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A company's value chain

  1. Consists of the primary activities that it performs in seeking to deliver value to shareholders in the form of higher dividends and a higher stock price
  2. Depicts the internally performed activities associated with creating and enhancing the company's competitive assets
  3. Consists of two broad categories of activities: the primary activities that create customer value and the requisite support activities that facilitate and enhance the performance of the primary activities
  4. Concerns the basic process the company goes through in performing R&D and developing new products
  5. Consists of the series of steps a company goes through to develop a new product, get it produced and into the marketplace, and then start collecting revenues and earning a profit


Question 37

A company's competitive strategy deals with

  1. Management's game plan for competing successfully – the specific efforts to please customers, offensive and defensive moves to counter the maneuvers of rivals, the reactions and responses to whatever market conditions prevail at the moment, and the initiatives undertaken to improve the company's market position
  2. What its strategy will be in such functional areas as R&D, production, sales and marketing, distribution, finance and accounting, and so on
  3. Its efforts to change its position on the industry's strategic group map
  4. Its plans for entering into strategic alliances, utilizing mergers or acquisitions to strengthen its market position, outsourcing some in-house activities to outside specialists, and integrating forward or backward
  5. Its plans for overcoming the five competitive forces



Question 38

Corporate strategy for a diversified or multi-business enterprise

  1. Is orchestrated by the CEO and other senior corporate executives, and focuses on how to create a competitive advantage in each specific line-of-business the total enterprise is in
  2. Is orchestrated by the CEO and other senior corporate executives, and centers around the kinds of initiatives the company uses to establish business positions in different industries and efforts to boost the combined performance of the set of businesses the company has diversified into
  3. Concerns how best to allocate resources across the departments of each line of business the company is in
  4. Deals chiefly with what the strategic intent of each of its business units should be
  5. Involves how functional strategies should be aligned with business strategies in each of the various lines of business the company is in


Question 39

The payoff of good scouting reports on rivals is improved ability to

  1. Anticipate what moves rivals are likely to make next, thereby providing a valuable assist in outmaneuvering them in the marketplace
  2. Determine which rivals are in the best strategic group
  3. Figure out how many key success factors a rival has
  4. Determine whether a rival is gaining or losing market share
  5. Determine whether a rival has the best strategy and is the industry leader

Question 40

A company's strategy and its quest for competitive advantage are tightly connected because

  1. Without a competitive advantage, a company cannot become the industry leader
  2. Without a competitive advantage, a company cannot have a profitable business model
  3. Crafting a strategy that yields a competitive advantage over rivals is a company's most reliable means of achieving above-average profitability and financial performance
  4. A competitive advantage is what enables a company to achieve its strategic objectives
  5. How a company goes about trying to please customers and outcompete rivals is what enables senior managers choose an appropriate strategic vision for the company



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