an individual to view a firm in its entirety. It also enables an individual to think like a general
manager to help position his or her firm for superior performance.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Explain the role
of strategy in a firm's quest for
competitive advantage.
52.
Award: 1.00 point
53.
Award: 1.00 point
________ is best described as a set of goal-directed actions a firm takes to gain and sustain
superior performance relative to competitors.
Behavior modification
Strategy
Credo
Competency management
Strategy is a set of goal-directed actions a firm takes to gain and sustain superior performance
relative to competitors.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Explain the role
of strategy in a firm's quest for
competitive advantage.
Which of the following stages of the strategic management process involves an evaluation of a
firm’s external and internal environments?
strategy analysis
strategy implementation
strategy formulation
strategy control
A good strategy consists of a diagnosis of the competitive challenge. This element is accomplished
through strategy analysis of the firm’s external and internal environments.
References
Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Explain the role
of strategy in a firm's quest for
competitive advantage.
54.
Award: 1.00 point
55.
Award: 1.00 point
In ________, a firm frames a guiding policy to address the competitive challenge.
strategy control
strategy implementation
strategy formulation
strategy analysis
A good strategy includes a guiding policy to address the competitive challenge. This element is
accomplished through strategy formulation, resulting in the firm’s corporate, business, and
functional strategies.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Explain the role
of strategy in a firm's quest for
competitive advantage.
Through ________, a firm puts its guiding policy into practice by employing a set of coherent
actions.
strategy control
strategy implementation
strategy formulation
strategy analysis
A good strategy includes a set of coherent actions to implement the firm’s guiding policy. This
element is accomplished through strategy implementation.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Explain the role
of strategy in a firm's quest for
competitive advantage.
56.
Award: 1.00 point
Which of the following is an element of good strategy?
a summary of the firm’s history within its industry
a guiding policy to address employee satisfaction
a set of coherent actions to implement the firm’s guiding policy
an approach that underestimates the competition
A good strategy consists of a diagnosis of the competitive challenge, a guiding policy to address
the competitive challenge, and a set of coherent actions to implement the firm’s guiding policy.
References
Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Explain the role
of strategy in a firm's quest for
competitive advantage.
57.
Award: 1.00 point
ECO Jeans, Inc. had a mission to become the leading producer of environmentally friendly blue
jeans, an emerging and in-demand category in the apparel industry. Its strategy involved leveraging
a network of organic cotton farmers and suppliers of environmentally responsible synthetic
materials to create a product that is durable, attractive, affordable, and 100% recyclable. However,
because it did not upgrade its outdated production facilities, ECO Jeans could not assemble its
products at a low-enough cost to offer the jeans at a price that was attractive to customers. ECO
Jeans’ strategy failed because
it failed to consider the competitive challenge.
it was not backed up with strategic commitments.
managers did not live by the company’s core values.
the company did not stake out a unique strategy position.
A formulated strategy must be backed up with strategic commitments, or actions to achieve the
mission that are costly, long-term oriented, and difficult to reverse. ECO Jeans failed to invest in
upgrading its production facilities, leaving it unable to produce its jeans at a low-enough cost to