1. The two types of strategies in a diversified business are accurately described as?
a) A growth strategy entails introducing new products or adding new features to existing products.
An acquisition strategy to gain a competitive advantage. An acquisition strategy entails purchasing another company, or one or more product lines of that company.
b) Business or Competitive strategy concerns how to create competitive advantage in each of the businesses in which a company competes. It defines the scope of the firm in terms of the industries and markets in which it competes.
Corporate strategy which concerns two different questions: what businesses the corporation should be in and how the corporate office should manage the array of business units.
c) Cost leadership strategy which means establishing a business network so that your cost for producing a product is less than the product cost of all competitors
Differentiation strategy which differentiate your product from competitors' products so that your business can create a competitive advantage.
d) Chaos theory strategy which is used for studying complex and dynamic systems to reveal patterns of order (non-chaos) out of seemingly chaotic situations
Black swans were presumed to not exist and was used as a term of impossibility. After their discovery in Australia the black swan strategy developed. It takes into consideration the impact of the highly improbable and accounts for the uncertainty of what we do not know and the overestimate of what we do know.
2. Ghemawat and Collis provide a six step process for mapping business landscapes including all of the following except?
a) Identifying Groups of Players
b) Thinking Dynamically
c) Identifying the right areas to change and improve
d) Understanding Group-Level bargaining power
3. Competitive strategy has become less about building positions of sustained competitive advantage and more about?
a) Developing the responsibilities and flexibility to create successive temporary advantages.
b) Establishing objective’s for the future and determining how they will be achieved.
c) Operational effectiveness
d) Shifting new technologies and management approaches
4. Competitive strategy thinking is about ?
a) Choosing to perform activities faster and better than rivals
b) Tailoring all its activities to deliver low-cost, convenient service
c) Being different and deliberately choosing a different set of activities to deliver a unique mix of value
d) A marketing slogan the competition cannot withstand such as the use of a duck or gecko.
5. Simply put business strategy is the attempt to exert positive control over ...
a) The transition from corporate planning
b) Operational effectiveness
c) The detailed management of companies’ growth paths
d) Market forces by the creation of a unique and valuable position, involving a different set of activities