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BSG Final Exam Review Questions and answers
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BSG Final Exam Review Questions andanswers
A company's strategy - -Represents managerial commitment to undertake
one set of actions rather than another in an effort to compete successfully
and achieve good performance outcomes
-Which of the following questions helps distinguish a winning strategy from a
mediocre or losing strategy - -Is the strategy helping the company achieve a
sustainable competitive advantage and is it resulting in goo company
performance?
-In crafting a company's strategy - -Managers need to come up with some
distinctive "aha" quality that goes beyond merely attracting buyer attention
but that, more importantly, delivers what buyers perceive as superior value
and converts them in to loyal customers
-A company's strategy is a "work in progress" and evolves over time
because of - -The need to react and respond to changing market and
competitive conditions and ongoing management efforts to improve this or
that piece of the strategy
-It is normal for a company's strategy to end up being - -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
-The two crucial elements of a company's business model are - -It's profit
proposition or "profit formula" and its customer value proposition
-Which of the following is not a frequently used strategic approach to setting
a company apart from rivals, delivering superior value, achieving
competitive advantage, and converting buyers into loyal customers? - -
Striving to be more profitable than rivals and aiming for a competitive edge
based on bigger profit margins
-A company's strategy can be considered "ethical" - -If it does not entail
actions or behaviors that cross the moral line from "should or can do" to
"should not do"
-Which of the following is not something to look for in identifying a
company's strategy? - -Actions to boost the compay's credit rating and stock
price
, -The difference between a company's strategy and a company's business
model is that - -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
-There are many routes to competitive advantage, but they all involve - -
Providing buyers with what they perceive as superior value compared to the
offerings of rival sellers
-Which of the following statements about a company's strategy is false? - -
Well-crafted company strategies rarely need to be changed unless one or
more important rival firms launch unexpected strategic initiatives that
endanger the company's strategy long-term profitability
-The customer value proposition portion of a company's business model
concerns - -The company's approach to satisfying buyer needs and
requirements at a price they will consider a good value
-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
-In endeavoring to craft a strategy that is ethical, company mangers - -Have
to consider not only whether all the various strategy elements are within the
bounds of what is legal; and in compliance with prevailing governmental
rules and regulations but also whether all the various elements of the
company's strategy can pass the test of moral scrutiny
-Developing a strategic vision for a company entails - -Prescribing a
strategic direction for the company to pursue in developing and
strengthening its business — a strategic vision lays out the ocmpany's
strategic course in preparing for the future
-Which one of the following questions is not something company managers
should consider in thinking strategically about their company's directional
path and developing a strategic vision? - -What business approaches and
operating practices should we consider in trying to implement and execute
our business model?
-Which of the following is the best example of a well-stated strategic
objective? - -Within 2 years, achieve costs per unit sold that are 10% below
the current industry average of $4.25 per unit
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