18 Questions
What is the key requirement for enhancing the likelihood of competitive advantage?
Creating a successful combination of strategic activities
In the context of strategic positioning, what do managers need to make conscious trade-offs about?
Which activities to pursue
What distinguishes a unique strategic position in achieving competitive advantage?
Performing different activities or the same activities differently than rivals
What is not considered a strategy according to the text?
Grandiose statements
Value creation by companies allows them to provide products or services at an affordable price point in order to:
Make a profit
What is the primary source of competitive advantage for Walmart in the retail industry?
Operating big stores with low overhead and low wages
What is at the core of competitive parity?
Achieving the same level of performance as competitors
Based on the text, what forms the foundation of a competitive disadvantage?
Failing to meet the competitive challenge
In the context of Tesla, what action contributes to sustainable competitive advantage?
Sharing proprietary technology with the public
What is a key element of achieving a competitive advantage?
Ramping up production volumes for economies of scale
Which factor contributes most to competitive disadvantage in the global smartphone market share?
Manufacturing unattractive and expensive vehicles
What is a potential consequence of failing to address the competitive challenge for companies in various industries?
Experiencing a competitive disadvantage
What is the key difference between competitive disadvantage and competitive parity?
Competitive disadvantage means underperforming rivals, while competitive parity means performing at the same level as rivals.
In the context of global smartphone market share, what does it mean if a vendor consistently outperforms competitors over a prolonged period?
They have a sustainable competitive advantage.
How can a firm gain a competitive advantage according to the text?
By offering goods or services that consumers value more highly or at a lower price compared to competitors.
Which term describes a firm that underperforms its competitors or the industry average?
Competitive Disadvantage
What is the main focus when assessing competitive advantage according to the text?
Benchmarking against industry competitors and the industry average
What does strategic positioning aim to achieve for a firm?
Achieve a unique position to provide value to customers and control costs
Test your knowledge on competitive advantage and benchmarking in the business industry. Evaluate a firm's ability to outperform competitors and industry averages over time. Featuring examples like Apple and Samsung.
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