Competitive Advantage and Value Creation Quiz

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What is an intended strategy?

A strategy that an organization actually follows

The strategy described in an organization's strategic plan (correct)

A strategy resulting from disasters

An unplanned strategy that arises in response to unexpected opportunities

Which type of strategy results from unexpected opportunities and/or challenges?

Emergent Strategy (correct)

Deliberate Strategy

Realized Strategy

Unrealized Strategy

What is a characteristic of emergent strategies?

Described in detail in the organization's strategic plan

Always leading to tremendous success

Unplanned and a response to unexpected circumstances (correct)

Followed by the organization without any changes

Which type of strategy is a product of an organization's intended, deliberate, and emergent strategies?

Realized Strategy Signup and view all the answers

What can making the wrong strategic moves lead to?

Unintended long-term consequences Signup and view all the answers

In what document are intended strategies typically described?

Business plan Signup and view all the answers

What is the key to achieving a sustainable competitive advantage?

Providing unique products and services Signup and view all the answers

How does a company achieve a competitive advantage according to the text?

By giving buyers perceived superior value compared to rivals Signup and view all the answers

What action leads to a sustainable competitive advantage?

Formulating effective strategies for production and competition Signup and view all the answers

Which company has enjoyed a sustainable competitive advantage over Samsung in the smartphone industry?

Apple Signup and view all the answers

Why is uniqueness important in gaining a competitive advantage?

It attracts buyers who seek superior value Signup and view all the answers

How can a firm be said to have a competitive disadvantage?

By underperforming its rivals or industry average Signup and view all the answers

What is an essential consideration for managers in strategic positioning?

Deciding what not to do Signup and view all the answers

Which of the following is true about resources in strategic management?

Managers need to carefully consider their strategic choices due to limited resources Signup and view all the answers

What is the danger of competing to be just a bit better than competitors?

Cutthroat competition and low profit potential Signup and view all the answers

What is a primary focus of strategic planning?

Identifying specific time and resources needed for business goals Signup and view all the answers

What is the purpose of risk management in a business?

To evaluate potential threats and minimize them Signup and view all the answers

How can operational effectiveness, marketing skills, and functional expertise contribute to strategic positioning?

By strengthening a unique strategic position Signup and view all the answers

What is an example of sustainability in an organization?

Switching primary energy source to solar power Signup and view all the answers

Who are primarily responsible for ensuring high ethical principles in an organization?

Strategists like CEOs Signup and view all the answers

What unethical action involves using company resources for personal gain?

Overusing personal smartphone at work Signup and view all the answers

Which unethical behavior involves dumping banned products in foreign markets?

Dumping banned products in foreign markets Signup and view all the answers

What is a key responsibility of strategists within an organization?

Developing a code of business ethics Signup and view all the answers

Which unethical action involves giving inappropriate gifts?

Giving inappropriate gifts Signup and view all the answers

What is the primary focus of strategic management?

Maximizing organizational performance Signup and view all the answers

How often do firms typically revise or create new strategies?

Annually Signup and view all the answers

What does a company's strategy aim to do in a competitive marketplace?

Differ significantly from rivals Signup and view all the answers

What is the key essence of competing differently in strategic management?

Differing in some important respects from competitors Signup and view all the answers

How does a strategy stand a better chance of succeeding, as mentioned in the text?

By appealing to buyers in unique ways Signup and view all the answers

What does a company's strategy provide guidance on, based on the text?

What the company should not do Signup and view all the answers