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BSG FINAL EXAM QUESTIONS WITH COMPLETE ANS CORRECT ANSWERS
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BSG FINAL EXAM QUESTIONS WITH COMPLETE ANS CORRECT ANSWERS
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BSG FINALStrategy - 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.
The heart and soul of any strategy - Answer-is the actions and moves int he marketplace that managers
are taking to gain a competitive advantage over rivals
A company's business model - Answer-sets forth how its strategy and operating approaches will create
value for customers while at the same time generating revenues sufficient to cover costs and realize a
profit.
The difference between a company's strategy and a company's business model is that - Answer-its
strategy is defined by the specific market positioning, competitive moves, and business approaches
management employs to try to produce good business results while its business model relates to
management's blueprint for delivering a valuable product or service to customers in a manner that will
generate revenues sufficient to cover costs and yield an attractive profit.
A company's strategic vision concerns - Answer-a company's long-term direction and what product-
customer-market business mix seems optimal for a the road ahead.
A company's mission statement typically addresses which of the following questions? - Answer-"who
we are, what we do, and why are we here"
, Objectives - Answer-are an organization's performance targets—the results and outcomes management
wants to achieve. They function as yardsticks for measuring how well the organization is doing
A best practice - Answer-- Is a method or technique employed by at least one enterprise and shown to
be unusually effective in lowering costs improving quality or performance, shortening time
requirements, enhancing safe, or achieving one or more other highly positive operating outcomes.
- A means of performing and activity or process that yields results consistently superior to other
approaches
TQM - Answer-Is a performance improvement tool that emphasizes involvement and empowerment of
employees at all levels, continuous improvement in all phases of operations, 100% accuracy in
performing tasks and total customer satisfaction.
Six Sigma Programs - Answer-Are based on three principals. All work is a process, all processes have
variability, and all processes create data that explains variability.
The big difference between business process reengineering and continuous improvement programs like
TQM and Six Sigma is that - Answer-Business process reengineering is a tool for achieving one time
quantum improvement whereas TQM and Six Sigma programs aim at ongoing incremental
improvements.
Business process reengineering is a tool for - Answer-Addressing the sub optimal performance problems
that can arise when pieces of strategy critical activities are scattered across different functional
departments of work groups; typically involves pulling the scattered pieces out of different departments
work groups and creating a single work group to take charge of the whole process and perform it in a
better, cheaper, and more strategy supportive fashion
The hallmark of a strong culture company is - Answer-The dominating presence of certain deeply rooted
values, business principles, behavioral norms, and way of doing things that "regulate" the conduct of a
company's business and the climate of it's workplace.
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