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business
essentials of strategic management

Questions and Answers of Essentials Of Strategic Management

15. _____ is the process by which companies increase or decrease product prices to convey their competitive intentions to other companies and so influence the way competitors price their products.a.
14. The desires, wants, or cravings that can be satisfied by means of the characteristics of a product or service are known as _____.a. product differentiationb. customer needsc. distinctive
13. _____ consists of the way strategic managers devise a plan of action to use a company’s resources and distinctive competences to gain a competitive advantage over rivals in a market or
12. A _____ strategy is the best choice when a company wishes to get out of a declining industry and perhaps optimize cash flow in the process.a. divestmentb. harvestc. leadershipd. nichee. none of
11. The strategy of _____ generally means that the leading companies in an industry all have a product in each market segment, or niche, and compete head to head for customers.a. leadershipb. product
10. _____ involves searching for new market segments, and therefore uses, for a company’s products.a. Product developmentb. Market developmentc. Niche strategyd. Harvest strategye. Divestment
9. _____ is a strategy in which a company concentrates on expanding market share in its existing product markets.a. Product developmentb. Market penetrationc. Product proliferationd. Horizontal
8. A very important aspect of product/market strategy in mature industries is the use of _____ to manage rivalry within the industry.a. nonprice competitionb. price leadershipc. tit-for-tat
_____ 7. Price cutting is the process by which one company informally takes the responsibility for setting industry prices. True/False
_____ 6. In franchising, the franchisee grants the franchisor the right to use the parent’s name, reputation, and business skills in a particular location or area. True/False
_____ 5. Differentiation strategy is a strategy of trying to achieve a competitive advantage by creating a product that is perceived by customers as unique in some important way. True/False
_____ 4. Wal-Mart keeps its costs to a minimum so that it can charge lower prices than its competitors, and it does so through the fit its managers have achieved between its business- and
_____ 3. Market segmentation is the way a company decides to group customers, based on important differences in their needs or preferences, in order to gain a competitive advantage. True/False
_____ 2. Customer needs is the process of creating a competitive advantage by designing products—goods or services—to satisfy customer needs. True/False
_____ 1. A business-level strategy is a strategy of trying to outperform competitors by doing everything possible to produce goods or services at a cost lower than those of competitors. True/False
4. What do you think is the best strategy for you to pursue in this situation?Break up into groups of three to five people, and discuss the following scenario. Appoint one group member as a
3. What kinds of competitive tactics and maneuvers could you adopt to protect your generic strategy in this kind of environment?Break up into groups of three to five people, and discuss the following
2. Describe the industry environment in which you are competing.Break up into groups of three to five people, and discuss the following scenario. Appoint one group member as a spokesperson for the
1. Describe the generic business-level strategy you are pursuing.Break up into groups of three to five people, and discuss the following scenario. Appoint one group member as a spokesperson for the
5. Discuss how companies can use (a) product differentiation and (b) nonprice competition to manage rivalry and increase an industry’s profitability.
15. Which of the following is a support activity of the value chain?a. Marketing and salesb. Customer servicec. Information systemsd. Research and developmente. Production
14. _____ are something physical, such as land, buildings, plant, equipment, inventory, and money.a. Intangible resourcesb. Distinctive competencesc. Organizational factorsd. Capabilitiese. Tangible
13. _____ is the specific set of options a company adopts for a product on four main dimensions of marketing:price, distribution, promotion and advertising, and product features.a. New product
12. The principal tool that most managers now use to increase the reliability of their product offering is _____.a. the total quality management philosophyb. the Six Sigma quality improvement
11. In a/an _____, members coordinate their own activities, which might include making their own hiring, training, work, and reward decisions.a. group work teamb. organizational teamc. self-managing
10. The term _____ has been coined to describe the ability of companies to use flexible manufacturing technology to reconcile two goals that were once thought to be incompatible: low cost and
9. Functional-level strategies build _____ by focusing on a limited number of important functions.a. product innovationb. competitive advantagec. customer response timed. a & b abovee. none of the
8. Which of the following is a primary activity in a firm’s value chain?a. Information systemsb. Human resourcesc. Materials managementd. Research and developmente. Company infrastructure
_____ 7. Marketing strategy refers to the position that a company takes with regard to pricing, promotion, advertising, product design, and distribution. True/False
_____ 6. The term value chain refers to the idea that a company is a chain of activities for transforming inputs into outputs that customers value. True/False
_____ 5. Product innovation refers to the act of creating new products or processes. True/False
_____ 4. A product can be said to be reliable when it consistently does the job it is designed for, does it well, and rarely (if ever) breaks down. True/False
_____ 3. The most complicated measure of efficiency is the quantity of inputs that it takes to produce a given output. True/False
_____ 2. Michael Porter has argued that low cost and differentiation are two basic strategies for creating value and attaining a competitive advantage in an industry. True/False
_____ 1. A company has a competitive advantage when its profitability is higher than the average for its industry. True/False
5. How secure is Starbucks’ competitive advantage?What are the barriers to imitation here?
4. Why do you think Starbucks prefers to own its own stores whenever possible?
3. How do Starbucks’ resources, capabilities, and distinctive competences translate into superior financial performance?
2. Identify the resources, capabilities, and distinctive competences of Starbucks.
1. What functional strategies at Starbucks help the company to achieve superior financial performance?
4. How imitable is the company’s distinctive competence?Search the Web for a company site that goes into depth about the history, products, and competitive position of that company.
3. What are the resources and capabilities that underlie this competence? Where do these resources and capabilities come from?Search the Web for a company site that goes into depth about the history,
2. What is the nature of this competence? How does it help the company to attain a competitive advantage?Search the Web for a company site that goes into depth about the history, products, and
1. Does the company have a distinctive competence?Search the Web for a company site that goes into depth about the history, products, and competitive position of that company.
4. How imitable is Johnson & Johnson’s distinctive competence?
3. What are the resources and capabilities that underlie this competence? Where do these resources and capabilities come from?
2. What is the nature of this competence? How does it help the company to attain a competitive advantage?
1. Do you think that Johnson & Johnson has a distinctive competence?
5. Does the Internet pose a threat to the competitive position of your school in the market for business education, or is it the source of an opportunity for your school to enhance its competitive
4. How might the Internet change the way in which business education is delivered?
3. If your school does not have a competitive advantage in the market for business education, identify the inhibiting factors that are holding it back.
2. If so, on what is this advantage based, and is this advantage sustainable?
1. Does your business school have a competitive advantage?
15. _____are within-industry factors that inhibit the movement of companies between strategic groups.a. Industry shakeoutsb. Mobility barriersc. First-time demandsd. Social forcese. Technological
14. The _____refers to the ability of buyers to bargain down prices charged by companies in the industry or to raise the costs of companies in the industry by demanding better product quality or
13. _____are economic, strategic, and emotional factors that prevent companies from leaving an industry.a. Industry demandsb. Cost conditionsc. Exit barriersd. Bargaining powers of buyerse.
12. The _____refers to the number and size distribution of companies in an industry, something that strategic managers determine at the beginning of an industry analysis.a. competitive structureb.
11. In 1992, _____ signed a deal with Wal-Mart to supply the retailing giant with a private-label cola called Sam’s Choice.a. Coca-Colab. PepsiCoc. RC Colad. Cott Corporatione. Seven Up
10. _____arise when unit costs fall as a firm expands its output.a. Economies of scaleb. Brand loyaltiesc. Barriers to entryd. Absolute cost advantagese. none of the above
9. _____arise when a company can take advantage of conditions in its environment to formulate and implement strategies that enable it to become more profitable.a. Threatsb. Opportunitiesc.
8. Included in the macroenvironment is _____.a. risk of entryb. the bargaining power of buyersc. rivalry among established firmsd. the global environmente. product life cycle
_____ 7. Social forces are outcomes of changes in the characteristics of a population, such as age, gender, ethnic origin, race, sexual orientation, and social class. True/False
_____ 6. Fixed costs refer to the costs that must be borne before the firm makes a single sale. True/False
_____ 5. A fragmented industry is dominated by a small number of large companies or, in extreme cases, just one company, which is in a position to determine industry prices. True/False
_____ 4. Switching costs arise when it costs a customer time, energy, and money to switch from the products offered by one established company to the products offered by a new entrant. True/False
_____ 3. Brand loyalty exists when consumers have a preference for the products of established companies. True/False
_____ 2. The risk of entry by potential competitors is a function of the height of barriers to entry. True/False
_____ 1. An industry can be defined as a group of companies offering products or services that are close substitutes for each other—that is, products or services that satisfy the same basic
3. What are the prospects for the industry going forward?What are the opportunities, and what are the threats?What must pharmaceutical firms do to exploit the opportunities and counter the threats?
2. After 2002, the profitability of the industry, measured by ROIC, started to decline. Why do you think this occurred?
1. Drawing on the five forces model, explain why the pharmaceutical industry has historically been a very profitable industry.
2. Assess the likely outlook for competition over the next ten years in this market. Try to establish whether new entry into this industry is likely, whether demand will grow or shrink, how powerful
1. Use Porter’s five forces model to analyze the nature of competition in the commercial jet aircraft market.
2. Can you think of a strategy that your company might pursue, either alone or in conjunction with other enterprises, in order to “beat Microsoft”? What will it take to execute that strategy
1. Analyze the competitive structure of the market for personal computer operating systems. On the basis of this analysis, identify what factors might inhibit adoption of your operating system by
2. Discuss Porter’s five forces model with reference to what you know about the U.S. airline industry.What does the model tell you about the level of competition in this industry?
15. _____can arise in a business context when managers pay bribes to gain access to lucrative business contracts.a. Corruptionb. Environmental degradationc. Unethical behaviord. Inducementse.
14. _____covers a range of actions aimed at harming actual or potential competitors, most often by using monopoly power, thereby enhancing the long-run prospects of the firm.a. Anticompetitive
13. _____in the United States are required to file quarterly and annual reports with the SEC that are prepared according to GAAP.a. Publicly traded companiesb. Private companiesc. Mom-and-pop
12. _____offers a way of understanding why managers do not always act in the best interests of stakeholders, and also why they might sometimes engage in actions that are unethical and perhaps also
11. The capital that stockholders provide to a company is seen as _____because there is no guarantee that stockholders will ever recoup their investment or earn a decent return.a. long-run returnsb.
10. It is _____that enables managers to walk away from a decision that is profitable but unethical.a. corporate governanceb. a code of ethicsc. moral couraged. a vision statemente. a mission statement
9. _____occurs when managers use their control over corporate data to distort or hide information in order to enhance their own financial situation or the competitive position of the firm.a.
8. A _____business definition focuses on the characteristics of the products sold and markets served.a. product-orientedb. customer-orientedc. strategic-orientedd. management-orientede.
_____ 7. Business ethics are the accepted principles of right or wrong governing the conduct of businesspeople. True/False
_____ 6. Inside directors are senior employees of the company, such as the chief executive officer (CEO). True/False
_____ 5. A goal is a precise and measurable desired future state that a company attempts to realize. True/False
_____ 4. Insofar as they help drive and shape behavior within a company, values are commonly seen as the bedrock of a company’s organizational culture. True/False
_____ 3. The mission of a company lays out some desired future state—it articulates, often in bold terms, what the company would like to achieve. True/False
_____ 2. Internal stakeholders are customers, suppliers, creditors, governments, unions, local communities, and the general public. True/False
_____ 1. A company’s stakeholders are individuals or groups with an interest, claim, or stake in the company, in what it does, and in how well it performs. True/False
4. If all foreign search engine companies declined to invest directly in China owing to concerns over censorship, what do you think the results would be? Who would benefit most from this action? Who
3. Do you think that Google should have entered China and engaged in self-censorship, given the company’s long-standing mantra “Don’t be evil”? Is it better to engage in self-censorship than
2. Is Google’s stance toward Internet search in China consistent with its mission?
1. How does Google’s mission drive strategy at the company?
3. Prioritize the stakeholders in order of their importance for the survival and health of the institution. Do the claims of different stakeholder groups conflict with each other? If claims conflict,
2. Strategically, how is the institution responding to those claims? Do you think the institution is pursuing the correct strategies, in view of these claims? What might it do differently, if
1. Identify the key stakeholders of your educational institution.What claims do they place on the institution?
3. In late September 2004, Merck recalled one of its bestselling drugs, Celebrex, after research showed that people who used Celebrex had an elevated risk of suffering a heart attack. To what extent
2. Read the section on Merck’s corporate responsibility and code of conduct (www.merck.com/cr). How does Merck attempt to balance the goals of providing stockholders with an adequate rate of return

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