29) An organization responds to the structure of its industry by choosing a ________ strategy.
A) competitive
B) growth
C) leadership
D) diversification
30) Which of the following competitive strategies does a company follow if it produces a uniquely formulated anti-ageing face cream targeted at women above the age of forty?
A) providing the lowest cost across the industry
B) providing a better product across the industry
C) focusing on lowering the cost within an industry-segment
D) focusing on product differentiation within an industry-segment
31) A firm introduces a new range of laptops that concentrate on delivering good graphics performance. Which of the following competitive strategies has the firm adopted if these laptops have relatively low prices?
A) focused differentiation
B) focused low cost
C) industry-wide differentiation
D) industry-wide low cost
32) Which of the following is an example of a competitive strategy employed by a firm?
A) increasing the price of its product when raw material prices increase
B) laying off staff in order to cut down costs during a recession period
C) advertising its products nationwide like its competitor organizations
D) launching a unique product targeted at a section of consumers
33) According to Porter, to be effective, an organization's goals, objectives, culture, and activities must be consistent with the organization's ________.
A) functions
B) competitors
C) strategy
D) workforce
34) An organization can choose to either minimize cost or maximize differentiation to gain a competitive advantage.
35) Focused differentiation is a strategy in which a product is unique and is used by a wide range of consumers.
36) According to Porter, to be effective an organization's goals, objectives, cultures, and activities must be consistent with the organization's strategy.
37) What are the four competitive strategies based on Porter's five forces model?