Exam (elaborations)

BSG Midterm Exam 1 Questions with Answers (All Answers Correct)

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BSG

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Which one of the following is NOT among the chief duties/responsibilities of a company's board of directors insofar as the strategy-making, strategy-executing process is concerned? - Answer-supervising enforcement of high ethical standards and stepping in to take the lead role in promptly revisi...

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BSG Midterm Exam 1
Which one of the following is NOT among the chief duties/responsibilities of a
company's board of directors insofar as the strategy-making, strategy-executing process
is concerned? - Answer-supervising enforcement of high ethical standards and stepping
in to take the lead role in promptly revising and improving the company's strategy
whenever the company's financial performance is unsatisfactory.

Which one of the following questions can be used to distinguish a winning strategy from
a mediocre or losing strategy? - Answer-how well does the strategy fit the company's
situation?

Which of the following statements about managing the task of implementing and
executing strategy is false? - Answer-management's handling of the strategy
implementation and execution process can be considered successful if the company's
net profits are higher after the process is completed than they were before the process
began.

Among all the things managers do, nothing affects a company's ultimate success or
failure more fundamentally than - Answer-how well its management team charts the
company's direction, develops competitively effective strategic moves and business
approaches, and pursues what needs to be done internally to produce good day-in/day-
out strategy execution and operating excellence.

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 revenue sufficient to
cover costs and yield an attractive profit.

Which of the following is NOT one of the reasons that a company's strategy evolves
over time? - Answer-the need on the part of company managers to make regular
strategy adjustments so as to keep rivals off balance and always guessing about what
moves it will make next.

A company achieves competitive advantage when - Answer-it has some type of edge
over rivals in attracting buyers and coping with competitive forces.

A company's strategy - Answer-represents managerial commitment to undertake one
set of actions rather than another in an effort to compete successfully and achieve good
performance outcomes.

, There are many routes to competitive advantage, but they all involve - Answer-providing
buyers with what they perceive as superior value compared to the offerings of rival
sellers.

Which one of the following statements about whether a company's strategy can be
considered ethical is true? - Answer-just keeping a company's strategic actions within
the bounds of what is legal does not mean the strategy is ethical.

Which one of the following does NOT account for why a company's strategy evolves
over time, as shown in Figure 1.2 and explained in the accompanying text discussion? -
Answer-managerial preferences for keeping the life-cycle of any given strategy short.

In choosing among strategy alternatives, company managers - Answer-are well-advised
to embrace strategic actions that can pass the test of moral scrutiny -- it is not enough
to just stay within the bounds of what is legal and is in compliance with prevailing
government regulations.

A company's strategy evolves from one version to the next - Answer-as managers
abandon obsolete or ineffective strategy elements, settle upon a set of proactive
strategy elements, and then -- as new circumstances unfold -- make adaptive strategic
adjustments, which gives rise to reactive strategy elements.

According to Figure 1.1, which of the following is NOT something to look for in
identifying a company's strategy? - Answer-actions to strengthen the company's
competitive position by hiring one or more new top executives or laying off a portion of
its work force or paying down its long-term debt.

The two crucial elements of a company's business model are - Answer-its profit
proposition or "profit formula" and its customer value proposition.

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.

A company's strategy is most accurately defined as - Answer-management's
commitment to pursue a particular set of actions in attracting and pleasing customers,
competing successfully, capitalizing on opportunities to grow the business, responding
to changing market conditions, conducting operations, and achieving the targeted
financial and market performance.

A company's strategic plan - Answer-lays out its future direction, business purposes,
performance targets, and strategy -- in other words, a strategic vision + mission + a set
of objectives + a strategy = a strategic plan.

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Exam (elaborations)

BSG Midterm Exam 1 Questions with Answers (All Answers Correct)

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