Question 1

A company's business model

Accepted Answer

A)  details the manner in which the company will pass the three tests of a winning strategy . 
B)  indicates how the strategy will result in achieving the targeted strategic objectives. 
C)  clarifies (1)how the business will provide customers with value,and (2)why the business will generate revenues sufficient to cover costs and produce attractive profits. 
D)  explains how it intends to achieve high profit margins. 
E)  sets forth the actions and approaches that it will employ to achieve market leadership. 
A)  details the manner in which the company will pass the three tests of a winning strategy . 
B)  indicates how the strategy will result in achieving the targeted strategic objectives. 
C)  clarifies (1)how the business will provide customers with value,and (2)why the business will generate revenues sufficient to cover costs and produce attractive profits. 
D)  explains how it intends to achieve high profit margins. 
E)  sets forth the actions and approaches that it will employ to achieve market leadership. C

Question 2

Managers in all types of businesses must address the central strategic question:

Accepted Answer

A)  Where are we now? 
B)  Where do we want to go from here? 
C)  How are we going to get there? 
D)  When will we know we are there? 
E)  All of these 
A)  Where are we now? 
B)  Where do we want to go from here? 
C)  How are we going to get there? 
D)  When will we know we are there? 
E)  All of these C

Question 3

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 outcompete rivals 
E)  Management's action plan for conducting operations and improving the company's strategic and financial 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 outcompete rivals 
E)  Management's action plan for conducting operations and improving the company's strategic and financial performance B

Question 4

Which of the following is not an element of a company's business strategy?

Accepted Answer

A)  Actions to respond to changing market conditions or other external factors 
B)  Actions to strengthen competitiveness via strategic alliances and collaborative partnerships 
C)  Actions to strengthen internal capabilities and competitively valuable resources 
D)  Actions to manage the functional areas of the business 
E)  Management actions to revise the company's financial and strategic performance targets 
A)  Actions to respond to changing market conditions or other external factors 
B)  Actions to strengthen competitiveness via strategic alliances and collaborative partnerships 
C)  Actions to strengthen internal capabilities and competitively valuable resources 
D)  Actions to manage the functional areas of the business 
E)  Management actions to revise the company's financial and strategic performance targets

Question 5

Explain the difference between a company's business model and a company's strategy.

Accepted Answer

A company's business model and a company

Question 6

A creative,distinctive strategy that delivers a sustainable competitive advantage is important because

Accepted Answer

A)  without a proven strategy a company is likely to fall into bankruptcy. 
B)  without a competitive advantage a company cannot have a profitable business model. 
C)  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 proven strategy a company is likely to fall into bankruptcy. 
B)  without a competitive advantage a company cannot have a profitable business model. 
C)  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 7

Crafting a strategy involves

Accepted Answer

A)  blending deliberate/planned initiatives with emergent/unplanned reactive responses to changing circumstances,while abandoning planned strategy elements that have failed in the marketplace. 
B)  developing a five-year strategic plan and then fine-tuning it during the remainder of the plan period. 
C)  trying to imitate as much of the market leader's strategy as possible so as not to end up at a competitive disadvantage. 
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)  blending deliberate/planned initiatives with emergent/unplanned reactive responses to changing circumstances,while abandoning planned strategy elements that have failed in the marketplace. 
B)  developing a five-year strategic plan and then fine-tuning it during the remainder of the plan period. 
C)  trying to imitate as much of the market leader's strategy as possible so as not to end up at a competitive disadvantage. 
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 8

A company's business model

Accepted Answer

A)  concerns the actions and business approaches that will be used to grow the business,conduct operations,please customers,and compete successfully. 
B)  relates to the principle business components that will allow the business to generate revenues ample to cover costs and produce a profit. 
C)  concerns what moves in the marketplace it plans to make to outcompete rivals. 
D)  deals with how it can simultaneously maximize profits and operate in a socially responsible manner. 
E)  concerns how management plans to pursue strategic objectives,given the larger imperative of meeting or beating its financial performance targets. 
A)  concerns the actions and business approaches that will be used to grow the business,conduct operations,please customers,and compete successfully. 
B)  relates to the principle business components that will allow the business to generate revenues ample to cover costs and produce a profit. 
C)  concerns what moves in the marketplace it plans to make to outcompete rivals. 
D)  deals with how it can simultaneously maximize profits and operate in a socially responsible manner. 
E)  concerns how management plans to pursue strategic objectives,given the larger imperative of meeting or beating its financial performance targets.

Question 9

What are the two elements of a company's business model?

Accepted Answer

A company's business model consists of t

Question 10

Which of the following is an issue likely to be addressed by a company's business strategy?

Accepted Answer

A)  Actions to respond to changing economic and market conditions. 
B)  Actions to supplement the company's resources and capabilities through alliances and joint ventures. 
C)  Reactions to offensive moves by rival sellers. 
D)  Actions and approaches used in managing the functional areas of the business. 
E)  All of these are pertinent in identifying a company's strategy. 
A)  Actions to respond to changing economic and market conditions. 
B)  Actions to supplement the company's resources and capabilities through alliances and joint ventures. 
C)  Reactions to offensive moves by rival sellers. 
D)  Actions and approaches used in managing the functional areas of the business. 
E)  All of these are pertinent in identifying a company's strategy.

Question 11

Which of the following questions ought to be used to distinguish a winning strategy from a so-so or flawed strategy?

Accepted Answer

A)  Does the strategy contain a sufficient number of emergent/reactive elements? 
B)  Is the company putting too little emphasis on growth and profitability and too much emphasis on behaving in an ethical and socially responsible manner? 
C)  Is the strategy resulting in the development of additional competitive capabilities? 
D)  Is the strategy well-matched to the company's situation,helping the company achieve a sustainable competitive advantage,and resulting in better company performance? 
E)  Does the strategy strike a good balance between maximizing shareholder wealth and maximizing customer satisfaction? 
A)  Does the strategy contain a sufficient number of emergent/reactive elements? 
B)  Is the company putting too little emphasis on growth and profitability and too much emphasis on behaving in an ethical and socially responsible manner? 
C)  Is the strategy resulting in the development of additional competitive capabilities? 
D)  Is the strategy well-matched to the company's situation,helping the company achieve a sustainable competitive advantage,and resulting in better company performance? 
E)  Does the strategy strike a good balance between maximizing shareholder wealth and maximizing customer satisfaction?

Question 12

A company's realized strategy is made up of

Accepted Answer

A)  deliberate/planned initiatives that have proven themselves in the marketplace and newly launched initiatives aimed at further boosting performance. 
B)  emergent/reactive adjustments to unanticipated strategic moves by rivals,unexpected changes in customer preferences,and new market opportunities. 
C)  tactical plans to imitate the key elements of the strategies employed by rivals. 
D)  Both deliberate/planned initiatives that have proven themselves in the marketplace and newly launched initiatives aimed at further boosting performance and emergent/reactive adjustments to unanticipated strategic moves by rivals,unexpected changes in customer preferences,and new market opportunities. 
E)  All of these. 
A)  deliberate/planned initiatives that have proven themselves in the marketplace and newly launched initiatives aimed at further boosting performance. 
B)  emergent/reactive adjustments to unanticipated strategic moves by rivals,unexpected changes in customer preferences,and new market opportunities. 
C)  tactical plans to imitate the key elements of the strategies employed by rivals. 
D)  Both deliberate/planned initiatives that have proven themselves in the marketplace and newly launched initiatives aimed at further boosting performance and emergent/reactive adjustments to unanticipated strategic moves by rivals,unexpected changes in customer preferences,and new market opportunities. 
E)  All of these.

Question 13

What are the three criteria for determining whether a company has a winning strategy?

Accepted Answer

A winning strategy for a company is typi

Question 14

Why is sustainable competitive advantage so important to a winning business strategy?

Accepted Answer

The answer of Why is sustainable competitive advantage so important...

Question 15

The elements of a company's business model are

Accepted Answer

A)  its customer value proposition as well as the company's profit formula. 
B)  its business strategy,its collection of competitively valuable resources,and a strong management team. 
C)  its deliberate strategy,its emergent strategy,and its realized strategy. 
D)  its actions to capture emerging market opportunities and defend against threats to the company's business prospects,its actions to strengthen competitiveness via strategic alliances,and its actions to enter new geographic or product markets. 
E)  management's answers to "Where are we now?" "Where do we want to go?" and "How are we going to get there?". 
A)  its customer value proposition as well as the company's profit formula. 
B)  its business strategy,its collection of competitively valuable resources,and a strong management team. 
C)  its deliberate strategy,its emergent strategy,and its realized strategy. 
D)  its actions to capture emerging market opportunities and defend against threats to the company's business prospects,its actions to strengthen competitiveness via strategic alliances,and its actions to enter new geographic or product markets. 
E)  management's answers to "Where are we now?" "Where do we want to go?" and "How are we going to get there?".

Question 16

It is normal for a company's strategy to end up being

Accepted Answer

A)  left unchanged from management's original planned set of actions and business approaches since making on-the-spot changes is too risky. 
B)  a combination of defensive moves to protect the company's market share and offensive initiatives to set the company's product offering apart from rivals. 
C)  like the strategies of other industry members since all companies are confronting much the same market conditions and competitive pressures. 
D)  a blend of deliberate planned actions to improve the company's competitiveness and financial performance and as-needed unplanned reactions to unanticipated developments and fresh market conditions. 
E)  a mirror image of its business model,so as to avoid impairing company profitability. 
A)  left unchanged from management's original planned set of actions and business approaches since making on-the-spot changes is too risky. 
B)  a combination of defensive moves to protect the company's market share and offensive initiatives to set the company's product offering apart from rivals. 
C)  like the strategies of other industry members since all companies are confronting much the same market conditions and competitive pressures. 
D)  a blend of deliberate planned actions to improve the company's competitiveness and financial performance and as-needed unplanned reactions to unanticipated developments and fresh market conditions. 
E)  a mirror image of its business model,so as to avoid impairing company profitability.

Question 17

Which of the following is a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

Accepted Answer

A)  Striving to be the industry's low-cost provider,thereby aiming for a cost-based competitive advantage. 
B)  Outcompeting rivals on the basis of such differentiating features as higher quality,wider product selection,added performance,better service,more attractive styling,or technological superiority. 
C)  Developing competitively valuable resources and capabilities that rivals can't easily match,copy,or trump with capabilities of their own. 
D)  Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of serving the special needs and tastes of buyers comprising the niche. 
E)  All of these. 
A)  Striving to be the industry's low-cost provider,thereby aiming for a cost-based competitive advantage. 
B)  Outcompeting rivals on the basis of such differentiating features as higher quality,wider product selection,added performance,better service,more attractive styling,or technological superiority. 
C)  Developing competitively valuable resources and capabilities that rivals can't easily match,copy,or trump with capabilities of their own. 
D)  Focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals of serving the special needs and tastes of buyers comprising the niche. 
E)  All of these.

Question 18

A company may develop an emergent strategy due to

Accepted Answer

A)  strategic moves by rival firms. 
B)  unexpected shifts in customer preferences. 
C)  fast-changing technological developments. 
D)  new market opportunities. 
E)  All of these. 
A)  strategic moves by rival firms. 
B)  unexpected shifts in customer preferences. 
C)  fast-changing technological developments. 
D)  new market opportunities. 
E)  All of these.

Question 19

A company's strategy consists of

Accepted Answer

A)  actions to develop a more appealing business model than rivals. 
B)  plans involving alignment of organizational activities and strategic objectives. 
C)  offensive and defensive moves to generate revenues and increase profit margins. 
D)  competitive moves and approaches that managers have developed to grow the business,attract and please customers,conduct operations,and achieve targeted objectives. 
E)  its strategic vision,its strategic objectives,and its strategic intent. 
A)  actions to develop a more appealing business model than rivals. 
B)  plans involving alignment of organizational activities and strategic objectives. 
C)  offensive and defensive moves to generate revenues and increase profit margins. 
D)  competitive moves and approaches that managers have developed to grow the business,attract and please customers,conduct operations,and achieve targeted objectives. 
E)  its strategic vision,its strategic objectives,and its strategic intent.

Question 20

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

Accepted Answer

A)  A company's realized strategy is mostly hidden to outside view and is deliberately kept under wraps by top-level managers. 
B)  A company's realized strategy is typically planned well in advance and usually deviates little from the planned set of actions. 
C)  A company's realized 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 realized strategy is typically a blend of deliberate/planned initiatives and emergent/unplanned reactive strategy elements. 
E)  A company's realized strategy is developed mostly on the fly because of the constant efforts of managers to keep rival companies at a disadvantage. 
A)  A company's realized strategy is mostly hidden to outside view and is deliberately kept under wraps by top-level managers. 
B)  A company's realized strategy is typically planned well in advance and usually deviates little from the planned set of actions. 
C)  A company's realized 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 realized strategy is typically a blend of deliberate/planned initiatives and emergent/unplanned reactive strategy elements. 
E)  A company's realized strategy is developed mostly on the fly because of the constant efforts of managers to keep rival companies at a disadvantage.

A company's business model

Managers in all types of businesses must address the central strategic question:

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

Which of the following is not an element of a company's business strategy?

Explain the difference between a company's business model and a company's strategy.

A creative,distinctive strategy that delivers a sustainable competitive advantage is important because

Crafting a strategy involves

A company's business model

What are the two elements of a company's business model?

Which of the following is an issue likely to be addressed by a company's business strategy?

Which of the following questions ought to be used to distinguish a winning strategy from a so-so or flawed strategy?

A company's realized strategy is made up of

What are the three criteria for determining whether a company has a winning strategy?

Why is sustainable competitive advantage so important to a winning business strategy?

The elements of a company's business model are

It is normal for a company's strategy to end up being

Which of the following is a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

A company may develop an emergent strategy due to

A company's strategy consists of

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

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

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

Superior Strategy Execution-Another Path to Competitive Advantage

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Exam 1: Strategy, Business Models, and Competitive Advantage

A company's business model

Managers in all types of businesses must address the central strategic question:

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

Which of the following is not an element of a company's business strategy?

Explain the difference between a company's business model and a company's strategy.

A creative,distinctive strategy that delivers a sustainable competitive advantage is important because

Crafting a strategy involves

A company's business model

What are the two elements of a company's business model?

Which of the following is an issue likely to be addressed by a company's business strategy?

Which of the following questions ought to be used to distinguish a winning strategy from a so-so or flawed strategy?

A company's realized strategy is made up of

What are the three criteria for determining whether a company has a winning strategy?

Why is sustainable competitive advantage so important to a winning business strategy?

The elements of a company's business model are

It is normal for a company's strategy to end up being

Which of the following is a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?

A company may develop an emergent strategy due to

A company's strategy consists of

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

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

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

Superior Strategy Execution-Another Path to Competitive Advantage

Filters