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    Strategy Quiz

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    SJ
    Formal strategic planning and meticulous performance tracking is the least important for successful strategies. While understanding costs is important, solely focusing on costs will omit other key determinants of profitability. To improve profits, one must investigate both internal and external factors beyond just costs, such as marketing spend, product differentiation, revenue growth, distribution channels, new markets, and partnerships.

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    Strategy Quiz

    Uploaded by

    SJ
    92 views5 pages
    Formal strategic planning and meticulous performance tracking is the least important for successful strategies. While understanding costs is important, solely focusing on costs will omit other key determinants of profitability. To improve profits, one must investigate both internal and external factors beyond just costs, such as marketing spend, product differentiation, revenue growth, distribution channels, new markets, and partnerships.

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    Formal strategic planning and meticulous performance tracking is the least important for successful strategies. While understanding costs is important, solely focusing on costs will omit other key determinants of profitability. To improve profits, one must investigate both internal and external factors beyond just costs, such as marketing spend, product differentiation, revenue growth, distribution channels, new markets, and partnerships.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    92 views5 pages

    Strategy Quiz

    Uploaded by

    SJ
    Formal strategic planning and meticulous performance tracking is the least important for successful strategies. While understanding costs is important, solely focusing on costs will omit other key determinants of profitability. To improve profits, one must investigate both internal and external factors beyond just costs, such as marketing spend, product differentiation, revenue growth, distribution channels, new markets, and partnerships.

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    [17:49, 3/15/2019] ..

    : Which of the following is least important for successful strategies:

    Question 1 options:

    Clear, consistent, long-term goals

    Deep understanding of the competitive environment

    Formal strategic planning and meticulous performance tracking

    Accurate assessment of one's own and competitors' resources

    Question 2 (2 points)

    The primary distinction between corporate strategy and business strategy is:

    Question 2 options:

    Corporate strategy is concerned with where the firm competes; business strategy with how it competes

    Corporate strategy is concerned with establishing competitive advantage; business strategy with
    strategy implementation in individual businesses

    Corporate strategy is concerned with the long-term performance of the firm; business strategy with
    resource deployment
    Corporate strategy is the responsibility of the CEO, business strategy is formulated by the heads of
    business units

    Question 3 (2 points)

    We can quantify a firm's competitive advantage if we know:

    Question 3 options:

    Its product's consumer surplus relative to competitors' products

    Its product's exchange value relative to competitors' products

    Its product's use value and cost relative to competitors' products

    None of the above; competitive advantage cannot be quantified

    Question 4 (2 points)

    The main problem with SWOT as a framework for strategy analysis is that:

    Question 4 options:

    It is so widely used that it no longer produces market-leading strategies


    Distinguishing opportunities from threats and strengths from weaknesses is often difficult

    It is focused on strategy formulation and fails to take account of strategy implementation

    It has been around for decades and is now less relevant than previously

    Question 5 (2 points)

    In regard to strategy making, most firms are likely to exhibit:

    Question 5 options:

    Little influence from the board of directors

    An interaction between strategy design through organizational processes and strategy enactment
    through decisions made by all

    A combination of intentional design and emergence

    A decentralized, bottom-up process

    Question 6 (2 points)

    If your goal is to maximize the value of your company in a competitive industry then you want to:

    Question 6 options:
    Increase consumer surplus and reduce input costs relative to competitors

    Set price at the customers’ use value, thereby capturing all of the consumer surplus

    Reduce price to the breakeven point in order to maximize market share

    Increase consumer surplus by enhancing perceived use value and reducing price

    Question 7 (2 points)

    Strategic fit refers to:

    Question 7 options:

    The need for a firm’s strategy to be consistent with its vision, mission, and culture

    The requirement that a firm’s strategy meet the needs of all its stakeholders, not just shareholders

    The need for a firm’s strategy to be unique relative to rivals’ strategies

    The consistency of a strategy with its external environment and organizational capabilities

    Question 8 (2 points)
    When the environment becomes turbulent, unpredictable,…

    These are the MC

    SHORT ANSWER: In a meeting to discuss ways to improve profitability, a manager proposes a thorough
    study of the company’s costs. How would you make the case that studying costs alone will omit key
    determinants of profitability?

    Although studying costs is necessary to find ways to improve profitability, it is essential to know
    determinants other than just costs. One needs to investigate not just the internal but external factors
    too to improve profitability. One should find ways to increase overall revenue by reviewing marketing
    spend, developing product differentiation, creating more consumer value, increasing product or service
    reach through better distribution channels, entering into a new market, better product positioning,
    vertical or horizontal integration, etc. A company might find that entering into a joint venture/
    partnership or M&A might help to reduce costs or increase revenue through synergies, thereby
    generating profits. It is also essential to do a competitor and industry benchmark analysis to know ways
    to improve profitability. Apart from comparisons that customers make between firm’s offerings and
    substitutes, one needs to check what comparisons suppliers make among different buyers.

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