Question 1

The difference between a company's strategy and a company's business model is that:

Accepted Answer

A)  a company's strategy is management's game plan for achieving strategic objectives while its business model is management's game plan for achieving financial objectives. 
B)  the strategy concerns how to compete successfully and the business model concerns how to operate efficiently. 
C)  a company's strategy is management's game plan for realizing the strategic vision,whereas a company's business model is the game plan for accomplishing the business purpose or mission. 
D)  strategy relates broadly to a company's competitive moves and business approaches while its business model relates to whether the revenues and costs flowing from the strategy demonstrate that the business is viable from the standpoint of being able to generate revenues sufficient to cover costs and realize a profit. 
E)  a company's strategy is concerned with how to please customers while its business model is concerned with how to please shareholders. 
A)  a company's strategy is management's game plan for achieving strategic objectives while its business model is management's game plan for achieving financial objectives. 
B)  the strategy concerns how to compete successfully and the business model concerns how to operate efficiently. 
C)  a company's strategy is management's game plan for realizing the strategic vision,whereas a company's business model is the game plan for accomplishing the business purpose or mission. 
D)  strategy relates broadly to a company's competitive moves and business approaches while its business model relates to whether the revenues and costs flowing from the strategy demonstrate that the business is viable from the standpoint of being able to generate revenues sufficient to cover costs and realize a profit. 
E)  a company's strategy is concerned with how to please customers while its business model is concerned with how to please shareholders. D

Question 2

Powerful execution of a powerful strategy is a proven recipe for winning in the marketplace.True or false? Explain your answer.

Accepted Answer

No Answer

Question 3

Identify and briefly describe the four most frequently used strategic approaches to achieving a sustainable competitive advantage.Provide examples.

Accepted Answer

No Answer

Question 4

Which one of the following questions can be used to distinguish a winning strategy from a mediocre or losing strategy?

Accepted Answer

A)  How good is the company's business model? 
B)  Is the company a technology leader? 
C)  Does the company have low prices in comparison to rivals? 
D)  Is the company putting too little emphasis on behaving in an ethical and socially responsible manner? 
E)  How well does the strategy fit the company's situation? 
A)  How good is the company's business model? 
B)  Is the company a technology leader? 
C)  Does the company have low prices in comparison to rivals? 
D)  Is the company putting too little emphasis on behaving in an ethical and socially responsible manner? 
E)  How well does the strategy fit the company's situation?

Question 5

A company's business model:

Accepted Answer

A)  sets forth management's game plan for maximizing profits for shareholders. 
B)  details exactly how management's strategy will result in the achievement of the company's strategic intent. 
C)  explains how it will achieve high profit margins while at the same time charging relatively low prices to customers. 
D)  sets forth the key components of the enterprise's business approach,indicates how revenues will be generated,and makes a case for why the strategy can deliver value to customers in a profitable manner. 
E)  sets forth management's long-term action plan for achieving market leadership. 
A)  sets forth management's game plan for maximizing profits for shareholders. 
B)  details exactly how management's strategy will result in the achievement of the company's strategic intent. 
C)  explains how it will achieve high profit margins while at the same time charging relatively low prices to customers. 
D)  sets forth the key components of the enterprise's business approach,indicates how revenues will be generated,and makes a case for why the strategy can deliver value to customers in a profitable manner. 
E)  sets forth management's long-term action plan for achieving market leadership.

Question 6

Briefly define each of the following terms.
a.Sustainable competitive advantage
b.Deliberate strategy
c.Emergent strategy
d.Realized strategy
e.Abandoned strategy

Accepted Answer

The answer of Briefly define each of the following terms.
a.Sustainable...

Question 7

Management's blueprint for how and why the company's business approaches will generate revenues sufficient to cover costs and produce attractive profits and returns on investment:

Accepted Answer

A)  best describes what is meant by a company's strategy. 
B)  best describes what is meant by a company's business model. 
C)  accounts for why a company's financial objectives are at the stated level. 
D)  portrays the essence of a company's business purpose or mission. 
E)  is what is meant by the term strategic intent. 
A)  best describes what is meant by a company's strategy. 
B)  best describes what is meant by a company's business model. 
C)  accounts for why a company's financial objectives are at the stated level. 
D)  portrays the essence of a company's business purpose or mission. 
E)  is what is meant by the term strategic intent.

Question 8

The objectives of a well-crafted strategy require management to strive to:

Accepted Answer

A)  match rival businesses products and quality dimensions in the marketplace. 
B)  build profits for short-term success. 
C)  realign the market to provoke change in rival companies. 
D)  develop lasting success that can support growth and secure the company's future over the long term. 
E)  re-create their business models regularly. 
A)  match rival businesses products and quality dimensions in the marketplace. 
B)  build profits for short-term success. 
C)  realign the market to provoke change in rival companies. 
D)  develop lasting success that can support growth and secure the company's future over the long term. 
E)  re-create their business models regularly.

Question 9

A company's strategy and its quest for competitive advantage are tightly connected because:

Accepted Answer

A)  without a competitive advantage a company cannot become the industry leader. 
B)  without a competitive advantage a company cannot have a profitable business model. 
C)  crafting a strategy that yields a competitive advantage over rivals is a company's most reliable means of achieving above-average profitability and financial performance. 
D)  a competitive advantage is what enables a company to achieve its strategic objectives. 
E)  how a company goes about trying to please customers and outcompete rivals is what enables senior managers to choose an appropriate strategic vision for the company. 
A)  without a competitive advantage a company cannot become the industry leader. 
B)  without a competitive advantage a company cannot have a profitable business model. 
C)  crafting a strategy that yields a competitive advantage over rivals is a company's most reliable means of achieving above-average profitability and financial performance. 
D)  a competitive advantage is what enables a company to achieve its strategic objectives. 
E)  how a company goes about trying to please customers and outcompete rivals is what enables senior managers to choose an appropriate strategic vision for the company.

Question 10

Which of the following statements about a company's strategy is true?

Accepted Answer

A)  A company's strategy is mostly hidden to outside view and is deliberately kept under wraps by top-level managers (so as to catch rival companies by surprise when the strategy is launched). 
B)  A company's strategy is typically planned well in advance and usually deviates little from the planned set of actions and business approaches because of the risks of making on-the-spot changes. 
C)  A company's strategy generally changes very little over time unless a newly appointed CEO decides to take the company in a new direction with a new strategy. 
D)  A company's strategy is typically a blend of proactive and reactive strategy elements. 
E)  A company's strategy is developed mostly on the fly because of the constant efforts of managers to come up with fresh moves to keep the company's product offering clearly different and set apart from the product offerings of rival companies. 
A)  A company's strategy is mostly hidden to outside view and is deliberately kept under wraps by top-level managers (so as to catch rival companies by surprise when the strategy is launched). 
B)  A company's strategy is typically planned well in advance and usually deviates little from the planned set of actions and business approaches because of the risks of making on-the-spot changes. 
C)  A company's strategy generally changes very little over time unless a newly appointed CEO decides to take the company in a new direction with a new strategy. 
D)  A company's strategy is typically a blend of proactive and reactive strategy elements. 
E)  A company's strategy is developed mostly on the fly because of the constant efforts of managers to come up with fresh moves to keep the company's product offering clearly different and set apart from the product offerings of rival companies.

Question 11

Is it more accurate to think of strategy as being "proactive" or as being "reactive"? Why?

Accepted Answer

The answer of Is it more accurate to think of...

Question 12

A company's strategy represents a managerial commitment to an integrated array of considered choices about how to compete.This includes the choice about how to capitalize on attractive opportunities to grow the business.Why is opportunity recognition a vital component of the company's strategy?

Accepted Answer

The answer of A company's strategy represents a managerial commitment...

Question 13

Which of the following is NOT something a company's strategy is concerned with?

Accepted Answer

A)  Management's choices about how to attract and please customers. 
B)  Management's choices about how quickly and closely to copy the strategies being used by successful rival companies. 
C)  Management's choices about how to grow the business. 
D)  Management's choices about how to compete successfully. 
E)  Management's action plan for conducting operations and improving the company's financial and market performance. 
A)  Management's choices about how to attract and please customers. 
B)  Management's choices about how quickly and closely to copy the strategies being used by successful rival companies. 
C)  Management's choices about how to grow the business. 
D)  Management's choices about how to compete successfully. 
E)  Management's action plan for conducting operations and improving the company's financial and market performance.

Question 14

Which of the following is NOT a primary focus of a company's strategy?

Accepted Answer

A)  How to attract and please customers. 
B)  How best to respond to changing economic and market conditions. 
C)  How to achieve above-average gains in the company's stock price and thereby meet or beat shareholder expectations. 
D)  How to compete successfully. 
E)  How to grow the business. 
A)  How to attract and please customers. 
B)  How best to respond to changing economic and market conditions. 
C)  How to achieve above-average gains in the company's stock price and thereby meet or beat shareholder expectations. 
D)  How to compete successfully. 
E)  How to grow the business.

Question 15

Adapting to new conditions and constantly evaluating what is working and what needs to be improved are normal parts of the strategy-making process which result in:

Accepted Answer

A)  a profitability-driven strategy. 
B)  a broad market entry strategy. 
C)  an evolving strategy. 
D)  unlimited revenue generation. 
E)  None of these. 
A)  a profitability-driven strategy. 
B)  a broad market entry strategy. 
C)  an evolving strategy. 
D)  unlimited revenue generation. 
E)  None of these.

Question 16

Which of the following is NOT one of the basic reasons that a company's strategy evolves over time?

Accepted Answer

A)  The need on the part of company managers to initiate fresh strategic actions that boost employee commitment and create a results-oriented culture. 
B)  The proactive efforts of company managers to fine-tune and improve one or more pieces of the strategy. 
C)  An ongoing need to abandon those strategy features that are no longer working well. 
D)  The need to respond to the actions and competitive moves of rival firms. 
E)  The need to keep strategy in step with changing market conditions and changing customer needs and expectations. 
A)  The need on the part of company managers to initiate fresh strategic actions that boost employee commitment and create a results-oriented culture. 
B)  The proactive efforts of company managers to fine-tune and improve one or more pieces of the strategy. 
C)  An ongoing need to abandon those strategy features that are no longer working well. 
D)  The need to respond to the actions and competitive moves of rival firms. 
E)  The need to keep strategy in step with changing market conditions and changing customer needs and expectations.

Question 17

Crafting a deliberate strategy involves developing strategy elements that:

Accepted Answer

A)  imitate as much of the market leader's strategy as possible so as not to end up at a competitive disadvantage. 
B)  comprise a five-year strategic plan and then fine-tuning it during the remainder of the plan period;big changes in strategy are thus made only once every five years. 
C)  consist of a blend of proactive new planned initiatives plus ongoing strategy elements continued from prior periods. 
D)  doing everything possible (in the way of price,quality,service,warranties,advertising,and so on)to make sure the company's product/service is very clearly differentiated from the product/service offerings of rivals. 
E)  All of these accurately characterize the managerial process of crafting a company's strategy. 
A)  imitate as much of the market leader's strategy as possible so as not to end up at a competitive disadvantage. 
B)  comprise a five-year strategic plan and then fine-tuning it during the remainder of the plan period;big changes in strategy are thus made only once every five years. 
C)  consist of a blend of proactive new planned initiatives plus ongoing strategy elements continued from prior periods. 
D)  doing everything possible (in the way of price,quality,service,warranties,advertising,and so on)to make sure the company's product/service is very clearly differentiated from the product/service offerings of rivals. 
E)  All of these accurately characterize the managerial process of crafting a company's strategy.

Question 18

The most telling signs of a well-managed company are:

Accepted Answer

A)  the eagerness with which executives set stretch financial and strategic objectives and develop an ambitious strategic vision. 
B)  aggressive pursuit of new opportunities and a willingness to change the company's business model whenever circumstances warrant. 
C)  good strategy-making combined with good strategy execution. 
D)  a visionary mission statement and a willingness to pursue offensive strategies rather than defensive strategies. 
E)  a profitable business model and a balanced scorecard approach to measuring the company's performance. 
A)  the eagerness with which executives set stretch financial and strategic objectives and develop an ambitious strategic vision. 
B)  aggressive pursuit of new opportunities and a willingness to change the company's business model whenever circumstances warrant. 
C)  good strategy-making combined with good strategy execution. 
D)  a visionary mission statement and a willingness to pursue offensive strategies rather than defensive strategies. 
E)  a profitable business model and a balanced scorecard approach to measuring the company's performance.

Question 19

What is the foremost question in running a business enterprise?

Accepted Answer

A)  What must managers do,and do well,to make a company a winner in the marketplace? 
B)  What can employees do,and do well,to ensure customer satisfaction? 
C)  What can shareholders do,and do well,to ensure a profitable company? 
D)  None of these. 
E)  All of these. 
A)  What must managers do,and do well,to make a company a winner in the marketplace? 
B)  What can employees do,and do well,to ensure customer satisfaction? 
C)  What can shareholders do,and do well,to ensure a profitable company? 
D)  None of these. 
E)  All of these.

Question 20

In crafting a company's strategy:

Accepted Answer

A)  management's biggest challenge is how closely to mimic the strategies of successful companies in the industry. 
B)  managers have comparatively little freedom in choosing the "hows" of strategy. 
C)  managers are wise not to decide on concrete courses of action in order to preserve maximum strategic flexibility. 
D)  managers need to come up with a sustainable competitive advantage that draws in customers and produces a competitive edge over rivals. 
E)  managers are well-advised to be risk-averse and develop a "conservative" strategy-"dare-to-be-different" strategies rarely are successful. 
A)  management's biggest challenge is how closely to mimic the strategies of successful companies in the industry. 
B)  managers have comparatively little freedom in choosing the "hows" of strategy. 
C)  managers are wise not to decide on concrete courses of action in order to preserve maximum strategic flexibility. 
D)  managers need to come up with a sustainable competitive advantage that draws in customers and produces a competitive edge over rivals. 
E)  managers are well-advised to be risk-averse and develop a "conservative" strategy-"dare-to-be-different" strategies rarely are successful.

The difference between a company's strategy and a company's business model is that:

Powerful execution of a powerful strategy is a proven recipe for winning in the marketplace.True or false? Explain your answer.

Identify and briefly describe the four most frequently used strategic approaches to achieving a sustainable competitive advantage.Provide examples.

Which one of the following questions can be used to distinguish a winning strategy from a mediocre or losing strategy?

A company's business model:

Briefly define each of the following terms. a.Sustainable competitive advantage b.Deliberate strategy c.Emergent strategy d.Realized strategy e.Abandoned strategy

Management's blueprint for how and why the company's business approaches will generate revenues sufficient to cover costs and produce attractive profits and returns on investment:

The objectives of a well-crafted strategy require management to strive to:

A company's strategy and its quest for competitive advantage are tightly connected because:

Which of the following statements about a company's strategy is true?

Is it more accurate to think of strategy as being "proactive" or as being "reactive"? Why?

A company's strategy represents a managerial commitment to an integrated array of considered choices about how to compete.This includes the choice about how to capitalize on attractive opportunities to grow the business.Why is opportunity recognition a vital component of the company's strategy?

Which of the following is NOT something a company's strategy is concerned with?

Which of the following is NOT a primary focus of a company's strategy?

Adapting to new conditions and constantly evaluating what is working and what needs to be improved are normal parts of the strategy-making process which result in:

Which of the following is NOT one of the basic reasons that a company's strategy evolves over time?

Crafting a deliberate strategy involves developing strategy elements that:

The most telling signs of a well-managed company are:

What is the foremost question in running a business enterprise?

In crafting a company's strategy:

Charting a Companys Direction: Its Vision, Mission, Objectives, and Strategy

Evaluating a Companys External Environment

Evaluating a Companys Resources, Capabilities, and Competitiveness

The Five Generic Competitive Strategies: Which One to Employ

Strengthening a Companys Competitive Position: Strategic Moves, Timing, and Scope of Operations

Strategies for Competing in International Markets

Corporate Strategy: Diversification and the Multibusiness Company

Ethics, corporate Social Responsibility, Environmental Sustainability, and Strategy

Building an Organization Capable of Good Strategy Execution: People, Capabilities, and Structure

Managing Internal Operations: Actions That Promote Good Strategy Execution

Corporate Culture and Leadership: Keys to Good Strategy Execution

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Exam 1: What Is Strategy and Why Is It Important

The difference between a company's strategy and a company's business model is that:

Powerful execution of a powerful strategy is a proven recipe for winning in the marketplace.True or false? Explain your answer.

Identify and briefly describe the four most frequently used strategic approaches to achieving a sustainable competitive advantage.Provide examples.

Which one of the following questions can be used to distinguish a winning strategy from a mediocre or losing strategy?

A company's business model:

Briefly define each of the following terms. a.Sustainable competitive advantage b.Deliberate strategy c.Emergent strategy d.Realized strategy e.Abandoned strategy

Management's blueprint for how and why the company's business approaches will generate revenues sufficient to cover costs and produce attractive profits and returns on investment:

The objectives of a well-crafted strategy require management to strive to:

A company's strategy and its quest for competitive advantage are tightly connected because:

Which of the following statements about a company's strategy is true?

Is it more accurate to think of strategy as being "proactive" or as being "reactive"? Why?

A company's strategy represents a managerial commitment to an integrated array of considered choices about how to compete.This includes the choice about how to capitalize on attractive opportunities to grow the business.Why is opportunity recognition a vital component of the company's strategy?

Which of the following is NOT something a company's strategy is concerned with?

Which of the following is NOT a primary focus of a company's strategy?

Adapting to new conditions and constantly evaluating what is working and what needs to be improved are normal parts of the strategy-making process which result in:

Which of the following is NOT one of the basic reasons that a company's strategy evolves over time?

Crafting a deliberate strategy involves developing strategy elements that:

The most telling signs of a well-managed company are:

What is the foremost question in running a business enterprise?

In crafting a company's strategy:

Charting a Companys Direction: Its Vision, Mission, Objectives, and Strategy

Evaluating a Companys External Environment

Evaluating a Companys Resources, Capabilities, and Competitiveness

The Five Generic Competitive Strategies: Which One to Employ

Strengthening a Companys Competitive Position: Strategic Moves, Timing, and Scope of Operations

Strategies for Competing in International Markets

Corporate Strategy: Diversification and the Multibusiness Company

Ethics, corporate Social Responsibility, Environmental Sustainability, and Strategy

Building an Organization Capable of Good Strategy Execution: People, Capabilities, and Structure

Managing Internal Operations: Actions That Promote Good Strategy Execution

Corporate Culture and Leadership: Keys to Good Strategy Execution

Filters