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Question 1
Free
Multiple Choice

Which of the following statements best define strategy?

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A

It describes how an organization can create value for its customers while differentiating itself from its competitors.

B

It is an organization's ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control.

C

It is an organization's ability to offer products or services its customers perceive to be superior and unique relative to the products or services of its competitors.

D

It describes how an organization motivates its employees to work for more hours without any increase in their wages.

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Question 2
Free
Multiple Choice

In general, profit potential of an organization decreases with ________ .

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A

lesser competition and stronger potential entrants

B

greater competition and stronger potential entrants

C

lesser competition and weaker potential entrants

D

greater competition and weaker potential entrants

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Question 3
Free
Multiple Choice

Which of the following statements best define a product differentiation strategy?

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A

It describes how an organization can increase customer base by differentiating its' product prices from its competitors.

B

It is an organization's ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control.

C

It describes how an organization can decrease product prices by differentiating its' raw materials from its competitors.

D

It is an organization's ability to offer products or services its customers perceive to be superior and unique relative to the products or services of its competitors.

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Question 4
Free
Multiple Choice

Which of the following focuses on these five factors: competitors, potential entrants to the market, equivalent products, bargaining power of customers, and bargaining power of suppliers?

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A

balanced scorecard

B

product differentiation analysis

C

industry analysis

D

business process reengineering

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Question 5
Free
Multiple Choice

What is the term that describes an organization's ability to offer products or services that are perceived by its customers as being superior and unique relative to those of its competitors?

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A

Strategy

B

Product differentiation

C

Cost leadership

D

The balanced scorecard

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Question 6
Multiple Choice

What is the term for an organization's ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control?

Choose correct answer/s
A
Marketing strategy
B
Product differentiation
C
Cost leadership
D
Competitor differentiation
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Question 7
Multiple Choice

An organization that is using the product differentiation approach would most likely do which of the following?

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A
focus on tight cost control to create a reputation of saving its customers money
B
use innovative research and development and develop effective promotional campaigns to increase customer loyalty and charge higher prices
C
provide products that are similar to competitors
D
offer products at a lower cost than competitors
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Question 8
Multiple Choice

An organization that is using the cost leadership approach would ________ .

Choose correct answer/s
A
incur costs for innovative R&D
B
provide products at a higher cost than competitors
C
focus on productivity through efficiency improvements
D
bring products to market rapidly
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Question 9
Multiple Choice

Stewart Corporation plans to grow by offering a sound system, the SS3000, that is superior and unique from the competition. Stewart believes that putting additional resources into R&D and staying ahead of the competition with technological innovations is critical to implementing its strategy. Which of the following terms best describes Stewart's strategy?

Choose correct answer/s
A
product differentiation
B
scalability
C
product leadership
D
cost leadership
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Question 10
Multiple Choice

Magic Corporation manufactures water toys. It plans to grow by producing high-quality water toys that are delivered in a timely manner. There are a number of other manufacturers who produce similar water toys. Magic believes that continuously improving its manufacturing processes and re-engineering processes to downsize and eliminate excess capacity are critical to implementing its strategy. Which of the following best describes Magic's strategy?

Choose correct answer/s
A
product differentiation
B
product leadership
C
cost differentiation
D
cost leadership
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Question 11
True/False

Strategy describes how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its overall objectives.

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True
False
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Question 12
True/False

One of the five forces of industry analysis is understand the bargaining power of customers.

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True
False
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Question 13
True/False

Higher selling prices, rather than unique products or services, provide a competitive advantage for the cost leader companies.

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True
False
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Question 14
True/False

An organization which uses product differentiation strategy will charge higher prices.

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True
False
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Question 15
True/False

The cost leadership strategy is for products and services that are similar to a competitors products and services.

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True
False
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Question 16
True/False

The cost leadership strategy is best for a company if the engineering staff is more skilled at creatively designing new products than at making process improvements.

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True
False
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Question 17
True/False

Cost-leadership strategy usually focuses productivity and efficiency improvements , elimination of waste along with effective cost control systems.

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True
False
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Question 18
Essay

Bosely Corporation is reviewing its business strategy. The first step for Bosely is to perform an industry analysis. You have been hired to help the company go through the strategy formulation process.
Required:
To perform the industry analysis, what areas should Bosely focus on and give at least one example of how Bosely can effectively deal with each area.

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Question 19
Essay

Explain the term cost leadership. What are the possible ways through which a company would try to become a cost leader? How far is it desirable to implement cost reduction measures?

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Question 20
Multiple Choice

Which of the following involves a fundamental rethinking and redesign of business processes to achieve improvements in critical measures of performance?

Choose correct answer/s
A
Strategy
B
Product differentiation
C
Product designing
D
Reengineering
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