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MGMT 310 - Chapter 4 || with 100% Accurate Solutions.
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Business-level strategy correct answers The determination of how a company will compete in a given business and position itself among its competitors. Competitive advantage correct answers A firm creates more economic value than competitors by engaging in a strategy that is difficult or impossib...

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  • August 27, 2024
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  • 2024/2025
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MGMT 310 - Chapter 4 || with 100% Accurate Solutions.
Business-level strategy correct answers The determination of how a company will compete in a
given business and position itself among its competitors.

Competitive advantage correct answers A firm creates more economic value than competitors by
engaging in a strategy that is difficult or impossible for others to duplicate.

Conglomeration correct answers The act of growing through unrelated diversification, essentially
by acquiring companies in different industries.

Core competencies correct answers A network of unique activities that strategically fit together
and are difficult to replicate.

Corporate-level strategy correct answers The way a company seeks to create value through the
configuration and coordination of multi-market activities.

Define purpose for firm, build motivation and commitment among employees, provide direction
and inspiration, serve as focal point, assist in making strategic trade-offs correct answers
Benefits of mission statement

Exporting, licensing, franchising strategies correct answers Strategies for entry into market

Exporting correct answers Shipping a firm's products from its domestic home base to global
markets.

External & Internal Environment --> Vision & Mission --> Objectives --> Strategy Formulation
--> Strategy Implementation correct answers Strategic framework

Franchising correct answers Common arrangements in many retail businesses where a firm
contracts with individual owners to operate its retail units. This arrangement typically involves a
corporation sharing management and marketing techniques with the owner in exchange for a fee
and some percentage of the unit's revenues.

Global strategies correct answers Strategies that focus on developing overall scale economies
and global efficiency instead of catering to local tastes.

Goal correct answers An organizationally desired result, product, or end state.

Joint venture correct answers A structure where two firms come together to form a new company
in a market.

Licensing correct answers A contractual arrangement whereby the licensor (selling firm) allows
its technology, patents, trademarks, designs, processes, know-how, intellectual property, or other
proprietary advantages to be used for a fee by the licensee (buying firm).

, Managing trade-offs, choosing a set of activities, creating fit correct answers Components of
strategy

Mission correct answers The activities a firm performs for its customers.

Mission statement correct answers A statement that defines a firm's reason for existence.

Multinational, global, international, transnational strategies correct answers Strategies for going
global

Multinational strategies correct answers Strategies in which the parent company organizes local
subsidiaries and gives them autonomy to develop products tailored to local tastes.

Objectives correct answers Series of quantifiable milestones or benchmarks by which a firm can
assess its progress.

Operational effectiveness correct answers Performing certain activities that enable a firm to
operate more effectively than its competitors does.

Return on equity correct answers A measure of the rate of return on the ownership interest
(shareholders' equity) of the common stock owners.

Strategic position correct answers A place in an industry that a firm occupies by way of the
products or services it offers and the methods it chooses to deliver them.

Strategy correct answers Pursuing a set of unique activities that provide value to customers;
making trade-offs about which businesses to pursue, what products to produce, and which
customers to serve; and aligning resources to achieve organizational objectives.

Strategy formulation correct answers The process of identifying how a firm can best align its
resources to carve out a defensible position in the marketplace.

Vision correct answers A concept or picture of what a firm wants to achieve and how it plans to
accomplish that.

Wholly owned subsidary correct answers A fully operational, independent entity that a firm sets
up in a foreign country to conduct business in that market.

Find a unique set of activities to deliver value to the buyers correct answers As a strategic thinker
who is looking to build a sustainable competitive advantage for the company, you should:

The nature of your competition correct answers Which of the following is an external factor that
you should take into account while looking to strategically create value for your company?

They help organizations build sustainable competitive advantages correct answers Which of the
following is a feature of strategic thinkers?

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