Business Strategy: Specific vs. General Arena Selection
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Business Strategy: Specific vs. General Arena Selection

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@SpeedyDiopside

Questions and Answers

According to the passage, what is the key challenge when specifying business arenas?

To be as specific as possible

Which of the following is NOT mentioned as an example of a specific business arena in the passage?

Coun- tries with per-capita GDP under $5,000

According to the passage, which of the following is a key element of strategy that companies must consider?

All of the above

Which of the following is NOT mentioned as a potential 'differentiator' that companies can use to win according to the passage?

<p>Premium prices due to unmatchable quality</p> Signup and view all the answers

According to the passage, which of the following 'vehicles' could companies use to obtain returns?

<p>All of the above</p> Signup and view all the answers

Which of the following is NOT mentioned in the passage as a key element of strategy that companies must consider?

<p>Which pricing strategy to use</p> Signup and view all the answers

What is the most fundamental choice that strategists make, according to the article?

<p>The composition and design of the strategy itself</p> Signup and view all the answers

What is the importance of being specific when articulating a business's arenas?

<p>It helps define the product categories, market segments, geographic areas, and core technologies the business intends to focus on</p> Signup and view all the answers

What is the difference between articulating a business's arenas and defining its vision or objectives?

<p>Arenas are about where the business will be active, while vision and objectives are about what the business wants to achieve</p> Signup and view all the answers

What is the key aspect of the biotechnology company's arenas, as described in the article?

<p>All of the above</p> Signup and view all the answers

What is the relationship between a business's arenas and its value-adding stages, according to the article?

<p>Value-adding stages are a component of the arenas that the business chooses to be active in</p> Signup and view all the answers

What is the role of geographic scope in a business's strategy, according to the article?

<p>Geographic scope is a key part of defining a business's arenas and where it will be active</p> Signup and view all the answers

What is one of the key strategic choices a business needs to make?

<p>Determining which market segments and product categories to focus on</p> Signup and view all the answers

Which of the following is NOT mentioned as a potential means for expanding a business's product range?

<p>Outsourcing production</p> Signup and view all the answers

If a business wants to expand its geographic scope, which of the following is suggested as a potential strategy?

<p>All of the above</p> Signup and view all the answers

How did the biotechnology company decide to expand its presence in Europe?

<p>Both A and B</p> Signup and view all the answers

Which of the following is NOT a factor that a business strategist needs to consider when deciding on arenas for the business?

<p>Employee compensation packages</p> Signup and view all the answers

How might a business approach different product categories in terms of emphasis?

<p>Some product categories might be identified as central, while others are secondary</p> Signup and view all the answers

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