Essentials of Strategic Management
The Five Generic Competitive Strategies- CH5
Your Results:
The answer for each question is indicated by a .
1
A company’s competitive strategy deals with _______________
A)
the specific actions management plans to take to develop a better value chain than rivals.
B)
how it plans to unify its functional and operating strategies into a cohesive effort aimed at successfully taking customers away from rivals.
C)
the specifics of management’s game plan for competing successfully.
D)
its plans for underpricing rivals and achieving product superiority.
E)
the specific actions management intends to take to strongly differentiate its product offering from the offerings of rival companies in the industry.
2
The biggest factors that distinguish one competitive strategy from another are _______________
A)
a customer value proposition, profit formula, and collection of valuable resources.
B)
striving for a high degree of customer loyalty to the company’s brand.
C)
assembling a wide portfolio of company resources, competitive capabilities, and core competencies.
D)
developing a better credit rating than rivals.
E)
choosing between (1) a market target that is either broad or narrow, and (2) whether the company should pursue a competitive advantage linked to lower costs or product differentiation.
3
The five generic types of competitive strategies include _______________
A)
offensive strategies, defensive strategies, differentiation strategies, and low-cost strategies.
B)
low-cost provider, broad differentiation, focused low-cost, focused differentiation, and best-cost provider.
C)
offensive strategies, defensive strategies, technological leadership strategies, and product innovation strategies.
D)
low-price strategies, premium price strategies, middle-of-the-road strategies, and market share leadership strategies.
E)
attacking competitor strengths, attacking competitor weaknesses, market leadership strategies, and product superiority strategies.
