Business Capstone Exam 1 2023 with 100% correct answers
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Course
Capstone
Institution
Capstone
Business Capstone Exam 1Questions & Answers 2023
A company's strategy - ANSWER-consists of the competitive moves and business approaches that managers employ to attract and please customers, compete successfully, pursue opportunities to grow the business, respond to changing market conditions, c...
Business Capstone Exam 1Questions &
Answers 2023
A company's strategy - ANSWER-consists of the competitive moves and business approaches that
managers employ to attract and please customers, compete successfully, pursue opportunities to grow
the business, respond to changing market conditions, conduct operations, and achieve the targeted
financial and market performance
In crafting a strategy, management is in effect saying - ANSWER-"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 meeting or beating our performance
objectives
A company achieves sustainable competitive advantage when - ANSWER-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
What makes a competitive advantage sustainable or durable as opposed to temporary is - ANSWER-
actions or elements in the strategy that cause an attractive number of buyers to have lasting reasons to
purchase a company's products or services, despite competitors' best efforts to nullify or overcome
those reasons
According to Figure 1.1, which of the following is not something to look for in identifying a company
strategy? - ANSWER-Actions to strengthen the company's competitive position by hiring one or more
new top executives or laying off a portion of its work force or paying down its long-term debt
Changing circumstances and ongoing managerial efforts to improve the strategy - ANSWER-account for
why a company's strategy evolves over time and why the task of crafting a company's strategy is a work
in progress, not a one-time event
It is normal for a company's strategy to end up being - ANSWER-a blend of proactive actions to improve
the company's competitiveness and financial performance, and as needed reactions to unanticipated
developments and fresh market conditions
, Which of the following statements about a company's strategy is true? - ANSWER-A company's strategy
is typically a blend of proactive and reactive strategy elements
A company's strategy can be considered "ethical" - ANSWER-if it does not entail actions or behaviors that
cross the moral line from "should or can do" to "should not do"
The repetitional and financial damage that unethical strategies and behavior can do to a company -
ANSWER-is substantial; consequently, there are good business reasons for a company and its personnel
to avoid unethical strategic actions and behaviors
The customer value proposition portion of a company's business model concerns - ANSWER-the
company's approach to satisfying buyer needs and requirements at a price they will consider a good
value
The two crucial elements of a company's business model are - ANSWER-its customer value proposition
(which lays out the company's approach satisfying buyer needs and requirements at a price they will
consider a good value) and its "profit formula" (its business approach to generating sufficiently large
revenues and controlling the costs of its value proposition, such that the company will be appealingly
profitable in delivering the intended value to customers).
The difference between a company's strategy and a company's business model is that - ANSWER-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 company can execute its customer value
proposition profitably.
A winning strategy is one that - ANSWER-fits the company's internal and external situation, improves
company performance, and helps achieve sustainable competitive advantage.
Crafting and executing strategy are top priority managerial tasks because - ANSWER-how well a company
performs and the degree of market success it achieves are directly attributable to the caliber of its
strategy and the proficiency with which the strategy is executed
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