Chapter 1 Quiz pt 2

For a firm that operates in an industry where competition is high, which of the following practices will result in inferior performance?

Trying to be everything to everybody by combining different competitive strategies

Industry effects describe the underlying _____ structure of the industry.

economic

which of the following factors most effectively contributed to the success of Threadless in comparison to other companies with T-shirt designs, including American Eagle, Old Navy, & Urban Outfitters

its reliance on crowdsourcing

which of the following statements about strategy is not true

operational effectiveness & competitive benchmarking should be treated as strategy

Jake's Taxi Service is a new entrant to the taxi industry. It has achieved success by staking out a unique position in the industry. How did Jake's Taxi Service mostly likely achieve this position?

providing long-distance cab fares at a higher rate than competitors; servicing the same area as competitors

which of the following would be considered a weak stakeholder strategy

putting shareholder interest above the interests of other stakeholders

If a company wants to gain a competitive advantage in a highly competitive industry, it should ideally

stake out a unique position within the industry

____ may be considered the "advance work" that must be done in order to effectively formulate and implement strategies

strategy analysis

____ involves ensuring proper strategic controls & organizational designs

strategy implementation

which of the following forces tend to be more important in determining a firm's performance

the actions of managers within the firm

a company wants to determine how industry effects have affected its profitability. Which of the following elements should the company focus on?

the barriers to entry & exit within the industry

Which of the following is an implication of all firms in an industry pursuing a low cost position through application of competitive benchmarking

the firms would eventually have no resources to invest in product and process improvements

which of the following statements accurately describes firm effects

they attribute firm performance to the industry in which the firm competes

a strategic perspective in an organization should be emphasized

through out the organization

Which of the following statements should ideally reflect a firm's strategy for competitive advantage

we want to be the market leader by replicating our competitor's strategy