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Comprehensive Strategy Framework Quiz

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Questions and Answers

What is a common way leaders tend to view strategies?

As a set of rules to follow

As labelled process-outcomes that propel their firms towards the desired results (correct)

As a means to achieve short-term goals

As a way to avoid risk

What is NOT a type of corporate strategy?

Market share building (correct)

Cost leadership

Operational excellence

Globalization

What is the primary purpose of a joint venture?

To collaborate with other companies and share risks (correct)

To increase market share

To acquire new resources

To reduce costs

Which growth strategy involves combining with another company to form a new entity?

Merger and acquisition Signup and view all the answers

What is the benefit of a strategic alliance?

To share resources and expertise Signup and view all the answers

Which strategy involves expanding into new markets or industries?

Diversification Signup and view all the answers

What is a key benefit of a company when its staff and service functions consider customer needs in their operations?

Firm benefits Signup and view all the answers

What is the primary objective of strategic marketing?

Looking beyond the current to capture the future Signup and view all the answers

What is a key element of the marketing mix that involves the distribution and delivery of products or services?

Place Signup and view all the answers

What is the first step in the strategy formulation process?

Setting the vision for the company Signup and view all the answers

Why are companies vulnerable to similar marketing strategies deployed by their competitors?

Because their competitors can replicate their strategies Signup and view all the answers

What is the primary purpose of establishing a brand or growing a company's business?

To gain a competitive advantage Signup and view all the answers

What is the primary focus of Hospira's mission?

Keeping patients first with a range of sterile injectable products and medical devices Signup and view all the answers

What is the typical duration of a long-term strategy?

5 to 10 years Signup and view all the answers

What is the primary benefit of a strategic growth framework?

Enabling game-changing products and businesses Signup and view all the answers

What is the key to ensuring agile execution in a strategic growth framework?

Executing multiple programs simultaneously Signup and view all the answers

What is the purpose of a vision in a strategic growth framework?

Guiding the business strategy Signup and view all the answers

What is the outcome of a well-executed strategy in a firm?

Competitive advantage Signup and view all the answers