STRATEGIC MANAGEMENT | EXAM 1 Questions With Correct Answers
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Course
Strategic Management
Institution
Strategic Management
STRATEGIC MANAGEMENT | EXAM 1
Questions With Correct 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 __________. - answercustomer
value...
STRATEGIC MANAGEMENT | EXAM 1
Questions With Correct 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
Having a competitive advantage does not always guarantee competitive success. - answer✔true
According to Henry Mintzberg, the strategy that will ultimately determine an organization's success or
failure is its: - answer✔realized strategy
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
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