Business Strategy: Combination, Low-Cost & Focus
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Questions and Answers

What is the key concept of the Combination Strategy?

  • Offering a wide range of features at a premium price
  • Selecting a few differentiation features and providing at a lower cost (correct)
  • Targeting a broad market with high differentiation
  • Reducing differentiation features and increasing cost

    • In the Strategy Development Process, what is the first step after setting goals?

  • Analyze the internal strengths and weaknesses
  • Analyze the external environment and industry (correct)
  • Conduct a SWOT analysis
  • Formulate pricing strategies

    • What does Porter's Five Forces framework NOT analyze for profitability?

  • Bargaining Power of Suppliers
  • Threat of New Entrants
  • Intensity of Rivalry
  • Market share of existing competitors (correct)

    • Which industry life cycle stage is characterized by industry growth flattening or declining?

    <p>Shakeout stage</p> Signup and view all the answers

    What is the essence of the Focus Strategy?

    <p>Targeting a specific area to serve more effectively than others</p> Signup and view all the answers

    What is a critical factor in choosing a type of strategy according to the text?

    <p>Analysis of the external environment and internal strengths and weaknesses</p> Signup and view all the answers

    According to Follett, what was the primary job of a leader?

    <p>To define the purpose of the organization</p> Signup and view all the answers

    What did Herbert Simon's 'Bounded Rationality' concept suggest about managers?

    <p>Managers struggle to collect and process all information for perfect decisions</p> Signup and view all the answers

    What does the micro view focus on in organizational research?

    <p>Behavioral research topics like group dynamics</p> Signup and view all the answers

    In the 'Right Work' journey, what is the purpose of a vision statement?

    <p>To define the purpose of existence</p> Signup and view all the answers

    What does the macro view in organizational research aim to explain?

    <p>Interaction between formal and informal processes in an organization</p> Signup and view all the answers

    What is the primary focus of an organization's mission statement?

    <p>Explaining why people should be interested</p> Signup and view all the answers

    Who is credited with first identifying and describing the process of management?

    <p>Henri Fayol</p> Signup and view all the answers

    Which of the following is NOT one of Henri Fayol's 14 Principles of Management?

    <p>Impersonality</p> Signup and view all the answers

    What concept did Max Weber emphasize in his managerial hierarchy?

    <p>Division of Labor</p> Signup and view all the answers

    What does Human Relations Management emphasize managers need to understand?

    <p>Human Behavior</p> Signup and view all the answers

    Which individual is associated with the idea that employees should be 'career professionals'?

    <p>Max Weber</p> Signup and view all the answers

    What aspect of management did Elton Mayo emphasize in addition to getting work done efficiently?

    <p>Human Behavior and Interpersonal Skills</p> Signup and view all the answers

    What is the primary goal of Corporate Social Responsibility (CSR) actions within an organization?

    <p>To recognize and respond to the needs and expectations of stakeholders</p> Signup and view all the answers

    What is the main focus of a market penetration strategy for business growth?

    <p>Attracting current customers away from competitors</p> Signup and view all the answers

    What is the key factor for successful growth when selling existing products to new markets?

    <p>Developing new distribution or sales channels</p> Signup and view all the answers

    What is the core concept of innovation in business?

    <p>Creating value through addressing challenges and generating opportunities</p> Signup and view all the answers

    Which of the following describes Entrepreneurship based on the text?

    <p>Taking urgent action to address challenges and seize opportunities</p> Signup and view all the answers

    What is a common mechanism mentioned for business innovation in the text?

    <p>Utilizing artificial intelligence and technology platforms</p> Signup and view all the answers

    What is a primary reason for companies to engage in globalization?

    <p>To create an integrated global economy</p> Signup and view all the answers

    'Risk-adjusted rate of return on capital employed' refers to which aspect of business profitability?

    <p>'Appropriate return considering the associated risk'</p> Signup and view all the answers

    'Market development' for business growth typically involves:

    <p>'Searching for new markets with current products'</p> Signup and view all the answers

    What stage is characterized by industry growth beginning to slow and new entrants becoming fewer?

    <p>Maturity</p> Signup and view all the answers

    What can be assessed in macroenvironmental analysis to determine if they are an opportunity, threat, both, or neither?

    <p>Global trends</p> Signup and view all the answers

    What is the main purpose of distinctive competencies in strategy formulation?

    <p>To create superior value for customers</p> Signup and view all the answers

    Which factor is NOT considered in the steps for choosing the best strategy?

    <p>Political/legal factors</p> Signup and view all the answers

    What aspect plays a key role in executing the strategy successfully and achieving the goals?

    <p>Monitoring and Control</p> Signup and view all the answers

    What does culture encompass within an organization?

    <p>Set of values shared by members</p> Signup and view all the answers

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