A company's strategy stands a better chance of succeeding when
It is predicted on competitive moves aimed at appealing to buyers in ways that set the company apart from rivals.
Good strategy combined with good strategy execution
Are the most trustworthy signs of good management.
Crafting and executing strategy are top-priority managerial tasks because
Good strategy coupled with good strategy execution greatly raises the chances that a company will be a standout performer in the marketplace.
A company's strategy and its quest from competitive advantage are rightly connected because
Crafting a strategy that yields a competitive advantage over rivals is a company's most reliable means of achieving above average profitability and financial performance.
A company's strategy can be considered unethical or shady because
All of the above call the company's actions/behaviors into question from an ethical standpoint.
Which of the following is NOT something a company's strategy is concerned with
How quickly and closely to copy the strategies being used by successful rival companies.
What separates a powerful strategy from a run of the mill or ineffective one is
Management's ability to forge a series of moves, both in the marketplace and internally, that sets the company apart from rivals, tilts the playing field in the company's favor, and produces sustainable competitive advantage over rivals.
Changing circumstances and ongoing managerial efforts to improve the strategy
Account for why a company's strategy evolves over time.
Management's story line for how and why the company's business approaches will generate revenues sufficient to cover costs and produce attractive profits and returns on investment
Best describes what is meant by a company's business model.
Leading the drive for good strategy execution and operating excellence calls upon managers to
Practice MBWA, ensure the company has a good strategic plan, put constructive pressure on the organizationton achieve good results, push for the development of stronger core competencies and competitive capabilities, display ethical integrity, and lead social responsibility.
The strategy-making, strategy-executing process
Embraces the tasks of developing a strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy, and then monitoring developments and initiating corrective adjustments in light of experience, changing conditions, and new opportunities.
A company's strategic plan consists of
A vision where it is needed, a set of performance targets, and a strategy to achieve them
Top management efforts to communicate the strategic vision to company personnel
Should be done in language that inspires and motivates company personnel to unite behind executive efforts to get the company moving in the intended direction
Masterful strategies comes from
Doing things differently from competitors where it counts - out-innovating them, being more efficient, adapting faster - rather than running with the herd.
Business strategy concerns
The actions and approaches crafted by management to produce successful performance in one specific line of business.
Business strategy, as distinct from corporate strategy, is chiefly concerned with
Forging actions and approaches to compete successfully in a particular line of business.
The obligations of an investor-owned company's board of directors in the strategy-making, strategy-executing process include
Overseeing the company's financial accounting and financial reporting practices and evaluating the caliber of senior executives' strategy-making/strategy-executing skills.
Which one of the following is NOT an accurate attribute of an organization's strategic vision
Outlining how the company intends to implement and execute its business model.
Which one of the following is NOT an advantage of setting stretch objectives
Helping clarify the company's strategic vision and strategic intent.
The payoff of good scouting reports on rivals is improved ability to
Anticipate what moves rivals are likely to make next, thereby providing a valuable assist in outmaneuvering them in the marketplace.
Which one of the following pairs of variable is LEAST likely to be useful in drawing a strategic group map
Level of profitability and size of market share.
A competitive environment where there is strong rivalry among sellers, low entry barriers, strong competition from substitute products, and considerable bargaining leverage on the part of both suppliers and customers
A competitively unattractive from the standpoint of earning good profits.
Which of the following is NOT a major question to ask in thinking strategically about industry and competitive conditions in a given industry
How many companies in the industry have good track records for revenue growth and profitability.