Podcast
Questions and Answers
What is a company's strategy?
What is a company's strategy?
- A random collection of decisions made by managers
- A series of unrelated business approaches
- A coordinated set of actions to outperform competitors and achieve superior profitability (correct)
- A set of uncoordinated actions to compete with rivals
What does the second key question of strategy address?
What does the second key question of strategy address?
- How to position the firm in the marketplace
- How to compete against rivals
- What buyer needs to try to satisfy (correct)
- How to achieve the firm’s performance targets
What does the first key question of strategy focus on?
What does the first key question of strategy focus on?
- How to attract customers
- How to achieve the firm’s performance targets
- How to position the firm in the marketplace
- Industry conditions and competitive pressures (correct)
What challenges do managers face when crafting a company's strategy?
What challenges do managers face when crafting a company's strategy?
What is strategy all about according to the text?
What is strategy all about according to the text?
What does a company's strategy challenge managers to do?
What does a company's strategy challenge managers to do?
What is the primary focus of a company's strategy?
What is the primary focus of a company's strategy?
What does a company's strategy challenge managers to do?
What does a company's strategy challenge managers to do?
According to the text, what does a company's strategy involve choosing?
According to the text, what does a company's strategy involve choosing?
In what way does a company's strategy address future prospects?
In what way does a company's strategy address future prospects?
What is the key focus of a company's strategy in terms of marketplace positioning?
What is the key focus of a company's strategy in terms of marketplace positioning?
What does a company's strategy challenge managers to achieve?
What does a company's strategy challenge managers to achieve?
What is a key element of Apple's successful strategy?
What is a key element of Apple's successful strategy?
What is an example of a proactive (deliberate) strategy element mentioned in the text?
What is an example of a proactive (deliberate) strategy element mentioned in the text?
What does competitive advantage require a company to do?
What does competitive advantage require a company to do?
What factor may lead managers to modify a company's strategy?
What factor may lead managers to modify a company's strategy?
Which of the following is a key element of Apple's successful strategy?
Which of the following is a key element of Apple's successful strategy?
Why do companies modify strategy in response to changing market conditions?
Why do companies modify strategy in response to changing market conditions?
What does maintaining a quality brand image supported by premium pricing help Apple achieve?
What does maintaining a quality brand image supported by premium pricing help Apple achieve?
What does reactive (emergent) strategy involve?
What does reactive (emergent) strategy involve?
What is a reason for managers to modify strategy in response to advancing technology?
What is a reason for managers to modify strategy in response to advancing technology?
What is an example of an element of Apple's successful strategy?
What is an example of an element of Apple's successful strategy?
Study Notes
- A company's strategy is a coordinated set of actions taken by managers to outperform competitors and achieve superior profitability.
- Managers face three key questions in strategic management: assessing present situation, determining future direction, and creating a plan for achieving the desired results.
- Strategy is about choosing how to position the firm in the marketplace, attract customers, compete against rivals, achieve performance targets, and capitalize on opportunities for growth.
- Apple's successful strategy includes designing and developing its own operating systems, hardware, software, and services; continuously investing in R&D; strategically locating stores and staffing them; maintaining a strong brand image; committing to corporate social responsibility and sustainability; and cultivating a diverse workforce.
- Competitive advantage is achieved by meeting customer needs more effectively or efficiently, and a company's strategy evolves over time in response to changing market conditions, technology, competitors, buyer needs, and emerging opportunities.
- Strategy involves both proactive initiatives, such as planned initiatives to improve financial performance and secure a competitive edge, and reactive adjustments to unanticipated developments and fresh market conditions.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of company strategy and strategic management with this quiz. Explore concepts such as industry conditions, competitive pressures, and future prospects in the business environment.
