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Test Bank For Crafting and Executing Strategy: Concepts, 23rd Edition All Chapters - 9781264250189
Test Bank For Crafting and Executing Strategy: Concepts, 23rd Edition All Chapters
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Test Bank for Crafting and Executing Strategy: Concepts - 23e - Thompson - Chapter 01 1) Managers of all types of business organizations must develop a clear answer for which of the following questions? A) What approaches do we need to take in order to gain a competitive advantage in the marketplace? B) What is the set of actions that we need to take to outperform competitors and achieve superior profitability? C) Where are we now? D) Where do we go from here? E) When will we know that we are there? 2) Sanofi, a pharmaceutical company selling prescription drugs in France for the past 10 years, has had moderate sales in a crowded market while its rivals manufacture and market drugs having similar efficacy and safety precautions, but with superior market share. This particular pharmaceutical company's greatest challenge is to increase prescriptions of their dru gs by French doctors. What would be the most effective strategy for Sanofi to improve sales performance in its existing market? A) modifying marketing communication to increase brand familiarity within key physician segments B) relocating all the existing drug m anufacturing facilities to developing countries to reduce operational costs C) employing hiring plans that aim at acquiring drug designers from rival companies D) exiting the market and entering a new unexplored geographical location E) engaging in new contract tal ks with suppliers about price breaks 3) You have been hired as a consultant by SandCloud, a venture -backed established company in the beachwear and toweling markets. SandCloud ’s owners are weighing a decision to donate a part of its profits to a children's c harity to improve its market image. Your advice to SandCloud regarding strategy is that it will consist of the action plan management takes to A) develop a more appealing business model than rival beachwear and toweling companies. B) compete against rivals in th e beachwear and toweling industry and establish a transitory competitive advantage. C) concentrate on improving its existing product offering irrespective of its decision to donate a percentage of its profits to a children ’s charity. D) stake out a unique market position in beachwear and toweling markets and achieve superior profitability. E) identify its strategic vision, its strategic objectives, and its strategic intent. 1 Test Bank for Crafting and Executing Strategy: Concepts - 23e - Thompson - Chapter 01 4) Keurig, the coffee machine manufacturer, sells high -quality espresso machines at a very low price and also provides low -cost refills of varietal coffee pods at a relatively higher price than rivals. The action steps that Keurig ’s managers take to outperform the company's competitors and achieve superior profitability are known as its A) strategy. B) mission statement. C) strategic intent. D) value-cost-price framework. E) market visioning statement. 5) Strategy, at its essence, is about A) matching rival businesses' products and quality dimensions in the marketplace. B) building profits for short -term success. C) realigning the market to provoke change in rival companies. D) developing lasting success that can support growth and secure the company's future over the long term. E) re-creating a business model with regularity. 6) To improve performance, there are many differe nt avenues for outcompeting rivals, such as A) realizing a higher cost structure and lower operating profit margins than rivals in order to drive sales growth. B) creating products analogous with competitors so as to be competitive in the same markets. C) pursuing similar personalized customer service or quality dimensions as rivals. D) being undecided whether to concentrate operations on local or global markets. E) strengthening competitiveness by pursuing strategic alliances and collaborative partnerships. 2 Test Bank for Crafting and Executing Strategy: Concepts - 23e - Thompson - Chapter 01 7) Pizza Port, a craft brewing and pizza chain in southern California, manufactures thin -crust pizzas and offers one free pint of beer with the purchase of four large pizzas. What would you advise Pizza Port ’s owners not to do to craft a strategy that will enhance its fu ture profits? A) Establish a distribution plan to set up more rapid pizza and beer delivery than any other rivals in the region, B) Devise a social media marketing plan that aims at mass customer segments, providing them with updates on new releases of beer, att ractive advertisements, and offers on products. C) Implement a diversification plan that aims at eventually adding regions outside of southern California to its existing line of products. D) Chart an acquisition plan that aims at rebranding and creating franchis es with local smaller-scale pizza restaurants and craft beer taprooms that seek funding and offer attractive locations. E) Create a sales plan that aims to enhance initial sales and market penetration with low prices based on high operational costs. 8) A cleverly crafted and well -executed strategy A) precludes the capture of emerging opportunities. B) produces mediocre financial performance. C) immunizes a business from changing macro -economic and market conditions. D) provides direction only in terms of what the company should do. E) can withstand the competitive challenges from rival firms. 9) A company's strategy is not concerned with management's choices about how to A) attract and please customers. B) stake out the same market position as successful rival companies. C) grow the business. D) compete successfully. 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