 to 12) are included with answers. Best guide with all answers included.
1 What ...
Managers of all types of business organizations must develop a clear answer for which of the
following questions?
Where do we go from here?
What is the set of actions that we need to take to outperform competitors and achieve
superior profitability?
What approaches do we need to take in order to gain a competitive advantage in the
marketplace?
Where are we now?
When will we know that we are there?
A company's strategy is the set of actions that its managers need to take to outperform the
company’s competitors and achieve superior profitability.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Understand
what is meant by a company’s strategy
and why it needs to differ from
competitors’ strategies.
,2. Award: 10.00 points
Sanofi, a pharmaceutical company selling prescription drugs in France for the past 10 years, has had
moderate sales in a crowded market while its rivals manufacture and market drugs having similar
efficacy and safety precautions, but with superior market share. This particular pharmaceutical
company's greatest challenge is to increase prescriptions of their drugs by French doctors. What
would be the most effective strategy for Sanofi to improve sales performance in its existing market?
relocating all the existing drug manufacturing facilities to developing countries to reduce
operational costs
modifying marketing communication to increase brand familiarity within key physician
segments
exiting the market and entering a new unexplored geographical location
employing hiring plans that aim at acquiring drug designers from rival companies
engaging in new contract talks with suppliers about price breaks
Modifying marketing communication to target the most preferred set of physicians would help
increase the prescription of drugs, boosting sales and performance, and increasing market share.
Relocation or reduced supplier costs might improve profits but would not affect sales performance.
Employing drug designers does not add value as the rivals, too, offer drugs with similar efficacy and
safety precautions.
References
Multiple Choice Difficulty: 3 Hard Learning Objective: 01-01 Understand
what is meant by a company’s strategy
and why it needs to differ from
competitors’ strategies.
,3. Award: 10.00 points
You have been hired as a consultant by Sand Cloud, a venture-backed established company in the
beachwear and toweling markets. Sand Cloud’s owners are weighing a decision to donate a part of
its profits to a children’s charity to improve its market image. Your advice to Sand Cloud regarding
strategy is that it will consist of the action plan management takes to
concentrate on improving its existing product offering irrespective of its decision to donate
a percentage of its profits to a children’s charity.
stake out a unique market position in beachwear and toweling markets and achieve
superior profitability.
compete against rivals in the beachwear and toweling industry and establish a transitory
competitive advantage.
develop a more appealing business model than rival beachwear and toweling companies.
identify its strategic vision, its strategic objectives, and its strategic intent.
A company's strategy is the set of actions that its managers take to outperform the company's
competitors with a unique market position and sustained competitive advantage.
References
Multiple Choice Difficulty: 3 Hard Learning Objective: 01-01 Understand
what is meant by a company’s strategy
and why it needs to differ from
competitors’ strategies.
, 4. Award: 10.00 points
Keurig, the coffee machine manufacturer, sells high-quality espresso machines at a very low price
and also provides low-cost refills of varietal coffee pods at a relatively higher price than rivals. The
action steps that Keurig’s managers take to outperform the company's competitors and achieve
superior profitability are known as its
market visioning statement.
value-cost-price framework.
strategy.
strategic intent.
mission statement.
A company's strategy is the set of actions that its managers take to outperform the company's
competitors and achieve superior profitability. For Keurig, achieving this entails making a
managerial commitment to a coherent array of well-considered moves about how to compete.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Understand
what is meant by a company’s strategy
and why it needs to differ from
competitors’ strategies.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StepsSol. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $29.49. You're not tied to anything after your purchase.
