Crafting and executing strategy are top priority managerial tasks because

MAN 4723

Strategic Management

University Of Florida

Which of the following statements about a company's strategy is true?

The objective of a well-crafted strategy is not merely temporary competitive success and profits in the short run, but rather the sort of lasting success that can support growth and secure the company's future over the long

Competing differently from rivals—doing what competitors don't do or, even better, doing what they can't do is referred to as its

Which one of the following is

related to actions and approaches that comprise a company's strategy?

How to prove to shareholders that the company's business model is viable

A company achieves sustainable competitive advantage when

when it provide buyers with lasting reasons to prefer its products or services over those of competitors.

Which one of the following is

something to look for in identifying a company's strategy?

The company's actions to validate and improve upon its business model

Company strategies evolve because

of changing circumstances and ongoing management efforts to improve the strategy

A company's business model

is management's blueprint for delivering a valuable product or service to customers in a manner that will generate revenues sufficient to cover costs and yield an attractive profit

A winning strategy is one that

fits the company's internal and external situation, builds sustainable competitive advantage, and boosts company performance.

Crafting and executing strategy are top-priority managerial tasks because

how well a company performs and the degree of market success it enjoys are directly attributable to the caliber of its strategy and the proficiency with which the strategy is executed.

The most trustworthy signs of a well-managed company are

good strategy and good strategy execution.

Which one of the following is

an integral part of the managerial process of crafting and executing strategy?

Choosing a strategic intent.

A strategic vision for a company

provides a panoramic view of "where we are going" and a convincing rationale for why this makes good business sense for the company

Which of the following statements about a company's values is false?

At all but a few companies, the stated values are mostly window-dressing and serve mainly to embellish the company's public image.

Most boards of directors have a compensation committee, composed entirely of ________________________, to develop a salary and incentive compensation plan that rewards senior executives for boosting the company's _______________ performance and growing the economic value of the enterprise on behalf of shareholders.

outside directors; long-term

Which of the following represents the

example of a well-stated strategic objective (as opposed to a well-stated financial objective)?

Increase market share from 17% to 22% and achieve the lowest overall costs of any producer in the industry, both within three years

Which of the following statements about objectives is false?

A company's managers are well-advised to give the achievement of financial objectives a much higher priority than the achievement of strategic objectives.

A balanced scorecard for measuring company performance

entails setting both financial and strategic objectives and putting balanced emphasis on their achievement.

The task of crafting a strategy is

is a collaborative team effort in which every manager has a role for the area he or she heads; it is rarely something that only high-level managers do.

The strategy-making hierarchy in a single business company consists of

business strategy, functional-area strategies, and operating strategies.

Which one of the following is

among the chief duties/responsibilities of a company's board of directors insofar as the strategy-making, strategy-executing process is concerned?

Direct senior executives as to what the company's long-term direction, objectives, business model, and strategy should be and, further, closely supervise senior executives in their efforts to implement and execute the strategy

Which of the following is

among the factors that determine whether competitive rivalry among industry members is strong, moderate, or weak?

Whether industry members are vertically integrated and whether the industry is characterized by significant scale economies and rapid technological change

The rivalry among competing sellers in an industry intensifies

as the number of rivals increases and as they become more equal in size and competitive capability.

Competitive pressures associated with the threat of new entrants grow stronger when

Existing industry members are looking to expand their market reach by entering product segments or geographic areas where they do not have a presence yet

Which of the following conditions generally raise the barriers to entering an industry?

High capital requirements, and difficulties in building a network of distributors-retailers and securing adequate space on retailers' shelves,

Competitive pressures stemming from substitute products are weaker when

buyers don't believe substitute products have equal or better features, and buyers' costs of switching to substitutes are relatively high.

Which of the following is not a factor in determining whether the suppliers to an industry are a source of strong, moderate, or weak competitive pressures?

Whether the industry supply chain is global or mostly national, whether suppliers have a wide or narrow product line, and whether industry members place orders frequently or infrequently with suppliers

Whether the buyers of an industry's product have strong or weak bargaining leverage over the terms and conditions of sale depends on

whether buyers purchase in relatively large or small quantities, and how well informed buyers are about sellers' prices, products, and costs.

The task of driving forces analysis is to

determine how the collective impact of the driving forces will change market demand, competition and industry profitability.

Strategic group mapping is a helpful analytical tool for

revealing the market positions of key industry competitors.

An industry's key success factors

are so important to competitive success that all firms in the industry must pay close attention to them or risk becoming an industry laggard or failure.

Which one of the following is

helpful in identifying the components of a single-business company's strategy?

The company's resource strengths and weaknesses

identifying internal strengths and weaknesses and external opportunities and threats

may evolve into a distinctive competence, giving the company superiority over rivals in performing an important value chain activity

Which of the following analytical tools are particularly useful for determining whether a company's prices and costs are competitive?

Value chain analysis and benchmarking.

A company's value chain consists of

the collection of activities it performs in the course of designing, producing, marketing, delivering, and supporting its product or service and delivering value to customers.

is a potent tool for improving a company's own internal activities that is based on learning how other companies perform them and borrowing "best practices".

A company's cost competitiveness is largely a function of

how efficiently it manages its overall value chain activities relative to how efficiently competitors manage theirs.

For a company to translate performance of value chain activities into competitive advantage, it

must be more cost efficient in how it performs value chain activities or better able to manage activities that add customer value.

The measure of internal cash flow estimates the cash a company's business is generating _____________________________

after payment of operating expenses, interest, and taxes

Which one of the following is

something that can be learned from doing a competitive strength assessment?

Whether a company utilizes best practices in performing its value chain activities

Why do crafting and executing strategy are top priority managerial tasks?

Why are crafting and executing strategy important?

What is managerial process of crafting and executing strategy?

Why are crafting and executing business strategies the foremost tasks of any organization quizlet?