Competitive Advantage and Benchmarking Quiz
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Questions and Answers

What is the key requirement for enhancing the likelihood of competitive advantage?

  • Making grandiose statements
  • Addressing all competitive challenges
  • Creating a successful combination of strategic activities (correct)
  • Providing products or services at an affordable price point

    • In the context of strategic positioning, what do managers need to make conscious trade-offs about?

  • How to achieve grandiose statements
  • Avoiding all competitive challenges
  • Which activities to pursue (correct)
  • Investing in operational effectiveness

    • What distinguishes a unique strategic position in achieving competitive advantage?

  • Relying solely on grandiose statements
  • Performing different activities or the same activities differently than rivals (correct)
  • Performing all activities exactly like rivals
  • Neglecting strategic activities for operational effectiveness

    • What is not considered a strategy according to the text?

    <p>Grandiose statements</p> Signup and view all the answers

    Value creation by companies allows them to provide products or services at an affordable price point in order to:

    <p>Make a profit</p> Signup and view all the answers

    What is the primary source of competitive advantage for Walmart in the retail industry?

    <p><strong>Operating big stores</strong> with low overhead and low wages</p> Signup and view all the answers

    What is at the core of competitive parity?

    <p>Achieving the same level of performance as competitors</p> Signup and view all the answers

    Based on the text, what forms the foundation of a competitive disadvantage?

    <p>Failing to meet the competitive challenge</p> Signup and view all the answers

    In the context of Tesla, what action contributes to sustainable competitive advantage?

    <p>Sharing proprietary technology with the public</p> Signup and view all the answers

    What is a key element of achieving a competitive advantage?

    <p>Ramping up production volumes for economies of scale</p> Signup and view all the answers

    Which factor contributes most to competitive disadvantage in the global smartphone market share?

    <p>Manufacturing unattractive and expensive vehicles</p> Signup and view all the answers

    What is a potential consequence of failing to address the competitive challenge for companies in various industries?

    <p>Experiencing a competitive disadvantage</p> Signup and view all the answers

    What is the key difference between competitive disadvantage and competitive parity?

    <p>Competitive disadvantage means underperforming rivals, while competitive parity means performing at the same level as rivals.</p> Signup and view all the answers

    In the context of global smartphone market share, what does it mean if a vendor consistently outperforms competitors over a prolonged period?

    <p>They have a sustainable competitive advantage.</p> Signup and view all the answers

    How can a firm gain a competitive advantage according to the text?

    <p>By offering goods or services that consumers value more highly or at a lower price compared to competitors.</p> Signup and view all the answers

    Which term describes a firm that underperforms its competitors or the industry average?

    <p>Competitive Disadvantage</p> Signup and view all the answers

    What is the main focus when assessing competitive advantage according to the text?

    <p>Benchmarking against industry competitors and the industry average</p> Signup and view all the answers

    What does strategic positioning aim to achieve for a firm?

    <p>Achieve a unique position to provide value to customers and control costs</p> Signup and view all the answers

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