MGMT 4842 Exam 1

Which of the following is NOT one of the managerial considerations in determining how to compete successfully?

How can a company modify its entire product line to emphasize its internal service attributes?

The competitive moves and business approaches a company's management is using to grow the business, stake out a market position, attract and please customers, compete successfully, conduct operations, and achieve organizational objectives is referred to as its:

Strategy

A company's strategy stands a better chance of succeeding when:

it is predicated on competitive moves aimed at appealing to buyers in ways that set the company apart from rivals

A company achieves a competitive advantage when it:

provides buyers with superior value compared to rival sellers or offers the same value at a lower cost.

A company's strategy is a "work in progress" and evolves over time because of:

the ongoing need of company managers to react and respond to changing market and competitive conditions.

Strategy is about competing differently than rivals, thus strategy success is about:

the sources of sustained advantages and superior profitability.

It is normal for a company's strategy to end up being

a blend of proactive actions to improve the company's competitiveness and financial performance, and adaptive reactions to unanticipated developments and fresh market conditions.

Every strategy needs:

a distinctive element that attracts customers and produces a competitive edge.

Changing circumstances and ongoing managerial efforts to improve the strategy:

Changing circumstances and ongoing managerial efforts to improve the strategy:

Adapting to new conditions like new innovations by competitors, fast-changing technological developments, and constantly evaluating what is working result in:

an emergent strategy.