The primary role of a functional strategy is to○ create compatible degrees of strategic intent among a company's different business functions.○ unify the company's various operating-level strategies.○ determine how to support particular activities in ways that support the overall business strategy and competitiveapproach.○ support and add power to the corporate-level strategy.○ specify how to build and strengthen the skills, expertise, and competencies needed to execute operating-levelstrategies successfully. The value of doing competitive strength assessment is to○ learn if the company's market opportunities are better than those of its rivals.○ determine whether a company's resource strengths are sufficient to allow it to earn bigger profits than rivals.O learn how the company ranks relative to rivals on each of the important factors that determine market success andascertain whether the company has a net competitive advantage or disadvantage vis-à-vis key rivals.○ determine how competitively powerful are the company's core competencies.O learn whether a company has a distinctive competence.

a.Competitive strength assessment is a critical process for any business seeking to thrive in a…

Answered: The primary role of a functional…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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. Since we now understand that the acronym VRIO stands for 4 four major parts in a structured approach to competitive advantage; these are Valuable, Rare, Imitable, and organized. All play an integral role in helping us managers understand, identify, and evaluate resources. In your own words, how do you think the VRIO Analysis is used to identify, exploit, and evaluate competitive advantage.?
The value of doing competitive strength assessment is to A) learn how the company ranks relative to rivals on each of the important factors that determine market success and ascertain whether the company has a net competitive advantage or disadvantage vis-à-vis key rivals. B) learn whether a company has a distinctive competence. C) determine how competitively powerful the company's core competencies are. D) determine whether a company's resource strengths are sufficient to allow it to earn bigger profits than rivals. E) learn if the company's market opportunities are better than those of its rivals.
The sum total set of interrelationships that establish the manner in which competitors behave in an industry could be referred to as competitive dynamics.Required:a. Briefly explain what competitive rivalry is? b. Explain what competitive behaviour is and the three factors that drive competitive behaviour
1. Do you believe that external factors are more important than internal factors for a firm to achieve its competitive advantage. Justify your answer.
A1: Mr. Jonsson was facing some confusion when he first starts the F&B operation. Help him to draw a similar narrowing down analysis (example attached below) focusing on the type of industry selection, market segmentation study and target market study for Hedone restaurant. Restaurants and cafes Franchised chains Food service firms Pizza stores Independent stores Frozen pizza Commercial Manufacturers pizza sauce market Packaged ingredients Existing private labels Supermarkets No private labels
4) Explain the concept of competitive advantage. Why is it central to the study of strategic management? Explain with example (s).
The pursuit of competitive advantage requires a strategist to discover or build a company’s core competencies which will constitute the vehicle that will drive the implementation of successful strategies. A renowned global consulting firm, McKenzie Consulting Group states that “in order to gain and sustain competitive advantage, an organization should at least possess three core competencies which will form the foundation upon which successful strategies are developed”.Required: 1. Briefly distinguish resources from core-competencies? 2. Choose a Ghanaian or Multinational Company operating in Ghana and identify any five tangible resources /capabilities and five intangible resource/capabilities 3. Take each one of the above named tangible and intangible resource/capability and match each against the VRIN framework, clearly justify why any of the named tangible and intangible resource/capability qualifies to be a core competency? 4. Based on the outcome of your analysis above would you…
Which of the following statements BEST describes the Gartner’s ‘Magic Quadrant’? Helps businesses understand their current and future competitive landscapes. Helps businesses get a clear picture about their strong points and weak points relative to their competitors. Helps businesses prioritize and strategize your business investments among smaller business units. Helps businesses analyze and represent a particular product/market/industry in terms of their ability to deliver based on their vision.
An industry's key success factors A) can be determined from studying the "winning" strategies of the industry leaders and ruling out as potential key success factors the strategy elements of those firms considered to have "losing" strategies. B) depend on the relative competitive strengths of the industry leaders and how vulnerable they are to competitive attack. C) are a function of market share, entry barriers, economies of scale, degree of vertical integration, and industry profitability. D) can be determined through identifying an industry's dominant economic characteristics, assessing the five competitive forces, and considering the impacts of the driving forces. E) vary according to whether an industry has high or low long-term attractiveness.
107- What factor does the GE-Mckinsey matrix use to compare BU? a. Growth and market share b. Growth and market attractiveness c. Competitive strengths and industry attractiveness d. Growth and industry attractiveness
The resourced-based view of the firm identifies four criteria that managers can use to evaluate whether particular resources and capabilities are core competencies and can, therefore, provide a basis for sustainable competitive advantage. Are these measures independent or interdependent? Explain. If some of the measure are interdependent, what implications does that fact have for managers wanting to create and sustain a competitive advantage?
1. Capabilities that a firm emphasizes and performs especially well while pursuing its vision, are known as competitive advantages. True False 2. Most competitive advantages can be sustained for a very long period of time, if not forever. True False 3. Large firms in the U.S. are most likely to use the dominant business multiproduct strategy. True False

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