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BUS 475 EXAM 2 LATEST ACTUAL EXAMA company's competitive strategy should - ANSWER: be well matched to its internal
situation and predicated on leveraging its collection of competitively valuable
resources and competencies.
Which of the following is NOT one of the five generic competitive strategies -
ANSWER: a high-cost strategy
While there are many routes to competitive advantages, the two biggest factors that
distinguish one competitive strategy from another are - ANSWER: whether a
company's target market is broad or narrow and whether the company is pursuing a
low cost or differentiation strategy
Whatever strategic approach is adopted by a company to deliver value, it nearly
always requires - ANSWER: performing value chain activities differently than rivals
and building competitively valuable resources and capabilities that rivals cannot
readily match
The biggest and most important differences among the competitive strategies of
different companies boil down to - ANSWER: whether a company's market target is
broad or narrow and whether the company is pursuing a competitive advantage
linked to low cost differentiation
A boutique hotel chain provides upscale rooms and superior customer service at
value prices. What strategy is the hotelier using to gain competitive advantage? -
ANSWER: a best-cost provider strategy
The generic types of competitive strategies include - ANSWER: -low cost provider
-broad differentiation
-best cost provider
-focused low cost
-focused differentiation strategies
Which of the following generic types of competitive strategies is typically the "best"
strategy for a company to employ? - ANSWER: a strategy that is well matched to a
company's internal situation; underpinned by an appropriate set of resources, know-
how, and competitive capabilities and difficult for rivals to match
The objective of competitive strategy is to - ANSWER: provide buyers superior value
relative to the offerings of rival sellers in order to attain a competitive advantage.
A low-cost leader's basis for competitive advantage is - ANSWER: meaningful lower
overall costs than rivals on comparable products
,In order to be successful with a low cost leadership strategy, company managers
have to - ANSWER: perform value chain activities more cost effectively than rivals
and be proactive in revamping the firm's overall value chain to eliminate or bypass
"nonessential" cost producing activities
low-cost leaders who have the lowest industry costs are likely to - ANSWER: have
out-managed rivals in finding ways to perform value chain activities more cost
effectively
How valuable a low-cost leader's cost advantage is depends on - ANSWER: whether
it is easy or inexpensive for rivals to copy the low-cost leader's methods or otherwise
match its low costs
a low-cost leader can translate low cost advantage over rivals into superior profit
performance by - ANSWER: maintaining the present price and using the lower-cost
edge to earn a higher profit margin on each unit sold
Domino's Pizza has a well-known slogan: "We'll deliver in 30 minutes or less, or it's
free!" With it what has the pizza maker achieved? - ANSWER: built a unique
customer value proposition
The major avenues for achieving a cost advantage over rivals include - ANSWER:
performing value chain activities more cost-effectively than rivals or revamping the
firm's overall value chain to eliminate or bypass some cost-producing activities
Achieving a sure cost advantage over rivals entails - ANSWER: selling a mostly
standard product and increasing the scale of operation
A fast-food restaurant stocks bread, meat, sauces, and other main ingredients, but
does not assemble and cook its burgers and sandwiches until a customer places an
order. Which cost driver is the restaurant efficiently using to cut costs? - ANSWER:
supply chain efficiencies
Which of the following is NOT an action that a company should take to perform
value chain activities more cost-effectively? - ANSWER: over differentiating so that
product features exceed the needs of most buyers
Cost-efficient management of a company's overall value chain activities requires that
management: - ANSWER: ferret out cost saving opportunities in every part of the
value chain
Examples of important cost drivers in a company's value chain do NOT include -
ANSWER: customer service
The culture of a company can be a cost-efficient value chain activity because it can: -
ANSWER: spur worker pride in productivity and continuous improvement
, Which of the following is NOT one of the ways that a non-capital intensive company
can achieve a cost advantage by revamping its value chain? - ANSWER: increasing
production capacity and then striving hard to operate at full capacity
An example of how companies can revamp their value chain to reduce costs is to -
ANSWER: have suppliers locate their plants close to companies' own facilities
A potato chip manufacturer purchases a potato farm. Which of the following
regarding its strategy is true? - ANSWER: the manufacturer has effectively used
vertical integration to increase its bargaining position and reduce transaction costs
The competitive strategy of striving to be the low-cost provider is particularly
attractive when - ANSWER: most buyers use the product in much the same ways,
with user requirements calling for a standardized product
Being the overall low-cost provider in an industry has the attractive advantage of -
ANSWER: putting a firm in the best position to win the business of price-sensitive
customers and earn profits by setting the floor on market price.
A competitive strategy to be the low-cost provider in an industry works well when -
ANSWER: industry newcomers use introductory low prices to attract buyers and
build a customer base.
A low-cost leadership strategy becomes competitively powerful whenA. buyers of
the product or service use the product or service in the same ways. - ANSWER:
buyers of the product or service use the product or service in the same ways.
In which of the following circumstances is a strategy to be the industry's overall low-
cost provider NOT particularly well-matched to the market situation? - ANSWER:
when buyers have widely varying needs and special requirements, and the prices of
substitute products are relatively high
A strategy to be the industry's overall low-cost provider tends to be more appealing
than a differentiation or best-cost or focus/market niche strategy when - ANSWER:
the offerings of rival firms are essentially identical, standardized, commodity-like
products.
Which of the following is NOT one of the pitfalls of a low-cost provider strategy? -
ANSWER: setting the industry's price ceiling to capture volume gains and achieve
economies of scale
Which of the following is one of the pitfalls of a low-cost provider strategy? -
ANSWER: capturing volume gains and achieving economies of scale
Which of the following companies is NOT the lowest-cost provider in its industry? -
ANSWER: CNN
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