22 Questions
What is a company's strategy?
A coordinated set of actions to outperform competitors and achieve superior profitability
What does the second key question of strategy address?
What buyer needs to try to satisfy
What does the first key question of strategy focus on?
Industry conditions and competitive pressures
What challenges do managers face when crafting a company's strategy?
Choosing how to respond to changing economic and market conditions
What is strategy all about according to the text?
Choosing how to compete against rivals
What does a company's strategy challenge managers to do?
Choose how to capitalize on opportunities to grow the business
What is the primary focus of a company's strategy?
Outperforming competitors and achieving superior profitability
What does a company's strategy challenge managers to do?
Craft competitive moves and business approaches for heading the firm in the intended direction
According to the text, what does a company's strategy involve choosing?
How to achieve the firm’s performance targets
In what way does a company's strategy address future prospects?
By considering changes taking place in the business environment
What is the key focus of a company's strategy in terms of marketplace positioning?
Staking out a unique market position and attracting customers
What does a company's strategy challenge managers to achieve?
Performance targets and outcomes intended for the firm
What is a key element of Apple's successful strategy?
Maintaining a quality brand image supported by premium pricing
What is an example of a proactive (deliberate) strategy element mentioned in the text?
Planned initiatives to improve the company’s financial performance
What does competitive advantage require a company to do?
Meet customer needs either more effectively or more efficiently
What factor may lead managers to modify a company's strategy?
Emerging market opportunities
Which of the following is a key element of Apple's successful strategy?
Designing and developing its own operating systems and hardware
Why do companies modify strategy in response to changing market conditions?
To secure a competitive edge
What does maintaining a quality brand image supported by premium pricing help Apple achieve?
High-value products that customers appreciate
What does reactive (emergent) strategy involve?
Developed on the fly in response to unanticipated developments
What is a reason for managers to modify strategy in response to advancing technology?
To introduce new ideas for improving the strategy
What is an example of an element of Apple's successful strategy?
Continuously investing in R&D and frequently introducing products
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.
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.
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