Strategic Positioning and Strategy Process
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Questions and Answers

PEST-analysis is useful because it:

  • describes the competitive situation in an industry
  • describes the profitability situation in an industry
  • describes the macro-environment for a business (correct)
  • describes profitability situation for a firm

    • The value chain is helpful when you:

  • want to analyze a chain of event in the company
  • want to analyze the value delivered from the organization
  • want to analyze the values expected by customers
  • want to analyze the value creating activities in the organization (correct)

    • The CSR concept:

  • focuses on a wider definition of return of investment (Corporate Social Returns)
  • views the firm as embedded in, and dependent on, an ecosystem it needs to adapt to (correct)
  • views the firm as a donor for social activities (Corporate Support Responsibility)
  • focuses on corporate responsibilities as profits is a distracting “problem”

    • One major reason that firms need strategy is?

    <p>It provides a coherent theme that simplifies decision-making within the firm (D)</p> Signup and view all the answers

    Using product design as a driver of cost advantage means that:

    <p>products are designed to ease production and keep production costs low (D)</p> Signup and view all the answers

    Sustainable competitive advantage can be generated by:

    <p>having access to at least one unique capability (C)</p> Signup and view all the answers

    The concept of Corporate strategy is about:

    <p>what industries to compete in? (B)</p> Signup and view all the answers

    The only sustainable way to make a differentiation strategy successful is by:

    <p>having a unique feature in your product offering (C)</p> Signup and view all the answers

    In an industry, the Key Success Factors (KSF) describe:

    <p>what customers want and what a firm needs to do to survive competition (C)</p> Signup and view all the answers

    Competitor analysis will help the company to:

    <p>foresee competitors' strategies, decisions and reactions (B)</p> Signup and view all the answers

    The only sustainable way to make a low-cost strategy successful is by:

    <p>having the lowest costs in the industry (B)</p> Signup and view all the answers

    A stakeholder approach to the firm implies that:

    <p>the business enterprise is viewed as a coalition of interest groups whose needs are to be balanced by top management (A)</p> Signup and view all the answers

    A strategic group analysis identifies:

    <p>a group of companies pursuing a strategy along the same central dimensions (C)</p> Signup and view all the answers

    High replicability of a resource or a capability:

    <p>is not a good base for creating competitive advantage (C)</p> Signup and view all the answers

    The concept of Business strategy is about:

    <p>how to compete within a particular industry (A)</p> Signup and view all the answers

    Stuck-in-the-middle is a problem because:

    <p>it generates a weak position in the market (D)</p> Signup and view all the answers

    In the five forces model, the bargaining power of buyers drives down profitability in the industry if:

    <p>the customers are well-informed about the product and the production conditions (A)</p> Signup and view all the answers

    In the five forces model, the rivalry between established companies drives down profitability in the industry if:

    <p>there is excess production capacity (A)</p> Signup and view all the answers

    Maslow's Hierarchy of Needs model:

    <p>Assumes that lower-level needs must be fulfilled before higher-level needs can be fulfilled (A)</p> Signup and view all the answers

    What concept is defined as “the way we do things around here”?

    <p>Culture (C)</p> Signup and view all the answers

    The primary supporting disciplines for the symbolic frame is:

    <p>Anthropology, dramaturgy and institutional theory (C)</p> Signup and view all the answers

    Mary Follett and Elton Mayo argued that:

    <p>Workers' skills, attitudes, energy, and commitment are vital resources that can make or break an enterprise (C)</p> Signup and view all the answers

    Which team configuration is extensively used at the White House to free the president to focus on mission and external relations while leaving operational details to the chief of staff?

    <p>Simple hierarchy (C)</p> Signup and view all the answers

    The political frame sees organisations as...

    <p>Jungles (C)</p> Signup and view all the answers

    Personal power...

    <p>Rests on one's attractiveness and social adeptness (D)</p> Signup and view all the answers

    Bolman and Deal discuss four basic characteristics of organizations that challenge managers. Organizations are:

    <p>Complex, surprising, deceptive, ambiguous (A)</p> Signup and view all the answers

    If, as a manager, you encounter an important problem that seems almost impossible to solve; Bolman and Deal would likely suggest that you:

    <p>Try using different lenses to analyze the problem and develop strategies (C)</p> Signup and view all the answers

    Studies have shown that employee participation...

    <p>Increases productivity and morale (D)</p> Signup and view all the answers

    In “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Michael Jensen and William Meckling espouse that the primary value of stock analysts is...

    <p>To provide oversight that puts heat on managers to serve shareholders' interest (D)</p> Signup and view all the answers

    The example of United Parcel Service (UPS) was used to illustrate that...?

    <p>Formal structure enhances morale if it helps organizational members complete their work (A)</p> Signup and view all the answers

    The symbolic view...

    <p>Approaches structure as stage design (A)</p> Signup and view all the answers

    The political frame emphasizes that organizational goals are...

    <p>Evolved through an ongoing process of negotiation and bargaining (C)</p> Signup and view all the answers

    As conceptualized by Mintzberg, what does a simple structure consist of?

    <p>A strategic apex and an operating level (A)</p> Signup and view all the answers

    The balance sheet is balanced:

    <p>as the value of the assets is equal to the value of equity and liabilities (D)</p> Signup and view all the answers

    Which of the following statements is false?

    <p>Responsibility centers do not relate to financial performance (D)</p> Signup and view all the answers

    When following up actual results, deviations from budgeted numbers imply corrective actions. Corrective action is aimed primarily at:

    <p>changing behavior of people in the organization. (B)</p> Signup and view all the answers

    Budgeting is best described as:

    <p>a medium-term operational financial plan (D)</p> Signup and view all the answers

    Transfer pricing can be determined in several different ways. Which of these are not a transfer pricing variant?

    <p>share of fixed cost (D)</p> Signup and view all the answers

    Capital expenditure evaluation is NOT done in one of the following ways:

    <p>identifying the level of financial costs in the income statement (D)</p> Signup and view all the answers

    Cash flow relates directly to the:

    <p>payments from or to the bank account of the organization (B)</p> Signup and view all the answers

    When an organization works at full capacity, the analysis of bottleneck throughput may be used for:

    <p>ranking products for prioritization (A)</p> Signup and view all the answers

    Accounting fulfills three functions. Which of the ones below is NOT one of them?

    <p>Financing (D)</p> Signup and view all the answers

    The main difference between financial and management accounting is:

    <p>the stakeholders addressed with the accounting information (C)</p> Signup and view all the answers

    Wholesalers and retailers typically intermediate:

    <p>consumer channels (C)</p> Signup and view all the answers

    A firm’s marketing mix (4P) consists of all of the following EXCEPT:

    <p>process (D)</p> Signup and view all the answers

    Among the different segmentation variables, gender is considered as:

    <p>demographic (D)</p> Signup and view all the answers

    Choose the right statement:

    <p>cost-plus prices are typically higher than break-even prices (B)</p> Signup and view all the answers

    Which is the process of creating a perception in a consumer's mind about the nature of a company and its products relative to competitors?

    <p>market positioning (B)</p> Signup and view all the answers

    Among the different characteristics affecting consumer behavior, age is considered as:

    <p>personal (C)</p> Signup and view all the answers

    What reflects the amount of goods or services that consumers will purchase at various price levels?

    <p>demand (C)</p> Signup and view all the answers

    Cleaning products and standard repair tools are examples of:

    <p>MRO supplies (A)</p> Signup and view all the answers

    The extent to which a product is produced according to specifications is referred to as which of the following concepts?

    <p>conformance quality (A)</p> Signup and view all the answers

    A company that only offers 6 detergents, 2 toothpastes, and 4 paper products has an average product length of:

    <p>12 (B)</p> Signup and view all the answers

    What is a limitation of television advertising?

    <p>Less audience selectivity (C)</p> Signup and view all the answers

    Which category has unique characteristics like variability and perishability?

    <p>Services (D)</p> Signup and view all the answers

    The AMA defines marketing as:

    <p>The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (A)</p> Signup and view all the answers

    When segmenting a market, which category does gender fall under?

    <p>demographic (C)</p> Signup and view all the answers

    The concept of “Strategic fit" is about:

    <p>the alignment of the business environment and the firm's resources and capabilities (A)</p> Signup and view all the answers

    Flashcards

    PEST analysis

    A framework for analyzing the macro-environment of a business.

    Value Chain

    A series of activities that create value for a company's customers.

    CSR

    Corporate Social Responsibility; a company's responsibility to society.

    Strategic Importance

    Strategy provides a consistent theme for decision-making within an organization.

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    Cost Advantage (Product Design)

    Designing products to minimize production costs.

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    Sustainable Competitive Advantage

    A unique capability that a company has to generate long-term advantage.

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    Corporate Strategy

    Decisions about which industries to compete in.

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    Differentiation Strategy

    Creating a unique product/service offering to stand out.

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    Key Success Factors (KSF)

    The crucial elements for a company to succeed in the industry.

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    Competitor Analysis

    Understanding competitors' strategies and likely reactions.

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    Low-Cost Strategy

    Operating with the lowest costs in the industry to gain an edge.

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    Stakeholder Approach

    Managing a business considering all important groups, not just owners.

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    Strategic Groups

    Companies pursuing similar strategies in an industry.

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    Replicability of Resources

    Ease of copying resources or capabilities.

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    Business Strategy

    Decisions about competing within a specific industry.

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    Stuck-in-the-Middle

    A weak market position due to lack of clear strategy.

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    Strategic Fit

    Alignment between strategy, organization, environment, resources, and capabilities.

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    Buyer Power (Five Forces)

    Buyers' ability to affect prices in the market.

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    Rivalry (Five Forces)

    Competition among existing organizations.

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    Maslow's Hierarchy of Needs

    A theory that lower needs must be met before higher needs.

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    Organizational Culture

    The way things are done.

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    Balance Sheet

    A financial statement that shows a company's assets, liabilities, and equity.

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    Responsibility Centers

    Groups of people/departments accountable for achieving specific goals.

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    Stories carry what?

    Stories convey not only history and values but also cultural and social identities.

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    Myths and stories

    Myths are traditional stories that often explain cultural beliefs, origins, and values. They are often passed down through generations and play a crucial role in shaping collective identity.

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    Group identity

    Group identity refers to the shared sense of belonging and common values that individuals feel within a group or community. Stories play a vital role in forming and reinforcing this sense of belonging.

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    Examples

    Examples are specific instances or illustrations that help to clarify and make a concept more relatable. In the context of stories, examples could be specific narratives or tales that exemplify the theme or message being conveyed.

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    Rituals and stories

    Rituals are practices or ceremonies that are repeated regularly and often have symbolic meaning. Stories can be embedded within rituals, providing context and meaning to the actions performed.

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    What do stories carry?

    Stories convey history, values, and a sense of shared identity within a group.

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    Myths

    Traditional stories that explain cultural beliefs, origins, and values, often passed down through generations.

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    Ritual

    Practices or ceremonies repeated regularly that have symbolic meaning, often with stories embedded within them.

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    Study Notes

    Week 1: Strategic Positioning and the Strategy Process

    • PEST analysis is useful for describing the macro-environment of a business.
    • Value chain analysis is helpful for understanding the value-creating activities within an organization.
    • Corporate Social Responsibility (CSR) views firms as embedded in ecosystems, highlighting their dependence and adaptation needs.
    • Strategy is crucial for firms, providing a coherent framework for decision-making.
    • Product design can drive cost advantages by reducing production costs.
    • Sustainable competitive advantage is often achieved by having a unique capability.
    • Corporate strategy focuses on a company's growth.

    Week 1 Continued

    • A differentiation strategy succeeds by offering a unique product feature.

    • Key Success Factors (KSFs) define what customers need and what a firm must do to survive competition in a given industry.

    • Competitor analysis is critical for anticipating competitors' strategies and actions.

    • Low-cost strategies thrive by having the lowest costs in the industry.

    • Stakeholder approach recognizes businesses as representing interests of various stakeholders requiring balanced consideration by management.

    • Strategic group analysis identifies groups of companies with similar strategies.

    • High replicability of capabilities is beneficial for creating new resources.

    Week 2: Organization Module Quiz

    • Maslow's Hierarchy of Needs suggests that lower-level needs must be fulfilled before higher-level needs.
    • Business strategy focuses on competing within a certain industry.
    • Stuck-in-the-middle is a business problem resulting in a weak market position.
    • Strategic fit aligns a firm's strategy with its organizational structure and the business environment.
    • The five forces model illustrates how buyer power impacts profitability.
    • Rivalry among established businesses impacts profitability via factors such as excess production capacity.

    Week 2 Continued

    • Organizational characteristics of complexity, surprise, deception, and ambiguity can challenge managers.
    • Effective problem-solving by managers involves using varied lenses for analysis and developing strategies.
    • Studies show that employee participation increases both productivity and morale.

    Week 3: Accounting/Management Control

    • Balance sheets are balanced when the value of assets equals the value of equity and liabilities.
    • Responsibility centers are linked to financial performance.
    • Corrective actions arising from deviations in actual results target improved organizational behavior rather than maintaining the status quo.
    • Budgeting is a medium-term financial plan.
    • Transfer pricing variants exclude only variable costs.
    • Capital expenditure evaluation does not involve identifying the level of financial costs in the income statement.
    • Cash flow is directly linked to payments from, or to, the company's bank account.

    Week 3 Continued

    • Stock analysts assist by providing oversight that holds managers accountable to shareholders' interests.
    • Loose organizational structures support innovation.
    • Symbolic views link structure with purpose.
    • Political views highlight goal evolution through negotiations and bargaining.
    • Simple structures have an operating core and strategic apex.

    Week 4: Marketing

    • Marketing activities include ranking products to prioritize demands, meeting customer needs, and lowering capital costs.
    • Management accounting focuses on providing stakeholders with necessary information.
    • Contribution is calculated by subtracting variable costs from the selling price.
    • Wholesalers and retailers typically intermediate business and consumer channels.
    • Marketing includes products, place, price, and promotion.
    • Consumer behavior involves factors such as age, and psychological aspects.
    • Demand reflects the amount of goods/services consumers will buy at different price points.

    Week 4 Continued

    • Cost-plus pricing generally results in prices higher than break-even or customer-value-based pricing.
    • Establishing a company's image involves creating a perception distinct from competitors.
    • Perishability and variability are unique attributes of services.
    • Marketing activities are inclusive of value for clients, and the activity of creating, communicating, and delivering valuable products to stakeholders.
    • Segmentation variables include demographics.

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    Related Documents

    Week 1: Strategic Positioning and the Strategy Process Quiz PDF

    Description

    This quiz covers key concepts from Week 1 of strategic positioning and the strategy process. It includes PEST analysis, value chain analysis, and the importance of corporate social responsibility. Participants will also explore differentiation and low-cost strategies, along with key success factors in competitive environments.

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