STRATEGIC MANAGEMENT | EXAM 1 Exam Questions With Verified Answers.
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Strategic Management
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Strategic Management
STRATEGIC MANAGEMENT | EXAM 1
Exam Questions With Verified Answers.
____________ tends to be a combination of planned elements and unplanned elements of a
company's strategy. - answerrealized strategy
Two elements of a company's business model are profit formula and __________. -
answercustome...
STRATEGIC MANAGEMENT | EXAM 1
Exam Questions With Verified Answers.
____________ tends to be a combination of planned elements and unplanned elements of a
company's strategy. - answer✔✔realized strategy
Two elements of a company's business model are profit formula and __________. -
answer✔✔customer value proposition
A company's _________ defines its approach to creating superior value for customers and how
capabilities and resources will be employed to deliver the desired value to customers. -
answer✔✔strategy
A company's ___________ basically defines how a company intends to make money. -
answer✔✔business model
The plan that comes out of a formal strategic managements process would best be called a
____________. - answer✔✔deliberate strategy
A _________ strategy is considered to be a hybrid strategy. - answer✔✔best-cost
It is clear from the chapter discussion that Starbucks is using a __________ strategy to gain a
sustainable competitive advantage in the coffee market. - answer✔✔broad differentiation
The three questions used to test for a winning strategy focus on fit, sustainability, and
_______________. - answer✔✔performance
The most attractive customer value proposition is attained by: - answer✔✔increasing value
provided and lowering the price
A __________ allows a company to attract sufficiently large numbers of buyers who have a
lasting preference for its products or services over those offered by rivals, despite the efforts of
the competitors to offset that appeal and overcome the company's advantage. -
answer✔✔sustainable competitive advantage
Microsoft's recent decision to enter the telephone hardware business by acquiring Nokia's phone
division opens a new and significant revenue stream for a company that was primarily software
driven. As such, this move represents a change in Microsoft's _________. - answer✔✔business
model
Avon was originally founded as a vehicle for selling as asporii - answer✔✔realized, emergent
The Aldi's grocery store chain believes in providing good, healthy food at the lowest price
possible. This approach represents Aldi's: - answer✔✔customer value proposition
According to ______________, 2016 will be a "Cataclysmic year" for stocks around the world
due to the combination of low oil prices, weakness in China and other developing countries, and
geopolitical uncertainty around the globe. - answer✔✔the Royal Bank of Scotland
A strategic vision should have all of the following characteristics EXCEPT: - answer✔✔broad
When an organization briefly describes what its business is about and why it does it, they have
articulated a(n) _______________. - answer✔✔mission statement
___________ objectives are more focused on the past (lagging), while __________ objectives
are more focused on the future (leading) - answer✔✔financial; strategic
The designated beliefs and desired way of doing things at a company are called what? -
answer✔✔values
________ is the highest level of strategy-making for a company. - answer✔✔corporate
The________ is/are charged with evaluating and compensating a company's senior executives. -
answer✔✔Board of Directors
___________ looks at both strategic and financial objectives when measuring company
performance. - answer✔✔The Balanced Scorecard approach
________________ has been reached when management realizes that the industry has changed
in a significant way that renders the company's strategic vision obsolete. - answer✔✔A strategic
inflection point
Once developed, a company's ___________ should never be changed. - answer✔✔none of the
other answers is correct
Compared to "cellular telephone company," "telecommunications company" would represent a
___________________ mission definition. - answer✔✔broader
Microsoft's recent decision to enter the telephone hardware business by acquiring Nokia's phone
division represent strategy at the: - answer✔✔corporate level only
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