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GEB 4890 exam 1 Questions with Correct Answer2
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GEB 4890 exam 1 Questions with Correct Answer2
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GEB 4890 exam 1 Questions with Correct AnswersIt is normal for a company's strategy to end up being Correct Answer-a
blend of proactive actions to improve the company's competitiveness
and financial performance and as-needed reactions to unanticipated
developments and fresh market conditions.
A middle-class customer (target) base in a region is most concerned with
quality and price of products. Which of the following would be
considered a best value proposition for the customers? Correct Answer-
A company that provides same quality of products at a much lower price
than rivals, but leaves the final assembly of product pieces to customers
with an easy assembly guide
According to the text, the strategic management process entails three
ongoing processes: Correct Answer-analysis, decisions, and actions
When developing a coherent strategy, ___ sets purpose, scope, and basis
for competitive advantage Correct Answer-mission
When formulating and implementing a singular coherent strategy the
hierarchy of direction (firm-individual) is in this order (least specific to
most specific): Correct Answer-vision, mission, goals and objectives
Strategy is the ideas, decisions, and actions that enable a firm to achieve
a ___ over competition Correct Answer-competitive advantage
, The difference between operational effectiveness and positioning;
performing a singular activity better than a rival is a form of___ Correct
Answer-internal positioning
According to Porter, the essence of strategy is a form of ___ in the
company's ___, choosing to perform activities differently or different
activities than rivals. Correct Answer-activities
According to Porter, strategic position emerges from three sources, of
the three, ___, which makes sense when a company can best produce
particular products or services using a distinctive set of activities.
Correct Answer-variety
A company's macro-environment refers to: Correct Answer-political
factors, economic conditions in the firm's general environment,
sociocultural forces, technological forces, environmental factors, and
legal/regulatory conditions
The driving forces in an industry: Correct Answer-The major underlying
causes of changing industry and competitive conditions-they have the
biggest influence on how the industry landscape will be altered. Can be
external or internal
The key success factors in an industry are: Correct Answer-Those things
that most affect industry members' ability to prosper in the marketplace.
Identify them by conducting market research as part of constructing your
business plan
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