Strategic Management Concepts and Cases: Forecasting and Benchmarking
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Questions and Answers

What is the main goal of strategic positioning?

  • Imitating competitors for success
  • Achieving temporary competitive advantage
  • Preserving what is distinctive about a company (correct)
  • Avoiding any form of competition

    • What is one of the key steps in creating your personal brand as mentioned in the text?

  • Networking with others (correct)
  • Avoiding social media completely
  • Copying someone else's brand
  • Not having a core message

    • Which method of corporate-level strategy involves diversification and acquisitions?

  • Cost leadership strategy
  • Focus strategy
  • Growth strategy (correct)
  • Differentiation strategy

    • What is a key aspect of Porter’s technique for formulating a business-level strategy?

    <p>Focusing on cost leadership or differentiation</p> Signup and view all the answers

    In the context of strategic management, why is it important to assess the competitive landscape?

    <p>To identify opportunities and threats in the market</p> Signup and view all the answers

    What is a core principle underlying strategic positioning as mentioned in the text?

    <p>Aim for sustainable competitive advantage by being distinctive</p> Signup and view all the answers

    What does SWOT stand for in the context of strategic analysis?

    <p>Strengths, Weaknesses, Opportunities, Threats</p> Signup and view all the answers

    How is VRIO pronounced when referring to the framework for assessing competitive potential?

    <p>V-R-I-O</p> Signup and view all the answers

    What does VRIO framework analyze to determine competitive strategic potential?

    <p>Value, Rarity, Imitability, Organization</p> Signup and view all the answers

    Which aspect is NOT considered in a SWOT analysis?

    <p>Trends</p> Signup and view all the answers

    In the context of SWOT analysis, what do the strengths and weaknesses represent?

    <p>Internal factors</p> Signup and view all the answers

    Which part of VRIO framework focuses on the assessment of how rare a resource or capability is?

    <p>Rarity</p> Signup and view all the answers

    What does the BCG matrix refer to in the text?

    <p>Types of corporate strategy</p> Signup and view all the answers

    What does a 'growth strategy' involve?

    <p>Expansion in sales revenues</p> Signup and view all the answers

    In the BCG matrix, what do 'stars' represent?

    <p>High growth, high market share</p> Signup and view all the answers

    What is the focus of 'stability' as a type of corporate strategy?

    <p>Little or no significant change</p> Signup and view all the answers

    Which element is not part of a growth strategy as outlined in the text?

    <p>Reduction in the organization's efforts</p> Signup and view all the answers

    What is the purpose of benchmarking according to the text?

    <p>Comparing with the best</p> Signup and view all the answers

    What are the three core processes of business that contribute to a company's ability to execute effectively?

    <p>People, strategy, and operations</p> Signup and view all the answers

    How do higher-level corporate and business-level strategies impact functional-level strategies?

    <p>They flow down to the functional strategy</p> Signup and view all the answers

    Which of the following is NOT considered a typical functional area according to the text?

    <p>Sales</p> Signup and view all the answers

    What is the primary consideration in the second core process of business according to the text?

    <p>How success will be accomplished</p> Signup and view all the answers

    Execution roadblocks can hinder which core process of business as discussed in the text?

    <p>Strategy</p> Signup and view all the answers

    In strategic implementation at Kroger mentioned in the text, what is emphasized as a crucial factor for achieving goals?

    <p>Effective communication and alignment of goals</p> Signup and view all the answers

    What are the key strategies mentioned for maintaining strategic control?

    <p>Engage people, keep it simple, stay focused, keep moving.</p> Signup and view all the answers

    What is advised in the 'Career Corner: Managing Your Career Readiness' section?

    <p>Understand the business, know employer strategies, network, seek mentoring, participate in job rotations, attend meetings, and make connections.</p> Signup and view all the answers

    Which process involves considering the path to be followed?

    <p>Operations</p> Signup and view all the answers

    Why might managers face obstacles to strategic implementation?

    <p>Due to various reasons leading to obstacles in strategic implementation.</p> Signup and view all the answers

    What is emphasized as a key part of career readiness competencies?

    <p>Broadening task and functional knowledge</p> Signup and view all the answers

    In which section is a 'Model of Career Readiness' introduced?

    <p>'Career Corner: Managing Your Career Readiness'</p> Signup and view all the answers

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