18 Questions
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?
Premium prices due to unmatchable quality
According to the passage, which of the following 'vehicles' could companies use to obtain returns?
All of the above
Which of the following is NOT mentioned in the passage as a key element of strategy that companies must consider?
Which pricing strategy to use
What is the most fundamental choice that strategists make, according to the article?
The composition and design of the strategy itself
What is the importance of being specific when articulating a business's arenas?
It helps define the product categories, market segments, geographic areas, and core technologies the business intends to focus on
What is the difference between articulating a business's arenas and defining its vision or objectives?
Arenas are about where the business will be active, while vision and objectives are about what the business wants to achieve
What is the key aspect of the biotechnology company's arenas, as described in the article?
All of the above
What is the relationship between a business's arenas and its value-adding stages, according to the article?
Value-adding stages are a component of the arenas that the business chooses to be active in
What is the role of geographic scope in a business's strategy, according to the article?
Geographic scope is a key part of defining a business's arenas and where it will be active
What is one of the key strategic choices a business needs to make?
Determining which market segments and product categories to focus on
Which of the following is NOT mentioned as a potential means for expanding a business's product range?
Outsourcing production
If a business wants to expand its geographic scope, which of the following is suggested as a potential strategy?
All of the above
How did the biotechnology company decide to expand its presence in Europe?
Both A and B
Which of the following is NOT a factor that a business strategist needs to consider when deciding on arenas for the business?
Employee compensation packages
How might a business approach different product categories in terms of emphasis?
Some product categories might be identified as central, while others are secondary
Learn about the strategic decision of selecting specific arenas versus more general classes or criteria when defining products, markets, or geographic scope in business. Explore the impact of these decisions on company strategies and market positioning.
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