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Business Strategy asks the question . . . correct answers how to compete in a single product market Concentration Strategies refers to correct answers actions firms use to compete in a single industry 3 types of concentration strategies correct answers market penetration, market development, and product development Market Penetration correct answers attempt to gain additional market share in an existing market using existing products Market Development correct answers attempting to sell ...

Competitors (*Chapter 6*) correct answers Firms operating in the same market, offering similar products and targeting similar customers. Competitive Rivalry correct answers Ongoing set of competitive actions and competitive responses occurring between *two competitors* as they contend with each other for an advantageous market position (Coke vs. Pepsi). Competitive Dynamics correct answers Total set of actions and responses of all firms competing within a market. Significant commitment of ...

"Why do some companies outperform other companies?" correct answers What is the key question examined by strategic management? 1. plan 2. ploy 3. pattern 4. position 5. perspective correct answers What are the 5 P's of strategy? Plan correct answers carefully crafted set of steps that a company intends to follow in order to be successful Ploy correct answers specific move designed to outwit or trick competitors Pattern correct answers The geometric or regular arrangement of somethin...

Strategic Management correct answers why do some companies outperform other companies •Examines how actions and events involving top executives, companies, and industries influence a company's success or failure. •Formal tools exist for understanding these relationships. •Creativity is just as important to strategic management •Mastering strategy is part art and part science. Mintzberg's 5 P's correct answers Plan, Ploy, Pattern, Position, Perspective Strategic plan correct ans...

business level strategy correct answers The goal-directed actions managers take in their quest for competitive advantage when competing in a single product market. resources and capabilities AND industry structure correct answers A firm's choice of position depends on what two factors? Differentiation; low cost correct answers In what two ways can a firm gain advantage over rivals? differentiation correct answers strategy when a firm produces a differentiated product and charges sufficie...

What is Corporate Strategy? correct answers what our goal is and how we accomplish that goal Key characteristics of strategic management correct answers -performance oriented -ongoing in nature -dynamic rather than static -oriented to the present and future -concerned with conditions both outside and inside the firm -concerned with performing well and satisfying stakeholders Strategy can take many forms: correct answers entire firm within department intended or emergent Strategic manag...

structure of public corporations correct answers 1. shareholders/owners 2. board of directors 3. CEO 4. top management team 5. employees top management team correct answers consists of VPs and above (COO, CFO, etc.) who holds the final responsibility for formulating and implementing strategic management? correct answers top management hierarchy of goals correct answers 1. VISION (general, long time horizon; flows into mission statement) 2. MISSION STATEMENT (shows core intent, DNA; mor...

Strategic Management correct answers examines how actions and events involving executives, firms, and industries influence performance Henry Mintzberg: 5 Ps of STRATEGY correct answers plan ploy pattern position perspective plan correct answers a consciously-intended course of action to deal with a situation ploy correct answers a specific "maneuver" intended to outwit a competitor pattern correct answers a consistent stream of action position correct answers location among competito...

Strategic management correct answers -Helps answer the key question: "why do some companies outperform others?" -examines how actions and events involving top executives, companies, and industries influence a company's success or failure Strategy correct answers A complex concept that involves many different processes and activities within an organization strategic plan correct answers A carefully crafted set of steps that a firm intends to follow to be successful. business model corr...

3 central questions businesses face correct answers 1.) what is the present situation? 2.) what should the company's future direction be & what performance targets should they set? 3.) what is our plan for running the company & achieving good performance results? Present Situation correct answers Industry conditions and competitive pressures, market standing, competitive strengths and weaknesses, and future prospects in light of changes taking place in the business environment Examples of...