30 Questions
Which growth strategy involves increasing the number of programs/products offered?
Concentration
What is the primary advantage of a Concentration strategy?
Organization becomes very good at what it does
Which type of integration strategy focuses on gaining control of a company's suppliers?
Backward Integration
What is the purpose of Vertical Integration strategies?
To reduce resource acquisition costs
In the context of organizational growth, what does International Diversification refer to?
Broadening the geographic area of coverage
What does Horizontal Integration focus on in terms of organizational growth?
Expanding within the same industry
What is a key aspect of committing to a strategic plan according to the text?
Involvement
Which factor helps decrease resistance to change during the implementation of a strategic plan?
Respect
What is one of the common errors mentioned in implementing a strategic plan?
Leaving employees out of the implementation phase
To align compensation/rewards with the strategic plan, what should be emphasized?
Rewards
What is an important component to calculate and build time for in a strategic plan implementation?
Obstacles
Which area is emphasized for top talent to fill strategically important positions?
Recruitment
What is the role of strategic competitiveness in today's global economy?
To achieve sustainable competitive advantage
How does strategy differ from tactics?
Strategy is about achieving sustainable competitive advantage, tactics are not
Why should organizations study strategy according to the text?
To coordinate different parts of the organization based on goals
What is the main goal of a firm's strategy?
Sustain superior performance relative to competitors
Which term describes a firm's actions aimed at gaining and sustaining superior performance relative to competitors?
Sustainable competitive advantage
Why do organizations need to adapt according to changes in the environment?
To deal with the continuously changing world
What does a firm need to offer to effectively implement a cost leadership business-level strategy?
Low prices, satisfactory quality, and enough customers
In corporate-level strategy decisions, what are the three dimensions that a firm focuses on for where to compete?
Products and services, industry value chain, geography
What is the primary consideration when deciding between a broad or narrow market scope in a business strategy?
The level of differentiation offered by the firm
Which factor is critical for a cost leadership strategy to be effective?
Low prices, satisfactory quality, and enough customers
What distinguishes a corporate-level strategy from a business-level strategy?
The focus on competitive advantage across multiple industries and markets
Why is it crucial for a firm implementing cost leadership to attract enough customers?
To ensure profitability despite low prices
What does Corporate Level Strategies focus on?
Obtaining a mix of business units to succeed as a whole
What is the primary focus of Business Level Strategies?
Offering goods and services to customers
Which strategy involves decisions related to the company's overall objective and scope of business?
Corporate Level Strategies
What is the primary aim of Business Level Strategies?
Increasing operating profits
Which strategy involves making decisions concerning product choice, competitive advantage, and customer satisfaction?
Corporate Level Strategies
In the context of Corporate Level Strategies, what is the main focus on Business Level Strategies?
Overall performance enhancement of the firm
Test your knowledge on the role of strategic management by discussing the importance of strategic competitiveness and distinguishing between strategy and tactics. This quiz covers key vocabulary related to strategic management concepts.
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