Globus Chapter 1-5 quiz/test notes with correct answers

A company's strategy evolves from one strategy to the next because of The proactive efforts of company managers to improve this or that aspect of the strategy, a need to respond to changing customer requirements and expectations, and a need to react to the fresh strategic maneuvers of rival firms. For a company's strategy to qualify as "ethical," it cannot entail actions or behaviors that are deceitful, unfair or harmful to others, disreputable, or unreasonably damaging to the environment. 00:04 01:33 A company's strategy .consists of the competitive moves and business approaches that managers employ to attract and please customers, compete successfully, capitalize on opportunities to grow the business, respond to changing market conditions, conduct operations, and achieve the targeted financial and market performance Crafting and executing strategy are top-priority managerial tasks because how well a company performs and the degree of market success it achieves are directly attribute to the caliber of its strategy and the proficiency with which the strategy is executed. A portion of a company's strategy is always developed on the fly because managers must always be willing to supplement or modify various proactive strategy elements with as-needed reactions to unanticipated happenings in the surrounding environment. Which of the following is not one of the reasons that a company's strategy evolves over time? The need on the part of company managers to make regular strategy adjustments so as to keep rivals off balance and always guessing about what moves it will make next A company's business model sets forth how its strategy and operating (business) approaches will create value for customers while at the same time generating ample revenues to cover costs and realize a profit A company achieves sustainable competitive advantage when an attractive number of buyers are drawn to purchase its products or services rather than those of competitors despite the efforts of competitors to nullify or overcome the appeal of its product offering. Which one of the following questions can be used to distinguish a winning strategy from a mediocre or losing strategy? How well does the strategy fit the company's