Exam (elaborations)
Business Strategy exam 1 questions with 100% correct answers
- Course
- Institution
Business Strategy exam 1 questions with 100% correct answers
[Show more]
Content preview
Business Strategy exam 1Chapter 1 - correct answer ✔✔Chapter 1
strategy - correct answer ✔✔action plan for outperforming its competitors and achieving superior
profitability
competitive advantage - correct answer ✔✔provides buyers with superior value compared to rival
sellers or offers the same value at a lower cost to the firm
sustainable - correct answer ✔✔advantage exists despite the best efforts of competitors to match or
surpass this advantage.
deliberate strategy - correct answer ✔✔consists of proactive strategy elements that are both planned
and realized as planned
emergent strategy - correct answer ✔✔consists of reactive strategy elements that emerge as changing
conditions warrant.
business model - correct answer ✔✔sets forth the logic for how its strategy will create value for
customers, while at the same time generate revenues sufficient to cover costs and realize a profit.
1. the fit test
2. the competitive advantage test
3. the performance test - correct answer ✔✔a winning strategy must pass what three tests?
the fit test - correct answer ✔✔how well does the strategy fit the company's situation?
the competitive advantage test - correct answer ✔✔can the strategy help the company achieve a
sustainable competitive advantage?
, the performance test - correct answer ✔✔is the strategy producing good company performance?
Chapter 2 - correct answer ✔✔Chapter 2
strategic plan - correct answer ✔✔lays out its future direction and business purpose, performance
targets, and strategy
strategic vision - correct answer ✔✔describes management's aspirations for the future and delineates
the company's strategic course and long-term direction.
strategic vision - correct answer ✔✔portrays a company's aspirations for its future("where we are
going")
mission - correct answer ✔✔describes its purpose and its present business ("who we are, what we do,
and why we are here")
values - correct answer ✔✔the beliefs, traits, and behavioral norms that company personnel are
expected to display in conduction the company's business and pursuing its strategic vision and mission.
objectives - correct answer ✔✔an organization's performance targets- the specific results management
wants to achieve.
strategic intent - correct answer ✔✔when it relentlessly pursues an ambitious strategic objective,
concentrating the full force of its resources an competitive actions on achieving that objective.
financial objectives - correct answer ✔✔relate to the financial performance targets management has
established for the organization to achieve
strategic objectives - correct answer ✔✔relate to target outcomes that indicate a company is
strengthening its market standing, competitive position, and future business prospects.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76449 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now