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BSG EXAM WITH VERIFIED QUESTIONS AND ANSWERS
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BSG EXAM WITH VERIFIED QUESTIONS AND ANSWERS Lecture 1 ● company’s strategy - represents managerial commitment to undertake one set of actions rather than another ● What is a competitive advantage and why does it matter? ○ when a large number of buyers are drawn to purchase its produc...

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  • August 18, 2023
  • 6
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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BSG EXAM WITH VERIFIED QUESTIONS AND ANSWERS Lecture 1 ● company’s strategy - represents managerial commitment to undertake one set of actions rather than another ● What is a competitive advantage and why does it matter? ○ when a large number of buyers are drawn to purchase its products/services over a competitor ● What is a sustainable competitive advantage? ○ when basis for buyer preferences for product/service compared to competitors is durable, despite competitors’ best efforts to nullify/overcome appeal of its offering ● What is a business model and how does it differ from a company’s strategy? ○ Concerns whether revenues & costs flowing from strategy demonstrate firm can be profitable & viable ● Customer Value - How firm will satisfy customer needs at a price customers consider a good value. ● Profit Proposition - How firm will create/deliver customer value in a cost -efficient manner, at a price that produces enough revenues to cover costs & attractive profits. ● What are the tests of the validity of a company’s profit proposition? ○ Goodness of fit test, competitive advantage test, performance test (must pass all 3) Lecture 2 ● What are the definitions of a strategic vision, vision statement, and mission statement? ○ Strategic Vision - describes route a firm intends to take in developing & strengthening its business, lays out the firm’s strategic course in preparing for the future. ○ Vision statement - clearly conveys a firm’s long -term direction ○ Mission statement - Briefly describes the present business ● What are the key differences between them? ○ Strategic vision is forward looking and mission statement is present ● What are a company’s core values? ○ Beliefs, traits, behavioral norms that firms employees are expected to display when conducting business ● What are a firm's objectives? What is a stretch objective? ○ Objectives - organizations performance targets - results management wants to achieve ○ Stretch objectives - use compensation incentives to motivate organization members to perform ● What are the key elements of a company’s strategic plan? ○ Strategic vision, business mission, core values ○ Strategic & financial objectives ○ Chosen strategy Lecture 3 ● What is game theory? ○ Formal study of strategic interaction ● Know the three elements that make up a game. What are the definitions of each element? ○ Players - set of participants in game ○ Strategies - choices available to players in game ○ Payoffs - What each player receives in game based on actions chosen by players ● What is a simultaneous game? A sequential game? What are the differences? ○ Simultaneous game - players in game either make their decisions at the same time or make choices without knowledge of the other players choice

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