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Chapter #4 part #1

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Strategic Insights Quiz

Test your knowledge on key concepts of strategic management with our insightful quiz. Dive into the fundamentals of benchmarking, SWOT analysis, and resource-based strategies that drive successful companies like BMW and Toyota.

Join us to understand:
- The significance of dynamic capabilities
- How to assess competitive advantages
- The implications of external threats on profitability

10 Questions2 MinutesCreated by AnalyzingEagle321

Benchmarking how well a company’s current strategy is working (companies like BMW or Toyota) involves

Determining whether the company is falling short of its stated financial objectives, I.e., its financial performance is well below the industry average, and its market share gains reflect short-term preferences for capacity maximization.

Ascertaining whether the company is achieving its stated financial and strategic objectives, its financial performance is above the industry average, and it is gaining customers and increasing its market share.

Assessing whether the company is remaining attentive to possible improvements in its functional areas, creating “stretch” business goals, and providing a product-focused value proposition to customers.

Verifying whether the company is undertaking new initiatives to promote corporate social responsibility.

Discovering whether the company has been foregoing initiatives designed to build market share and to promote corporate responsibility.

The two most important parts of SWOT analysis are

Pinpointing the company’s competitive assets and pinpointing its competitive liabilities.

Identifying the company’s resource strengths and identifying the company’s best market opportunities.

Identifying the external threats to a company’s future profitability and pinpointing how many market opportunities it has.

Drawing conclusions from the SWOT listings about the company’s overall situation and translating these conclusions into strategic actions to better match the company’s strategy to its resource strengths and market opportunities, correct the important weaknesses, and defend against external threats.

Making accurate lists of the company’s strengths, weaknesses, opportunities, and threats, and then using these lists as a basis for ascertaining how well the company’s strategy is working.

Imitation by rivals is most challenging when

Resources are unique.

Resources must be built over time.

Capabilities reflect a high level of social complexity and causal ambiguity.

Resources and capabilities require a high level of capital investment.

Resources and capabilities are accessible and require low levels of investment.

Which one of the following is a tangible resource?

Know-how and experience-based learning

Brand, image, and reputation

Relationships

Company culture

Financial capital

Every organization has many resources, capabilities, and routines; however, those few things the company does really well and performs with a very high proficiency are termed

Core competencies.

Distinct capabilities.

Sustainable activities.

Socially complex activities.

Distributive factors.

A resource-based strategy

Focuses on exploiting a company’s best-executed operating strategy.

Is based upon efficient performance of the company’s primary value chain activities.

Concentrates on minimizing the costs associated with the design of a product or service.

Attempts to exploit resources in a manner that offers value to customers in ways rivals are unable to match.

Focuses on working with forward channel allies to develop capabilities to outmatch the capabilities of rivals.

Which of the following is not an example of a company’s dynamic capability?

Petsmart’s ability to remain a “big-box, bricks and mortar” retailer

Facebook’s ability to upgrade its messaging services to feature real-time video chat

Tesla’s ability to introduce less costly and yet more technologically advanced automobiles

Amazon’s ability to expedite its delivery services using drone aircraft

ESPN’s ability to deliver live games via video streaming services

The most important payoff of doing a thorough SWOT analysis is

Identifying whether the company’s value chain is cost effective vis-à-vis the value chains of rivals.

Helping strategy makers benchmark the company’s resource strengths against industry key success factors.

Enabling a company to assess its leverage in negotiations with buyers.

Revealing whether a company’s market share, measures of profitability, and sales compare favorably or unfavorably vis-à-vis key competitors.

Assisting strategy makers in drawing conclusions about the company’s overall situation and crafting a strategy that is well-matched to the company’s resources and capabilities, its market opportunities, and the external threats to its future well-being.

Which of the following is not an example of an external threat to a company’s future profitability?

Lack of a distinctive competence

Potential of a hostile takeover

Adverse changes in foreign exchange rates

Unfavorable demographic shifts

Introduction of restrictive trade policies in countries where the company does business

A company’s resource weaknesses can relate to

Inferior or unproven skills, lack of expertise, or intellectual capital shortfalls in competitively important parts of the business.

Something that it lacks or does poorly (in comparison to rivals).

Deficiencies in competitively important physical, organizational, or intangible assets.

Missing or competitively inferior capabilities in key areas.

Inability to achieve a leading market share.

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