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MGNT314 TEST WITH COMPLETE SOLUTION
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MGNT314 TEST WITH COMPLETE SOLUTION...
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MGNT314 TEST WITH COMPLETESOLUTION
Company Strategy - ANSWER set of actions managers take/use for
outperforming its competitors and achieving superior profitability
need for sustainable competitive advantage - ANSWER to specify what
actions are going to be taken to gain a sustainable competitive advantage
over its rivals
sustainable compeititve advantage requires - ANSWER giving buyers lasting
reasons to prefer a firm's products or services over those of its competitors
A firm achieves a sustainable competitive advantage - ANSWER If its
advantage persists despite the best efforts of competitors to match or
surpass its advantage.
5 basic strategic approahces for competitive adancantage against rivals -
ANSWER •Doing what they don't do or doing it better
•Doing what they can't do
•Doing things in ways that attract customers and set a firm apart from its
rivals
•Doing things in a manner calculated to produce a competitive edge over
rivals
•Knowing what the firm must do and what it must not do
Deliberate strategy - ANSWER consists of proactive strategy elements that
are both planned and realized as planned
,Emergent Strategy - ANSWER consists of reactive strategy elements that
emerge as changing conditions warrant
managers modify strategy in response to: - ANSWER 1-Changing market
conditions
2-Advancing technology
3-Fresh moves of competitors
4-Shifting buyer needs
5-Emerging market opportunities
6-New ideas for improving the strategy
The three tests of winning strategy - ANSWER Strategic Fit
Competitive Advantage
Performance
strategic fit test (winning strategy) - ANSWER dynamic fit with firms internal
and external situation
Competitive advantage test (winning strategy) - ANSWER help firm attain a
significant and sustainable competitive advantage
(ex. value proposition)
The performance test (winning strategy) - ANSWER can it produce good
profitability, market standing, and competitive strength
(ex. revenue generation, cost structure, profit margin)
WHY IS IT CRITICAL FOR MANAGERS TO HAVE A CLEAR STRATEGIC VISION
, OF WHERE A COMPANY NEEDS TO HEAD AND WHY - ANSWER •Fosters
employee commitment to the firms chosen strategic direction
•Ensures understanding of its importance
•Motivates, informs, inspires internal and external stakeholders
•Demonstrates top management support for the firm's future strategic
direction and competitive efforts
Financial objectives - ANSWER •Communicate top management's goals for
financial objectives
•Are focused internally on the firm's operations and activities
Short-term objectives - ANSWER Focus attention on quarterly and annual
performance improvements to satisfy near-term shareholder expectations
Long-term objectives - ANSWER •Force consideration of what to do now to
achieve optimal long-term performance.
•Stand as a barrier to an undue focus on short-term results.
Setting objectives for every organisational level - ANSWER •Breaks down
performance targets for each of the organisation's seperate units
•Fosters setting performance targets that support achievement of firm-wide
strategic and financial objectives.
•Extends the top-down objective-setting process to all organisational levels.
COMPANY PROCEDURES TO ACHIEVE OPERATING EXCELLENCE AND
EXECUTE STRATEGY PROFICIENTLY - ANSWER •Creating a
strategy-supporting structure
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