Exam (elaborations)

Test Bank Crafting and Executing Strategy: Concepts: 2024 Release 23rd Edition Thompson, Peteraf

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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 ...

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Contains Questions & answers

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executing
strategy
concepts
2024 release
23e
thompson
quest
quiz bank
multiple choice
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test bank
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Institution Strategic Management
Course Strategic Management

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Chapter 01 2024 Release - Thompson

1. Award: 10.00 points

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.

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Exam (elaborations)

Test Bank Crafting and Executing Strategy: Concepts: 2024 Release 23rd Edition Thompson, Peteraf

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