30 Questions
What is an intended strategy?
The strategy described in an organization's strategic plan
Which type of strategy results from unexpected opportunities and/or challenges?
Emergent Strategy
What is a characteristic of emergent strategies?
Unplanned and a response to unexpected circumstances
Which type of strategy is a product of an organization's intended, deliberate, and emergent strategies?
Realized Strategy
What can making the wrong strategic moves lead to?
Unintended long-term consequences
In what document are intended strategies typically described?
Business plan
What is the key to achieving a sustainable competitive advantage?
Providing unique products and services
How does a company achieve a competitive advantage according to the text?
By giving buyers perceived superior value compared to rivals
What action leads to a sustainable competitive advantage?
Formulating effective strategies for production and competition
Which company has enjoyed a sustainable competitive advantage over Samsung in the smartphone industry?
Apple
Why is uniqueness important in gaining a competitive advantage?
It attracts buyers who seek superior value
How can a firm be said to have a competitive disadvantage?
By underperforming its rivals or industry average
What is an essential consideration for managers in strategic positioning?
Deciding what not to do
Which of the following is true about resources in strategic management?
Managers need to carefully consider their strategic choices due to limited resources
What is the danger of competing to be just a bit better than competitors?
Cutthroat competition and low profit potential
What is a primary focus of strategic planning?
Identifying specific time and resources needed for business goals
What is the purpose of risk management in a business?
To evaluate potential threats and minimize them
How can operational effectiveness, marketing skills, and functional expertise contribute to strategic positioning?
By strengthening a unique strategic position
What is an example of sustainability in an organization?
Switching primary energy source to solar power
Who are primarily responsible for ensuring high ethical principles in an organization?
Strategists like CEOs
What unethical action involves using company resources for personal gain?
Overusing personal smartphone at work
Which unethical behavior involves dumping banned products in foreign markets?
Dumping banned products in foreign markets
What is a key responsibility of strategists within an organization?
Developing a code of business ethics
Which unethical action involves giving inappropriate gifts?
Giving inappropriate gifts
What is the primary focus of strategic management?
Maximizing organizational performance
How often do firms typically revise or create new strategies?
Annually
What does a company's strategy aim to do in a competitive marketplace?
Differ significantly from rivals
What is the key essence of competing differently in strategic management?
Differing in some important respects from competitors
How does a strategy stand a better chance of succeeding, as mentioned in the text?
By appealing to buyers in unique ways
What does a company's strategy provide guidance on, based on the text?
What the company should not do
Test your knowledge on competitive advantage, value creation, and routes to achieving a competitive edge over rivals in business. Learn about how different activities can lead to competitive advantage and superior value for buyers.
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