Question 1

Multi-domestic industries are specific to each country or group of countries.

Accepted Answer

Multi-domestic industries tailor their products and services to the specific needs of each country or group of countries they operate in, making them specific to each region.

Question 2

In hypercompetitive industries,competitive advantage comes from an up-to-date knowledge of environmental trends and competitive activity coupled with a willingness to risk a current advantage for a possible new advantage.

Accepted Answer

In hypercompetitive industries, it is essential to keep track of environmental trends and competitive activity, and to be willing to take risks to gain new advantages. This helps to maintain a competitive advantage in the long run.

Question 3

What are the two factors that tend to determine whether an industry will be primarily multi-domestic or primarily global?

Accepted Answer

The answer of What are the two factors that tend...

Question 4

A formal program of gathering information on a company's competitors is referred to as

Accepted Answer

Competitive intelligence is the formal program of gathering information about a company's competitors. Statistical modeling involves using mathematical models to analyze data and make predictions, quantitative forecasting involves predicting future trends based on numerical data, and qualitative matrix refers to a tool used for decision-making that compares and evaluates alternatives based on different criteria. Competitive strategy refers to the actions a company takes to gain a competitive advantage in the marketplace.

Question 5

Business intelligence is one of the fastest growing fields within strategic management.

Accepted Answer

Business intelligence has become a crucial tool for organizations to make data-driven decisions and gain insights into their business operations. This increasing demand for business intelligence has led to exponential growth in this industry, making it one of the fastest-growing fields within strategic management.

Question 6

The only factor used to determine whether an industry will be primarily multi-domestic or primarily global is the pressure for local responsiveness.

Accepted Answer

While the pressure for local responsiveness is a significant factor, the decision between a multi-domestic or global strategy also depends on the pressure for cost reductions and other factors such as market diversity, competition, and technological demands.

Question 7

To succeed in a hypercompetitive industry,companies must be willing to

Accepted Answer

The answer of To succeed in a hypercompetitive industry,companies must...

Question 8

The primary activity of a competitive intelligence unit is to

Accepted Answer

The primary activity of a competitive intelligence unit is to monitor competitors to gather information on their strategies, strengths, weaknesses, and other relevant information. Engaging in corporate espionage or reverse engineering competitors' products would be unethical and potentially illegal. While surveying stakeholders and determining industry R&D statistics may be important secondary activities, they are not the primary focus of a competitive intelligence unit.

Question 9

Describe the four strategic types of the Miles and Snow typology.

Accepted Answer

The answer of Describe the four strategic types of the...

Question 10

Competitive intelligence is a formal program of gathering information on a company's competitors.

Accepted Answer

Competitive intelligence is indeed a formal program of gathering information on a company's competitors.

Question 11

Which of the following is true in regards to competitive intelligence?

Accepted Answer

The answer of Which of the following is true in...

Question 12

According to Miles and Snow,companies with fairly broad product lines that focus on product innovations and market opportunities,such as Frito-Lay,reflect which strategic orientation?

Accepted Answer

Miles and Snow's strategic typology identifies four strategic orientations: defenders, prospectors, analyzers, and reactors. Companies with broad product lines and a focus on innovation and market opportunities reflect the prospector orientation, which involves a willingness to take risks and actively seek out new opportunities. Frito-Lay is an example of a prospector company.

Question 13

A table which summarizes the key success factors within a particular industry is called a(n)

Accepted Answer

The answer of A table which summarizes the key success...

Question 14

McDonald's and Olive Garden are in the same strategic group.

Accepted Answer

McDonald's and Olive Garden cater to different market segments and have different business models, with McDonald's focusing on fast food and Olive Garden on casual dining, making them not part of the same strategic group.

Question 15

According to Miles and Snow,most major U.S.airlines have reflected which strategic orientation?

Accepted Answer

The answer of According to Miles and Snow,most major U.S.airlines...

Question 16

An industry matrix summarizes the key success factors within a particular industry.

Accepted Answer

An industry matrix is a comprehensive framework that takes into account all the factors (market structure, competition, demographics, etc.) that influence the success of firms within a particular industry. It is a useful tool for analyzing an industry and identifying the key drivers of profitability and growth.

Question 17

According to Miles and Snow,reactors are companies with a limited product line that focus on improving the efficiency of their existing operations.

Accepted Answer

Miles and Snow categorize reactors as companies that lack a consistent strategy-structure relationship and react to environmental changes rather than adopting a proactive approach. They do not specifically focus on improving efficiency of existing operations with a limited product line; that description more closely aligns with Defenders.

Question 18

Those variables that can affect significantly the overall competitive positions of companies within any particular industry are known as

Accepted Answer

Key success factors are those variables that can affect significantly the overall competitive positions of companies within any particular industry. These factors include a company's strengths, weaknesses, opportunities, threats, and competitive environment. Identifying and understanding key success factors is essential to developing effective competitive strategies.

Question 19

According to Miles and Snow,a company that operates in at least two different product-market areas in which one product is stable and the other one is variable,reflects which strategic orientation?

Accepted Answer

Miles and Snow's typology identifies four strategic orientations: defenders, prospectors, analyzers, and reactors. Defenders stick to their core products and markets and try to maintain stable operations. Prospectors are constantly seeking out new opportunities and have a high tolerance for risk. Analyzers operate in both stable and variable product-market areas, and balance the need for stability with the need for innovation. Reactors are companies that lack a consistent strategy and instead react to changes in the environment. Based on the given description, the company operates in both stable and variable product-market areas, indicating an analyzer orientation.

Question 20

Key success factors seldom vary from industry to industry.

Accepted Answer

Key success factors can vary significantly across different industries due to differences in competitive landscape, customer preferences, technology, and other factors.

Quiz 4: Environmental Scanning and Industry Analysis