Question 1

Why is it appropriate to argue that good strategy-making combined with good strategy execution are valid signs of good management?

Accepted Answer

The answer of Why is it appropriate to argue that...

Question 2

A creative,distinctive strategy that sets a company apart from rivals and that gives it a sustainable competitive advantage

Accepted Answer

A)  is a reliable indicator that the company has a profitable business model. 
B)  is every company's strategic vision. 
C)  is a company's most reliable ticket to above-average profitability-indeed, the tight connection between competitive advantage and profitability means that the quest for sustainable competitive advantage always ranks center stage in crafting a strategy. 
D)  signals that the company has a bold, ambitious strategic intent that places the achievement of strategic objectives ahead of the achievement of financial objectives. 
E)  is the best indicator that the company's strategy and business model are well-matched and properly synchronized. 
A)  is a reliable indicator that the company has a profitable business model. 
B)  is every company's strategic vision. 
C)  is a company's most reliable ticket to above-average profitability-indeed, the tight connection between competitive advantage and profitability means that the quest for sustainable competitive advantage always ranks center stage in crafting a strategy. 
D)  signals that the company has a bold, ambitious strategic intent that places the achievement of strategic objectives ahead of the achievement of financial objectives. 
E)  is the best indicator that the company's strategy and business model are well-matched and properly synchronized.

Question 3

Why does a company's strategy tend to evolve over time?

Accepted Answer

The answer of Why does a company's strategy tend to...

Question 4

Crafting a strategy involves

Accepted Answer

A)  trying to imitate as much of the market leader's strategy as possible so as not to end up at a competitive disadvantage. 
B)  developing a 5-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 5 years. 
C)  stitching together a proactive/intended strategy and then adapting first one piece and then another as circumstances surrounding the company's situation change or better options emerge. 
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)  trying to imitate as much of the market leader's strategy as possible so as not to end up at a competitive disadvantage. 
B)  developing a 5-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 5 years. 
C)  stitching together a proactive/intended strategy and then adapting first one piece and then another as circumstances surrounding the company's situation change or better options emerge. 
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 5

In the course of crafting a strategy,it is common for management to

Accepted Answer

A)  decide to abandon certain strategy elements that have grown stale or become obsolete. 
B)  modify the current strategy when market and competitive conditions take an unexpected turn or some aspects of the company's strategy hit a stone wall. 
C)  modify the current strategy in response to the fresh strategic maneuvers of rival firms. 
D)  take proactive actions to improve this or that piece of the strategy. 
E)  All of these. 
A)  decide to abandon certain strategy elements that have grown stale or become obsolete. 
B)  modify the current strategy when market and competitive conditions take an unexpected turn or some aspects of the company's strategy hit a stone wall. 
C)  modify the current strategy in response to the fresh strategic maneuvers of rival firms. 
D)  take proactive actions to improve this or that piece of the strategy. 
E)  All of these.

Question 6

One of the keys to successful strategy-making is

Accepted Answer

A)  to come up with one or more strategy elements that act as a magnet to draw customers and yield a lasting competitive edge. 
B)  to aggressively pursue all of the growth opportunities the company can identify. 
C)  to develop a product/service with more innovative performance features than what rivals are offering and to provide customers with better after-the-sale service. 
D)  to come up with a business model that enables a company to earn bigger profits per unit sold than rivals. 
E)  to charge a lower price than rivals and thereby win sales and market share away from rivals. 
A)  to come up with one or more strategy elements that act as a magnet to draw customers and yield a lasting competitive edge. 
B)  to aggressively pursue all of the growth opportunities the company can identify. 
C)  to develop a product/service with more innovative performance features than what rivals are offering and to provide customers with better after-the-sale service. 
D)  to come up with a business model that enables a company to earn bigger profits per unit sold than rivals. 
E)  to charge a lower price than rivals and thereby win sales and market share away from rivals.

Question 7

Briefly define each of the following terms:
a.Strategy
b.Sustainable competitive advantage
c.Business model

Accepted Answer

a. Strategy:
Strategy refers to a high-l

Question 8

A company's strategy is most accurately defined as

Accepted Answer

A)  management's approaches to building revenues, controlling costs and generating an attractive profit. 
B)  the choices management has made regarding what financial plan to pursue. 
C)  management's concept of "who we are, what we do, and where we are headed." 
D)  the business model that a company's board of directors has approved for outcompeting rivals and making the company profitable. 
E)  management's commitment to pursue a particular set of actions in growing the business, attracting and pleasing customers, competing successfully, conducting operations, and improving the company's financial and market performance. 
A)  management's approaches to building revenues, controlling costs and generating an attractive profit. 
B)  the choices management has made regarding what financial plan to pursue. 
C)  management's concept of "who we are, what we do, and where we are headed." 
D)  the business model that a company's board of directors has approved for outcompeting rivals and making the company profitable. 
E)  management's commitment to pursue a particular set of actions in growing the business, attracting and pleasing customers, competing successfully, conducting operations, and improving the company's financial and market performance.

Question 9

A company achieves sustainable competitive advantage when

Accepted Answer

A)  an attractive number of buyers have a lasting preference for its products or services as compared to the offerings of competitors. 
B)  it has a profitable business model. 
C)  it is able to maximize shareholder wealth. 
D)  it is consistently able to achieve both its strategic and financial objectives. 
E)  its strategy and its business model are well-matched and in sync. 
A)  an attractive number of buyers have a lasting preference for its products or services as compared to the offerings of competitors. 
B)  it has a profitable business model. 
C)  it is able to maximize shareholder wealth. 
D)  it is consistently able to achieve both its strategic and financial objectives. 
E)  its strategy and its business model are well-matched and in sync.

Question 10

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 (which may or may not lead to profitability) 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 earn satisfactory profits and returns on investment. 
E)  a company's strategy concerns how to please customers while its business model concerns 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 (which may or may not lead to profitability) 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 earn satisfactory profits and returns on investment. 
E)  a company's strategy concerns how to please customers while its business model concerns how to please shareholders.

Question 11

In crafting a strategy,management is in effect saying

Accepted Answer

A)  "this is who we are and where we are headed.'' 
B)  "this is our model for making money in our particular line of business." 
C)  "we intend to launch these new moves to outcompete our rivals." 
D)  "among all the many different business approaches and ways of competing we could have chosen, we have decided to employ this particular combination of competitive and operating approaches in moving the company in the intended direction, strengthening its market position and competitiveness, and boosting performance." 
E)  "this is our vision of what our business will be like, what products/services we will sell, and who our customers will be in the years to come." 
A)  "this is who we are and where we are headed.'' 
B)  "this is our model for making money in our particular line of business." 
C)  "we intend to launch these new moves to outcompete our rivals." 
D)  "among all the many different business approaches and ways of competing we could have chosen, we have decided to employ this particular combination of competitive and operating approaches in moving the company in the intended direction, strengthening its market position and competitiveness, and boosting performance." 
E)  "this is our vision of what our business will be like, what products/services we will sell, and who our customers will be in the years to come."

Question 12

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 13

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 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 choose an appropriate strategic vision for the company.

Question 14

A company's strategy concerns

Accepted Answer

A)  its market focus and plans for offering a more appealing product than rivals. 
B)  how it plans to make money in its chosen business. 
C)  management's action plan for running the business and conducting operations-its commitment to pursue a particular set of actions in growing the business, staking out a market position, attracting and pleasing customers, competing successfully, conducting operations, and achieving targeted objectives. 
D)  the long-term direction that management believes the company should pursue. 
E)  whether it is employing an aggressive offense to gain market share or a conservative defense to protect its market position. 
A)  its market focus and plans for offering a more appealing product than rivals. 
B)  how it plans to make money in its chosen business. 
C)  management's action plan for running the business and conducting operations-its commitment to pursue a particular set of actions in growing the business, staking out a market position, attracting and pleasing customers, competing successfully, conducting operations, and achieving targeted objectives. 
D)  the long-term direction that management believes the company should pursue. 
E)  whether it is employing an aggressive offense to gain market share or a conservative defense to protect its market position.

Question 15

A company's strategy is a "work in progress" and evolves over time because of

Accepted Answer

A)  the importance of developing a fresh strategic plan every year (which also has the benefit of keeping employees from becoming bored with executing the same strategy year after year). 
B)  the ongoing need to imitate the new strategic moves of the industry leaders. 
C)  the need to make regular adjustments in the company's strategic vision. 
D)  the ongoing need of company managers to react and respond to changing market and competitive conditions. 
E)  the frequent need to modify key elements of the company's business model. 
A)  the importance of developing a fresh strategic plan every year (which also has the benefit of keeping employees from becoming bored with executing the same strategy year after year). 
B)  the ongoing need to imitate the new strategic moves of the industry leaders. 
C)  the need to make regular adjustments in the company's strategic vision. 
D)  the ongoing need of company managers to react and respond to changing market and competitive conditions. 
E)  the frequent need to modify key elements of the company's business model.

Question 16

Explain why a company's strategy cannot be completely planned out in advance and why crafting a company's strategy cannot be a one-time,once-and-for-all managerial exercise.Identify at least 3 factors that account for why company strategies evolve.

Accepted Answer

A company's strategy cannot be completel

Question 17

Which one of the following does not account for why a company's strategy evolves from one version to another?

Accepted Answer

A)  A desire on the part of company managers to develop new strategy elements on the fly 
B)  The need to abandon some strategy elements that are no longer working well 
C)  A need to respond to changing customer requirements and expectations 
D)  A need to react to fresh strategic maneuvers on the part of rival firms 
E)  The proactive efforts of company managers to improve this or that aspect of the strategy 
A)  A desire on the part of company managers to develop new strategy elements on the fly 
B)  The need to abandon some strategy elements that are no longer working well 
C)  A need to respond to changing customer requirements and expectations 
D)  A need to react to fresh strategic maneuvers on the part of rival firms 
E)  The proactive efforts of company managers to improve this or that aspect of the strategy

Question 18

The heart and soul of a company's strategy-making effort

Accepted Answer

A)  is figuring out how to become the industry's low-cost provider. 
B)  is figuring out how to maximize the profits and shareholder value. 
C)  concerns how to improve the efficiency of its business model. 
D)  deals with how management plans to maximize profits while, at the same time, operating in a socially responsible manner that keeps the company's prices as low as possible. 
E)  involves coming up with moves and actions that produce a durable competitive edge over rivals. 
A)  is figuring out how to become the industry's low-cost provider. 
B)  is figuring out how to maximize the profits and shareholder value. 
C)  concerns how to improve the efficiency of its business model. 
D)  deals with how management plans to maximize profits while, at the same time, operating in a socially responsible manner that keeps the company's prices as low as possible. 
E)  involves coming up with moves and actions that produce a durable competitive edge over rivals.

Question 19

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

Accepted Answer

The answer of Powerful execution of a powerful strategy is...

Question 20

How can one tell a winning strategy from a strategy that is mediocre or a loser?

Accepted Answer

The answer of How can one tell a winning strategy...

Why is it appropriate to argue that good strategy-making combined with good strategy execution are valid signs of good management?

A creative,distinctive strategy that sets a company apart from rivals and that gives it a sustainable competitive advantage

Why does a company's strategy tend to evolve over time?

Crafting a strategy involves

In the course of crafting a strategy,it is common for management to

One of the keys to successful strategy-making is

Briefly define each of the following terms: a.Strategy b.Sustainable competitive advantage c.Business model

A company's strategy is most accurately defined as

A company achieves sustainable competitive advantage when

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

In crafting a strategy,management is in effect saying

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

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

A company's strategy concerns

A company's strategy is a "work in progress" and evolves over time because of

Explain why a company's strategy cannot be completely planned out in advance and why crafting a company's strategy cannot be a one-time,once-and-for-all managerial exercise.Identify at least 3 factors that account for why company strategies evolve.

Which one of the following does not account for why a company's strategy evolves from one version to another?

The heart and soul of a company's strategy-making effort

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

How can one tell a winning strategy from a strategy that is mediocre or a loser?

Charting a Companys Direction: Vision and 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 Operation

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

Why is it appropriate to argue that good strategy-making combined with good strategy execution are valid signs of good management?

A creative,distinctive strategy that sets a company apart from rivals and that gives it a sustainable competitive advantage

Why does a company's strategy tend to evolve over time?

Crafting a strategy involves

In the course of crafting a strategy,it is common for management to

One of the keys to successful strategy-making is

Briefly define each of the following terms: a.Strategy b.Sustainable competitive advantage c.Business model

A company's strategy is most accurately defined as

A company achieves sustainable competitive advantage when

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

In crafting a strategy,management is in effect saying

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

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

A company's strategy concerns

A company's strategy is a "work in progress" and evolves over time because of

Explain why a company's strategy cannot be completely planned out in advance and why crafting a company's strategy cannot be a one-time,once-and-for-all managerial exercise.Identify at least 3 factors that account for why company strategies evolve.

Which one of the following does not account for why a company's strategy evolves from one version to another?

The heart and soul of a company's strategy-making effort

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

How can one tell a winning strategy from a strategy that is mediocre or a loser?

Charting a Companys Direction: Vision and 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 Operation

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