Crafting and Executing Strategy: Concepts and Readings, 19th Edition Test Bank

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Chapter 01_What Is Strategy and Why Is It Important?Student: ___________________________________________________________________________1.Which of the following is NOT one of the managerial considerations in determining how to competesuccessfully?A. How can a company attract, keep, and please customers?B. How can the company modify its entire product line to emphasize their internal service attributes?C. How should the company respond to changing economic and market conditions?D. How should the company be competitive against rivals?E. How should the company position itself in the marketplace?2.A company's strategy concerns:A. the market focus and plans for offering a more appealing product than rivals.B. how it plans to make money in its chosen business.C. management's action plan for outperforming competitors and achieving superior profitability.D. the long-term direction that management believes the company should pursue.E.whether it is employing an aggressive offense to gain market share or a conservative defense to protectits market position.3.A company's strategy consists of the action plan management is taking to:A.grow the business, stake out a market position, attract and please customers, compete successfully,conduct operations, and achieve performance objectives.B. compete against rivals and establish a sustainable competitive advantage.C. make its product offering more distinctive and appealing to buyers.D. develop a more appealing business model than rivals.E. identify its strategic vision, its strategic objectives, and its strategic intent.4.The competitive moves and business approaches a company's management is using to grow the business,stake out a market position, attract and please customers, compete successfully, conduct operations, andachieve organizational objectives is referred to as its:A. strategy.B. mission statement.C. strategic intent.D. business model.E. strategic vision.5.The objectives of a well-crafted strategy require management to strive to:A. match rival businesses products and quality dimensions in the marketplace.B. build profits for short-term success.C. realign the market to provoke change in rival companies.D. develop lasting success that can support growth and secure the company's future over the long term.E. re-create their business models regularly.6.To improve performance, there are many different avenues for outcompeting rivals such as:A. realizing a higher cost structure and lower operating profit margins than rivals in order to drive salesgrowth.B. achieving products analogous with competitors so as to be competitive in the same markets.C. pursing similar personalized customer service or quality dimensions as rivals.D.confining their operations to local or regional markets or developing product superiority or evenconcentrating on a narrow product lineup.E. None of these.

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