Management for a Competitive Edge (MgtEdge)

Module 3: Strategy
TOPIC 1: Goal setting helps people with:
Making tasks seem achievable
Keeping focused
Staying motivated
All of the given answers

TOPIC 2: The acronym SMART stands for:

Sustainable, Measurable, Accurate, Realistic (or Relevant), Timely
Specific, Measurable, Accurate, Realistic (or Relevant), Timely
Substantial, Measurable, Attainable (or Achievable), Realistic (or Relevant),
Timely
Specific, Measurable, Attainable (or Achievable), Realistic (or Relevant), Timely

TOPIC 3: Why is it important to ensure that objectives are SMART?

It helps to avoid demotivating objectives
All of the given answers
It makes it more likely that goals will be achieved
Otherwise objectives become unclear

TOPIC 4: Porter identified the following generic business strategies:

Low cost, premium and mass strategy

Differentiation, premium and low cost strategy

Differentiation, cost leadership and focus strategy
Innovation, differentiation and premium strategy

TOPIC 5: Porters ROI Gap model indicates that:

All of the given answers
Businesses that only pursue a Cost Leadership Strategy ultimately get Stuck
in the Middle
Simultaneous implementation of a Differentiation and Cost Leadership Strategy
result in above average returns
Successful businesses have either a Differentiation or Cost Leadership Strategy

TOPIC 6: Why would Volkswagen be considered as being Stuck in the Middle?

They are not innovative enough
Their image is neither mass nor premium
Their cars are low in quality
Their product range is limited

TOPIC 7: What would be the best explanation for Economies of Scale?

The ability of a manufacturer to spread their fixed cost over a larger quantity
output resulting in lower costs per unit
Increase of sales and production result in higher effectiveness of organisations
All of the given answers
The more a manufacturer produces the lower total costs become

TOPIC 8: Competitive advantage can be achieved through:

All of the given answers
Innovation
Technology
Customer Service