Crafting & Executing Strategy: The Quest for Competitive Advantage: Concepts and Cases 23th edition

      
       A)   importance of developing a fresh strategic plan every year that keeps employees from becoming bored with executing the same strategy year after year.
       B)   ongoing need to imitate the new strategic moves of the industry leaders.
       C)   need to make regular adjustments in the company's strategic vision.
       D)   ongoing need of company managers to react and respond to changing market and competitive conditions.
       E)   frequent need to modify key elements of the company's business model.
      

 

35)  It is normal for a company's strategy to end up being

 

      
       A)   a blend of offensive actions on the part of managers to improve the company's profitability and defensive moves to counteract changing market conditions.      
       B)   a combination of conservative moves to protect the company's market share and somewhat more risky initiatives to set the company's product offering apart from rivals.
       C)   a close imitation of the strategy employed by the recognized industry leader.
       D)   a blend of proactive actions to improve the company's competitiveness and financial performance, and adaptive reactions to unanticipated developments and fresh market conditions.
       E)   more a product of clever entrepreneurship than of efforts to clearly set a company's product/service offering apart from the offerings of rivals.
      

 

36)  Crafting a deliberate strategy involves developing strategy elements that

 

      
       A)   imitate as much of the market leader's strategy as possible so as not to end up at a competitive disadvantage.
       B)   comprise a five-year strategic plan that is then fine-tuned during the remainder of the plan period; big changes in strategy are thus made only once every five years.
       C)   consist of a blend of proactive new planned initiatives plus ongoing strategy elements continued from prior periods.
       D)   deliberately eliminate the ongoing strategic elements and implement new planned initiatives.
       E)   consist of adaptive change plans to new market situations along with abandoned, redundant ongoing elements.
      

 

37)  Strategy formulation is

 

      
       A)   mostly hidden to outside view and is deliberately kept under wraps by top-level managers (so as to catch rival companies by surprise when the strategy is launched).   
       B)   typically planned well in advance and usually deviates little from the planned set of actions and business approaches because of the risks of making on-the-spot changes.
       C)   static over time unless a newly appointed CEO decides to take the company in a new direction with a new strategy.
       D)   typically a blend of proactive and reactive strategy elements.
       E)   developed solely on the fly because managers must make constant efforts to come up with fresh moves to keep a company's product offering clearly set apart from the product offerings of rival firms.
      

 

38)  A company's realized strategy evolves from one version to the next due to

 

      
       A)   changing management direction because of understanding several appealing strategy alternatives.
       B)   the proactive efforts of company managers to improve the current strategy, a need to respond to changing customer requirements and expectations, and a need to react to fresh strategic maneuvers on the part of rival firms.