Answer & Explanation

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Question $29$: What is the role of competitive intelligence in strategic management?

Question $29$ options:

Analysis, Formulation, Implementation, Evaluation

Leadership, Governance, Sustainability, Innovation

To focus on internal operational efficiency

Directing goals, stakeholder inclusion, short$-$term and long$-$term perspectives, efficiency vs$.$ effectiveness trade$-$offs

Answer:

The correct answer is Analysis, Formulation, Implementation, Evaluation.

Explanation:

Competitive intelligence involves gathering and analyzing information about competitors, market trends, and other external factors that can impact an organization. This information is crucial in the strategic management process, which includes:

Analysis: Understanding the competitive landscape.

Formulation: Developing strategies based on the gathered intelligence.

Implementation: Executing the strategies.

Evaluation: Assessing the effectiveness of the strategies and making necessary adjustments.

Question $30$: In the Best Buy example provided by Oberholzer$-$Gee, what was the strategic rationale behind transforming stores into mini$-$warehouses?

Question $30$ options:

To increase customer willingness to pay by reducing shipping times

To reduce operational costs

To decrease the willingness to sell of suppliers

To centralize distribution

Answer:

The correct answer is To increase customer willingness to pay by reducing shipping times.

Explanation:

Transforming stores into mini$-$warehouses allows Best Buy to leverage its physical locations to fulfill online orders more quickly. This strategy reduces shipping times, which can enhance customer satisfaction and increase their willingness to pay for products due to the convenience and speed of delivery. This approach also helps Best Buy compete more effectively with online retailers by utilizing its existing infrastructure.