Ch. 1: Review Questions and Answers
1. What are strategic competitiveness, strategy, competitive advantage, above-average returns, and the strategic
... [Show More] management process
2.What are the characteristics of the current competitive landscape? What two factors are the primary drivers of this landscape? (pp. 8-13)
3. According to the Industrial Organization (I/O) model, what should a firm do to earn above-average returns? (pp.13-14)
4.What does the resource-based model suggest a firm should do to earn above average-returns? (pp. 15-16)
5.What are vision and mission? What is their value for the strategic management process? (pp. 16-18)
6.What are stakeholders? How do the three primary stakeholder groups influence organizations? (pp. 20-22)
7.How would you describe the work of strategic leaders? (pp. 23-25)
8.What are the elements of strategic management process? How are they interrlated? (pp. 25-26)
Ch. 2 REVIEW QUESTIONS & ANSWERS
1.Why is it important for a firm to study and understand the external environment? (pp. 36-37)
What are the differences between the general environment and the industry environment? Why are these differences important? (pp. 37-39)
3. What is the external environmental analysis process (four steps)? What does the firm want to learn when using this process? (p. 39-42)
4.What are the seven segments of the general environment? Explain the differences among them? (pp. 43-50)
5. How do the forces of competition in an industry affect its profit potential? Explain? (pp. 50-59)
6. What is a strategic group? Of what value is knowledge of the firm’s strategic group in formulating the firm’s strategy? (pp. 59)
7.What is the importance of collecting and interpreting data and information about competitors? What practices should a firm use to gather competitor intelligence and why? (pp. 59-62)
Ch 3 REVIEW QUESTIONS & ANSWERS
1. Why is it important for a firm to study and understand its internal organization? (p. 72-74)
2.What is value? Why is it critical for the firm to create value? How does it do so? (pp. 74-75)
3.What are the differences between tangible and intangible resources? Why is it important for decision makers to understand these differences? Are tangible resources linked more closely to the creation of competitive advantages than intangible resources, or is the reverse true? Why? (pp. 78-80)
4. What are capabilities? How do firms create capabilities? (pp. 80-81)
5.What are the four criteria used to determine which of a firm’s capabilities are core competencies? Why
7. What is outsourcing? Why do firms outsource? Will outsourcing’s importance grow as we progress in the 21st century? If so, why? (p. 89)is it important for firms to use these criteria in developing capabilities? (pp. 82-85)
8. How do firms identify internal strengths and weaknesses? Why is it vital that managers have a clear understanding of their firm’s strengths and weaknesses? (p. 90)
Ch 4: REVIEW QUESTIONS & ANSWERS
2.What is the relationship between a firm’s customers and its business-level strategy in terms of who, what, and how? Why is this relationship important? (pp. 101-106)
3.What are the differences among the cost-leadership, differentiation, focused cost leadership, focuses differentiation and integrated cost leadership/differentiation business-level strategies? (pp. 107-123)
4. How can each one of the business-level strategies be used to position the firm relative to the five forces of competition in a way that helps the firm to earn above-average returns? (pp. 107-123)
5. What are the specific risks associated with using each business-level strategy? (pp. 107-123
1. What is a business-level strategy? (pp. 100-101)
6. What is value-chain analysis? What does the firm gain when it uses this tool? (pp. 85-89) [Show Less]