Question 1

Which of the following is NOT one of the three basic types of business level strategies?

Accepted Answer

A)   Focus
B)   Cost leadership
C)   Adaptability
D)   Differentiation

Question 2

Define differentiation strategy

Accepted Answer

A differentiation strategy is a business...

Question 3

Distinct business level strategies emerge during this phase as firms tend to pursue cost leadership, differentiation or focus strategies.

Accepted Answer

A)   Growth
B)   Maturity.
C)   Shakedown
D)   Introductory A

Question 4

Competitive strategies define a firm's position in relation to its competitors in a given market.

Accepted Answer

A) True 
 B)False

Question 5

Cost leadership, differentiation, and focus are examples of, what level of a strategy?

Accepted Answer

A)   Executive
B)   Legal
C)   Customer
D)   Generic Business

Question 6

Define focus differentiation strategy and give examples

Accepted Answer

Focus differentiation strategy is a business approach in which a company targets a specific market segment and differentiates its products or services from competitors within that segment. This strategy involves offering unique features, high quality, or specialized services to attract and retain customers within the chosen niche.

One example of a company using focus differentiation strategy is Rolex. Rolex targets the luxury watch market and differentiates itself by offering high-quality, prestigious timepieces with a strong brand image. Another example is Whole Foods Market, which focuses on the organic and natural foods market and differentiates itself through its high-quality, ethically sourced products and a unique shopping experience.

Overall, focus differentiation strategy allows companies to carve out a competitive advantage within a specific market segment by offering unique and desirable products or services.

Question 7

The company's brand name and good will that are able to create a global competitive advantage, are two types of intangible resources.

Accepted Answer

A) True 
 B)False

Question 8

The maturity phase leads incumbents to reduce their investments in the markets they occupy in the industry.

Accepted Answer

A) True 
 B)False

Question 9

What enables a firm to sustain the advantage during periods of a downturn?

Accepted Answer

A)   Reducing employees
B)   Buyers' loyalty
C)   Increasing advertisements
D)   None of the above

Question 10

What information is used to develop a firms' strategy?

Accepted Answer

A)   Market information and analysis
B)   Blog posts
C)   Twitter
D)   Facebook

Question 11

What words best describe the following: "The evolution of a firm in an industry over a definite time period"?

Accepted Answer

A)   Life cycle
B)   Vision statement
C)   External review
D)   Internal review

Question 12

A successful differentiating strategy is evidenced by loyal customers even during economic and seasonal downturns

Accepted Answer

A) True 
 B)False

Question 13

Name the five phases of the industry life cycle

Accepted Answer

The industry life cycle refers to the pr...

Question 14

All firms in a given market that compete directly against one another is called a competitive advantage.

Accepted Answer

A) True 
 B)False  False

Question 15

Define cost leadership strategy

Accepted Answer

A cost leadership strategy is a business...

Question 16

Competitive advantage is defined as the above-average profits a firm is able to generate from its business operations when compared to its competition or competitive set.

Accepted Answer

A) True 
 B)False

Question 17

A focus strategy is broad in scope in terms of the market segment it is targeting and its product-service offerings.

Accepted Answer

A) True 
 B)False

Question 18

To sustain competitive advantage, hospitality and tourism firms need to:

Accepted Answer

A)   Establish an urban presence
B)   Upgrade their products/services
C)   Expand and grow
D)   Establish a link between resources and capabilities and strategies.

Question 19

Define competitive advantage and give examples

Accepted Answer

Competitive advantage refers to the attr...

Question 20

Defining a firms' long and short-term goals and objectives will help a company create a strategy.

Accepted Answer

A) True 
 B)False

Exam 7: Business-Level Strategies

Which of the following is NOT one of the three basic types of business level strategies?

Correct Answer
verified

Define differentiation strategy

Correct Answer
Answered by ExamLex AI
A differentiation strategy is a business...
View Answer

Distinct business level strategies emerge during this phase as firms tend to pursue cost leadership, differentiation or focus strategies.

Correct Answer
verified
A

Competitive strategies define a firm's position in relation to its competitors in a given market.

Correct Answer
verified

Cost leadership, differentiation, and focus are examples of, what level of a strategy?

Correct Answer
verified

Define focus differentiation strategy and give examples

The company's brand name and good will that are able to create a global competitive advantage, are two types of intangible resources.

Correct Answer
verified

The maturity phase leads incumbents to reduce their investments in the markets they occupy in the industry.

Correct Answer
verified

What enables a firm to sustain the advantage during periods of a downturn?

Correct Answer
verified

What information is used to develop a firms' strategy?

Correct Answer
verified

What words best describe the following: "The evolution of a firm in an industry over a definite time period"?

Correct Answer
verified

A successful differentiating strategy is evidenced by loyal customers even during economic and seasonal downturns

Correct Answer
verified

Name the five phases of the industry life cycle

Correct Answer
Answered by ExamLex AI
The industry life cycle refers to the pr...
View Answer

All firms in a given market that compete directly against one another is called a competitive advantage.

Correct Answer
verified
False

Define cost leadership strategy

Correct Answer
Answered by ExamLex AI
A cost leadership strategy is a business...
View Answer

Competitive advantage is defined as the above-average profits a firm is able to generate from its business operations when compared to its competition or competitive set.

Correct Answer
verified

A focus strategy is broad in scope in terms of the market segment it is targeting and its product-service offerings.

Correct Answer
verified

To sustain competitive advantage, hospitality and tourism firms need to:

Correct Answer
verified

Define competitive advantage and give examples

Correct Answer
Answered by ExamLex AI
Competitive advantage refers to the attr...
View Answer

Defining a firms' long and short-term goals and objectives will help a company create a strategy.

Correct Answer
verified

Exam 7: Business-Level Strategies

Which of the following is NOT one of the three basic types of business level strategies?

Correct AnswerverifiedShow Answer

Define differentiation strategy

Correct AnswerAnswered by ExamLex AIA differentiation strategy is a business...View AnswerShow Answer

Distinct business level strategies emerge during this phase as firms tend to pursue cost leadership, differentiation or focus strategies.

Correct AnswerverifiedA

Competitive strategies define a firm's position in relation to its competitors in a given market.

Correct AnswerverifiedShow Answer

Cost leadership, differentiation, and focus are examples of, what level of a strategy?

Correct AnswerverifiedShow Answer

Define focus differentiation strategy and give examples

The company's brand name and good will that are able to create a global competitive advantage, are two types of intangible resources.

Correct AnswerverifiedShow Answer

The maturity phase leads incumbents to reduce their investments in the markets they occupy in the industry.

Correct AnswerverifiedShow Answer

What enables a firm to sustain the advantage during periods of a downturn?

Correct AnswerverifiedShow Answer

What information is used to develop a firms' strategy?

Correct AnswerverifiedShow Answer

What words best describe the following: "The evolution of a firm in an industry over a definite time period"?

Correct AnswerverifiedShow Answer

A successful differentiating strategy is evidenced by loyal customers even during economic and seasonal downturns

Correct AnswerverifiedShow Answer

Name the five phases of the industry life cycle

Correct AnswerAnswered by ExamLex AIThe industry life cycle refers to the pr...View AnswerShow Answer

All firms in a given market that compete directly against one another is called a competitive advantage.

Correct AnswerverifiedFalse

Define cost leadership strategy

Correct AnswerAnswered by ExamLex AIA cost leadership strategy is a business...View AnswerShow Answer

Competitive advantage is defined as the above-average profits a firm is able to generate from its business operations when compared to its competition or competitive set.

Correct AnswerverifiedShow Answer

A focus strategy is broad in scope in terms of the market segment it is targeting and its product-service offerings.

Correct AnswerverifiedShow Answer

To sustain competitive advantage, hospitality and tourism firms need to:

Correct AnswerverifiedShow Answer

Define competitive advantage and give examples

Correct AnswerAnswered by ExamLex AICompetitive advantage refers to the attr...View AnswerShow Answer

Defining a firms' long and short-term goals and objectives will help a company create a strategy.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
Answered by ExamLex AI
A differentiation strategy is a business...
View Answer

Correct Answer
verified
A

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
Answered by ExamLex AI
The industry life cycle refers to the pr...
View Answer

Correct Answer
verified
False

Correct Answer
Answered by ExamLex AI
A cost leadership strategy is a business...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
Answered by ExamLex AI
Competitive advantage refers to the attr...
View Answer

Correct Answer
verified