5 Written questions
5 Matching questions
- Imperfectly imitable resource
- Competitive inertia
- Market commonality
- Reality Check: make assessments of the surrounding environment called ______ _______ as known as Environmental Analysis.
- Core firms
- a Situation Analysis
- b the central companies in a strategic group.
- c a resource that is impossible or extremely costly or difficult for other firms to duplicate.
- d a reluctance to change strategies or competitive practices that have been successful in the past
- e the degree to which two companies have overlapping products, services, or customers in multiple markets
5 Multiple choice questions
- The strategy-making process is the method by which companies create strategies that produce sustainable competitive advantage
- what a company can make, do, or perform better than its competitors. Review the resources and the processes to see if it's valuable or not. Rare is important as well. Rare means that not everyone has equal access. It is not easy to duplicate. Regular coffee verses Starbucks coffee (example). You want to ensure the product or service cannot be substituted. (This would be a competitor advantage)
- a company with a small share of a fast-growing market
- a company with a large share of a slow-growing market
- a strategy for reducing risk by buying a variety of items (stocks or, in the case of a corporation, types of businesses), so that the failure of one stock or one business does not doom the entire portfolio.
5 True/False questions
The best type of portfolio strategy may be WHAT? → The strategy-making process is the method by which companies create strategies that produce sustainable competitive advantage
Competitive advantage → a reluctance to change strategies or competitive practices that have been successful in the past
Growth strategy → a strategy that focuses on increasing profits, revenues, market share, or the number of places in which the company does business.
Resources → a resource that is not controlled or possessed by many competing firms.
Benchmarking → involves identifying outstanding practices, processes, and standards at other companies and adapting them to your own company