Policy

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.

A company's strategic plan consists of

A vision where it is needed, a set of performance targets, and a strategy to achieve them

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.

Changing circumstances and ongoing managerial efforts to improve the strategy

Account for why a company's strategy evolves over time.

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.

A company's strategy evolves over time as a consequence of

All of these.

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.

Good strategy combined with good strategy execution

Are the most trustworthy signs of good management.

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.

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.

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.

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.

Business strategy, as distinct from corporate strategy, is chiefly concerned with

Forging actions and approaches to compete successfully in a particular line of business.

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.

Which one of the following is NOT an advantage of setting stretch objectives

Helping clarify the company's strategic vision and strategic intent.

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.

The rivalry among competing sellers tends to be less intense when

Industry rivals are not particularly aggressive or active in making fresh moves to improve their market standing and business performance.

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.

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.

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.

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.

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.

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.

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

Business strategy concerns

The actions and approaches crafted by management to produce successful performance in one specific line of business.