Topic 2B Strategy

A company is deciding whether to invest in new technology or expand its marketing team. Which strategic question does this decision primarily address?

A local bookstore is facing increasing competition from online retailers. To address this challenge, which strategic question should the bookstore prioritize?

A manufacturing company experiences a sudden increase in the cost of raw materials. Which strategic question is most relevant to the company's immediate response?

A small startup has limited capital and must decide between investing in product development or sales and marketing. This decision primarily relates to which strategic question?

A software company has developed several new features for its flagship product but lacks the resources to market all of them effectively. Which strategic question should guide their decision-making?

A company that decides to enter new industries that are completely unrelated to its existing business is implementing which type of strategy?

Which of Porter's generic strategies would be MOST appropriate for a company that wants to offer highly specialized products to a niche market?

A beverage company acquires a bottling company. This is an example of which strategy?

A tech company develops three potential scenarios for the next five years: rapid growth, moderate growth, and economic recession. Which of the following BEST describes this approach?

A company known for its innovative and high-quality products targets a broad market. Which of Porter's generic strategies is the company likely pursuing?

A small retail business decides to emulate the customer service practices of Nordstrom, a company renowned for superior customer experiences. What is this an example of?

What is the PRIMARY difference between a cost-focus strategy and a cost-leadership strategy?

A company notices a consistent upward trend in sales over the past five years and uses this data to predict sales for the next year. What is this an example of?

A company aiming to serve a specific segment of customers with unique needs within the broader athletic shoe market would most likely employ which strategy?

Which of the following best describes a 'narrow market'?

A bakery decides to exclusively offer gluten-free and vegan products. What type of market strategy are they employing?

A company's CEO pressures the firm's research and development managers to develop products that can be created cheaply. The firm would be following a ________ strategy?

John owns a piano sales and tuning store and wants to be the biggest retailer in the Midlands. Adding salespeople would be part of his strategic ________.

Which action aligns with maintaining strategic control?

A high-end fashion brand decides to only sell its products through its own exclusive boutiques and online store, avoiding large department stores. Which strategy is being employed?

What is the most significant challenge managers face when implementing a new strategy?

A company decides to focus on producing high-end, customized furniture for a small segment of wealthy clients. According to the principles of strategic positioning, what is the MOST likely outcome of this approach?

Which of the following represents the CORRECT sequence of steps in the strategic-management process?

What is the PRIMARY purpose of conducting a competitive landscape assessment?

A company that makes smartphones decides to purchase a company that manufactures screens used in their smartphones. What type of corporate-level strategy does this BEST exemplify?

A small bakery decides to focus exclusively on creating gluten-free and vegan pastries, charging a premium price for these specialty items. Which of Porter's generic strategies is the bakery MOST likely pursuing?

Why is effective execution CRUCIAL in strategic management?

Which component of SWOT analysis focuses on internal attributes of the organization that may impede its success?

Which of the following questions is MOST relevant when assessing the 'Value' component of the VRIO framework?

A company's strategic advantage is negated when its strategy is:

According to the content, what is the primary focus of the 'trade-offs' concept in strategy?

Which of the following strategic elements leads to similar profitability levels among businesses?

What is the purpose of conducting a SWOT analysis as part of the strategic management process?

In the context of strategic management, what does creating a 'fit' among a business's activities primarily involve?

Which of the following questions is least likely answered by a SWOT analysis?

What is the immediate next step after completing a SWOT analysis in the strategic management process?

How could an airline realistically improve customer satisfaction identified as a 'weakness' in a SWOT analysis?

When performing a SWOT analysis for United Airlines, which factor would Roberta be evaluating when analyzing the 'W'?

A company possesses a resource that is valuable, rare, and costly to imitate, but it is not organized to exploit this resource. According to the VRIO framework, what is the competitive implication?

Tesla's car battery technology is considered valuable, rare, and difficult to imitate. However, Tesla has historically faced manufacturing issues. According to the VRIO framework, what is the most accurate conclusion?

Which of the following resources would be considered valuable according to the VRIO framework?

A small software company has developed a unique algorithm that significantly improves data processing speed. Only one other company in the world possesses a similar algorithm. According to the VRIO framework, how would you classify this algorithm?

Which of the following best describes a resource that is costly to imitate, according to the VRIO framework?

An airline has secured exclusive access to a new, fuel-efficient engine, giving it a significant cost advantage. However, the airline's maintenance division lacks the skills to properly service this engine, leading to frequent breakdowns. According to the VRIO framework, which condition is NOT met?

Assume that a firm's resource is valuable and rare, but not costly to imitate. What are the competitive implications for the company?

Strategic Management

Strategic Management Addresses

Strategy Definition

Planning

Unexpected Business Conditions

Strategy

Strategic Plan

Strategic Positioning

Three approaches to Strategic Positioning

Trade-offs in strategy

SWOT Analysis

VRIO Framework

Forecast

Forecasting

Trend Analysis

Contingency Planning

Benchmarking

Diversification

Vertical Integration

Cost-Leadership Strategy

Differentiation Strategy

Competitor Actions (SWOT)

Tech Advances (Opportunities)

International Expansion

Oil Price Increase (Threat)

Internal Weaknesses (SWOT)

VRIO: Value

VRIO: Rarity

Strategic Fit

Competitive Advantage

Distinctive Strategy Element

Assess Current Reality

Strengths (SWOT)

Narrow Market

Strategy Implementation

Execution

Strategic Control

Market

Wide Market

Market Segment

Strategy Implementation