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BUS 475 Exam Chapman (All solved)
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BUS 475 Exam Chapman (All solved)Strategy correct answers Comprises an integrated set of choices but not all choices that
executives make fall under the strategy.
1. Connections between functions of the business.
2. Define the boundaries.
3. Have to approach with intentionality.
5 Elements of Strategy correct answers 1. Areas
2. Staging
3. Differentiators
4. Vehicles
5. Economic Logic
Areas correct answers Where will the company be active?
→Which product categories?
→Which market segments?
→Which geographic areas?
→Which core technologies?
→Which value-creation stages?
Staging correct answers What will be our speed and sequence?
→Speed of expansion
→Sequence of initiatives
Differentiators correct answers How will we win?
→Image
→Customization
→Price
→Styling
→Product reliability
Vehicles correct answers How will I get there?
→Internal development
→Joint ventures
→Licensing
→Franchising
→Acquisitions
Economic Logic correct answers How will we obtain our returns?
→Lowest cost
→Premium price
Strategic Management correct answers Deals with the major intended and emergent initiatives
taken by general managers on behalf of owners, involving utilization of resources, to enhance the
performance of firms in their external environments.
What comprises Strategic Management? correct answers 1. Strategic Analysis
,BUS 475 Exam Chapman (All solved)
2. Strategic Implementation
3. Strategic Direction
Strategic Analysis correct answers →External Environment
→Internal Environment
→External-internal Fit
Strategic Implementation correct answers →Organizational structure
→Organizational culture
→Rewards
Strategic Direction correct answers →Vision
→Mission
→Objectives
5 Most Frequently Used Cost Strategies correct answers 1. Low-Cost Provider Strategy
2. Broad Differentiation Strategy
3. Focused Low-Cost Strategy
4. Focused Differentiation Strategy
5. Best-Cost Provider Strategy
Low-Cost Provider Strategy correct answers Achieving a cost-based advantage over rivals.
Broad Differentiation Strategy correct answers Seeing to differentiate the company's product
from that of rivals in ways that will appeal to a board spectrum of buyers.
Focused Low-Cost Strategy correct answers Concentrating on a narrow buyer segment and
outcompeting rivals by having lower costs and serving more members at a lower price.
Focused Differentiation Strategy correct answers Concentrating on a narrow buyer segment and
outcompeting rivals by offering buyers customized attributes.
Best-Cost Provider Strategy correct answers Giving customers more value for the money by
satisfying their expectations on key quality features.
Characteristics of a Strategy correct answers 1. Proactive
2. Reactive
Proactive correct answers Planned initiatives to improve the company's financial performance
and secure a competitive edge.
Reactive correct answers Responses to unanticipated developments and fresh market conditions.
Two Types of Strategies correct answers 1. Deliberate Strategy (Proactive)
2. Emergent Strategy (Reactive & Adaptive)
, BUS 475 Exam Chapman (All solved)
Deliberate Strategy (Proactive) correct answers Consists of proactive strategy elements that are
planned.
Emergent Strategy (Reactive & Adaptive) correct answers Consists of reactive strategy elements
that emerge as changing conditions warrant.
What Makes a Strategy a Winner? correct answers 1. The Fit Test: External, Internal, and
Dynamic Consistency.
2. The Competitive Advantage Test: Durable CA.
3. The Performance Test: Outstanding Financial and Marketing Performance
External Fit correct answers With respect to prevailing market conditions.
Internal Fit correct answers A winning strategy must be tailored to the company's resources and
competitive capabilities and be supported by a complementary set of functional activities.
Dynamic Fit correct answers Strategies should evolve over time in a manner that maintains close
and effective alignment with the company's situation even as external and internal conditions
change.
The Competitive Advantage Test: Durable CA correct answers →Is the strategy helping the
company achieve the CA?
→Is CA sustainable?
The Performance Test: Outstanding Financial and Marketing Performance correct answers Is the
strategy producing superior performance?
Good Management correct answers Good Strategy + Good Strategy Execution
Identifying a Company's Business Model correct answers 1. Establish a Value Proposition.
2. Create a Profit Formula.
Value Proposition correct answers →What do customers get from you?
→Formula: V - P
Profit Formula correct answers →How does the company generate revenue?
→Formula: P - C
Course Organization correct answers 1. Analysis
2. Formulation
3. Implementation
Analysis correct answers →External Environment
→Internal Environment
→Vision, Mission, Values, Objectives
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