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business
essentials of strategic management

Questions and Answers of Essentials Of Strategic Management

=+ LO6. Learn whether and when to employ defensive strategies to protect the company’s market position.
=+improve a company’s market position.
=+ LO5. Learn whether and when to pursue offensive strategic moves to
=+ LO4. Understand the conditions that favor farming out certain value chain activities to outside vendors and strategic allies.
=+ LO3. Understand when a company should consider using a vertical integration strategy to extend its operations to more stages of the overall industry value chain.
=+ LO2. Become aware of the strategic benefi ts of mergers and acquisitions.
=+partnerships can bolster a company’s competitive capabilities and resource strengths.
=+Gain an understanding of how strategic alliances and collaborative
=+5. Which rival companies appear to be employing some type of focus strategy?
=+4. Which rival companies appear to be employing a best-cost provider strategy?
=+3. Which rival companies appear to be employing a broad differentiation strategy?
=+2. Which rival companies appear to be employing a low-cost provider strategy?
=+1. Which o ne o f t he fi ve generic competitive strategies best characterize your company’s strategic approach to competing successfully?
=+automakers. Is there reason to believe that BMW’s differentiation strategy has been successful in producing a competitive advantage? Why or why not?
=+ 2. Explore BMW’s Web site at www.bmwgroup.com and see if you can identify at least three ways in which the company seeks to differentiate itself from rival
=+ How would you characterize Best Buy’s competitive strategy? Should it be classifi ed as a low-cost provider strategy? a differentiation strategy? a best-cost strategy? Explain your answer.
=+additional customer service features that are valued by many customers.
=+for in-store use. Best Buy’s Geek Squad tech support and installation services are
=+to fi nd items. Best Buy customers also appreciate that demonstration models of PC monitors, MP3 players, and other electronics are fully powered and ready
=+have commented that the retailer’s sales staff is exceptionally knowledgeable about the products they sell and can direct them to the exact location of diffi cult
=+with rivals such as Costco Wholesale, Sam’s Club, Walmart, and Target, but is also known by consumers for its fi rst-rate customer service. Best Buy customers
=+1. Best Buy is the largest consumer electronics retailer in the United States with 2009 sales of more than $45 billion. The company competes aggressively on price
=+ LO4. Learn the major avenues for developing a competitive advantage based on differentiating a company’s product or service offering from the offerings of rivals.
=+ LO3. Learn the major avenues for achieving a competitive advantage based on lower costs.
=+ LO2. Recognize why some of the fi ve generic strategies work better in certain kinds of industry and competitive conditions than in others.
=+strategies go about building competitive advantage and delivering superior value to customers.
=+Gain an understanding of how each of the fi ve generic competitive
=+5. Using the methodology presented in Table 4.2 , prepare a competitive strength assessment for your company and two other companies that you and your co-managers consider to be very close
=+4. What are the key elements of your company ⬘ s value chain? Refer to Figure 4.1 in developing your answer.
=+3. Does your company have any core competencies? If so, what are they?
=+does the attractiveness of your company ⬘ s s ituation r ank?
=+prospects—where on the scale from “exceptionally strong” to “alarmingly weak”
=+What does the preceding SWOT analysis indicate about your company ⬘ s present situation and future
=+What external threats to your company ⬘ s future well-being and profi tability do you and your co-managers see?
=+What external market opportunities for growth and increased profi tability exist for your company?
=+2. What resource strengths and resource weaknesses does your company have?
=+⬘ s p erformance is lagging that of rival companies)?
=+⬘ s strategy is working fairly well (or perhaps not working so well, if your company
=+1. What hard evidence can you cite that indicates your company
=+c. What happens to the traditional value chain if more and more consumers use peer-to-peer fi le-sharing software to download music from the Internet rather than purchase CDs or downloadable fi les?
=+b. What costs would be cut out of the traditional value chain or bypassed in the event recording studios sell downloadable fi les of artists ⬘ recordings direct to online b uyers?
=+a. Does the growing popularity of downloading music from the Internet give rise to a new music industry value chain that differs considerably from the traditional value chain? Explain why or why
=+music CDs through traditional brick-and-mortar retail outlets. Then answer the following questions:
=+2. Review the information in Concepts & Connections 4.1 concerning the costs of the different value chain activities associated with recording and distributing
=+Based on these ratios, did Avon’s fi nancial performance improve, weaken, or remain about the same from 2007 to 2008?
=+information for Avon Products below, calculate the following ratios for Avon for both 2007 and 2008:a. Gross p rofi t marginb. Operating profi t marginc. Net p rofi t margind. Times i nterest e
=+1. Using t he fi nancial ratios provided in the Appendix and the fi nancial statement
=+4. Can the resource be trumped by substitute resource strengths and competitive capabilities?
=+3. Is the resource hard to copy or imitate?
=+2. Is the resource rare—is it something rivals lack?
=+1. Is the resource really competitively valuable?
=+ 5. What strategic issues and problems merit front-burner managerial attention?
=+ 4. Is the company competitively stronger or weaker than key rivals?
=+ 3. Are the company’s prices and costs competitive?
=+ 2. What are the company’s competitively important resources and capabilities?
=+1. How well is the company’s strategy working?
=+analysis and internal situation analysis in identifying strategic issues company managers must address.
=+ LO4. Understand the role and importance of industry and competitive
=+ LO3. Learn how to evaluate a company’s competitive strength relative to key rivals.
=+determine a company’s cost structure and ability to compete successfully.
=+ LO2. Grasp how and why activities performed internally by a company and those performed externally by its suppliers and forward channel allies
=+Understand how to evaluate a company’s internal situation, including its collection of competitively valuable resources and capabilities.
=+ 6. What do you see as the key factors for being a successful competitor in your industry? Li st at l east t hree.
=+ Which companies do you believe are likely to try to move to a different position on the strategic group map?
=+ Which companies are the most weakly positioned?
=+Which companies do you believe are in the most attractive position on the map?
=+ 5. Draw a strategic group map showing the market positions of the companies in your industry.
=+ List at least two actions your company should consider taking in order to combat any negative impacts of the driving forces.
=+ Will they act to boost or squeeze profi t margins?
=+Will they cause competition to be more or less intense?
=+ What impact will these driving forces have?
=+ 4. Are there any driving forces in the industry in which your company is competing?
=+fi erce, very strong, strong, moderate, or relatively weak? Why?
=+Would you characterize the rivalry and jockeying for better market position, increased sales, and market share among the companies in your industry as
=+help you in pinpointing the specifi c factors most affecting competitive intensity.
=+ 3. What are the factors affecting the intensity of rivalry in the industry in which your company is competing? Use Figure 3.7 and the accompanying discussion to
=+ 2. What are the “weapons of competition” that rival companies in your industry can use to gain sales and market share? See Figure 3.7 to help you identify the various competitive factors.
=+six industry key success factors. In deciding on your list, it’s important to distinguish between factors critical to success in the industry and factors that enhance a company’s overall
=+ what are the key success factors for restaurants such as Outback Steakhouse or Carrabba’s Italian Grill? Your list should contain no more than
=+ 3. Using t he i nformation p rovided i n Table 3.3 and your knowledge as a casual dining patron,
=+Which company/strategic group faces the weakest competition from the members of other strategic groups?
=+Why do you think no automobile manufacturers are positioned in the upper right corner of the map?
=+Between which two strategic groups is competition the strongest?
=+2. Based on the strategic group map in Concepts & Connections 3.1, who are Toyota’s closest competitors?
=+on the Web sites of these associations, draw a fi ve-forces diagram for the snack food industry and briefl y discuss the nature and strength of each of the fi ve competitive forces. What driving
=+1. Prepare a brief analysis of the snack food industry using the information provided on industry trade association Web sites. Based upon information provided
=+7. Does the outlook for the industry present the company with suffi ciently attractive prospects for profi tabili
=+6. What are the key factors for competitive success?
=+5. What strategic moves are rivals likely to make next?
=+4. What market positions do industry rivals occupy—who is strongly positioned and who is not?
=+3. What forces are driving changes in the industry, and what impact will these changes have on competitive intensity and industry profi tability?
=+2. What kinds of competitive forces are industry members facing, and how strong is each force?
=+1. What are the industry’s dominant economic features?
=+3. What shortcomings are almost certain to put a company at a significant competitive disadvantage?
=+what resources and competitive capabilities does a company need to have to be competitively successful?
=+ 2. Given the nature of the competitive forces prevailing in the marketplace,
=+the competing brands of sellers? That is, what product attributes are crucial?
=+1. On what basis do buyers of the industry’s product choose between
=+ • Deciding which rivals are strong candidates to expand their product offerings and enter new product segments.
=+ • Knowing which rivals are likely to enter new geographic markets.

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