Business Strategy: Specific vs. General Arena Selection
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Questions and Answers

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

  • To target products and markets by name
  • To focus on a wide array of products and markets
  • To be as specific as possible (correct)
  • To be as generic as possible

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

  • Businesses with a wider array of products
  • Coun- tries with per-capita GDP under $5,000 (correct)
  • Countries with per-capita GDP over $5,000
  • Women's high-end fashion accessories

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

  • The speed and sequence of their moves
  • The vehicles they will use to obtain returns
  • The differentiators they will use to win
  • All of the above (correct)

    • 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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