GBA 490 Test 1
1. p. 4) A company's strategy concerns
C. Management's action plan for running the business and conducting operations—its commitment to pursue a particular set of actions in growing the business, staking out a market position, attracting and pleasing customers, competing successf...
gba 490 test 1 1 p 4 a companys strategy concerns c managements action plan for running the business and conducting operations—its commitment to pursue a particular set of actions in growi
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GBA 490 Test 1
1. p. 4) A company's strategy concerns
C. Management's action plan for running the business and conducting operations—its
commitment to pursue a particular set of actions in growing the business, staking out a
market position, attracting and pleasing customers, competing successfully, conducting
operations and achieving targeted objectives
2. (p. 4) A company's strategy consists of
D. The competitive moves and business approaches that managers are employing to
grow the business, stake out a market position, attract and please customers,
compete successfully, conduct operations and achieve targeted objectives
3. (p. 4) The competitive moves and business approaches a company's management is using
to grow the business, stake out a market position, attract and please customers, compete
successfully, conduct operations and achieve organizational objectives is referred to as
its
A. Strategy
4. (p. 4) In crafting a strategy, management is in effect saying
D. "Among all the many different business approaches and ways of competing we could
have chosen, we have decided to employ this particular combination of competitive and
operating approaches in moving the company in the intended direction, strengthening its
market position and competitiveness and boosting performance."
5. (p. 3) A company's strategy is most accurately defined as
B. Management's commitment to pursue a particular set of actions in growing the
business, attracting and pleasing customers, competing successfully, conducting
operations and improving the company's financial and market performance
6. (p. 3) Which of the following is not something a company's strategy is concerned with?
B. How quickly and closely to copy the strategies being used by successful rival
companies
7. (p. 3) Which of the following is not a primary focus of a company's strategy?
E. How to achieve above-average gains in the company's stock price and thereby meet or
beat shareholder expectations
8. (p. 4) In crafting a company's strategy, D. Managers need to come up with some
distinctive "aha" element to the strategy that draws in customers and produces a
competitive edge over rivals
9. (p. 6) The heart and soul of a company's strategy-making effort A. Involves coming up
with moves and actions that produce a durable competitive edge over rivals
10. (p. 6) A company's strategy and its quest for competitive advantage are tightly
connected because
C. Crafting a strategy that yields a competitive advantage over rivals is a company's
most reliable means of achieving above-average profitability and financial performance
,11. (p. 6) A company achieves sustainable competitive advantage when
B. An attractive number of buyers have a lasting preference for its products or services
as compared to the offerings of competitors
12. (p. 7) A creative, distinctive strategy that sets a company apart from rivals and that
gives it a sustainable competitive advantage
C. Is a company's most reliable ticket to above-average profitability—indeed, the tight
connection between competitive advantage and profitability means that the quest for
sustainable competitive advantage always ranks center stage in crafting a strategy
13. (p. 7) What separates a powerful strategy from a run-of-the-mill or ineffective one is
B. Management's ability to forge a series of moves, both in the marketplace and
internally, that sets the company apart from rivals, tilts the playing field in the
company's favor and produces sustainable competitive advantage over rivals
14. (p. 6 - 7) Which of the following is a frequently used strategic approach to setting a
company apart from rivals and achieving a sustainable competitive advantage? E. All of
these
15. (p. 6 - 7) Which of the following is not a frequently used strategic approach to setting a
company apart from rivals and achieving a sustainable competitive advantage?
C. Striving to be more profitable than rivals and aiming for a competitive edge based
on bigger profit margins
16. (p. 7) One of the keys to successful strategy-making is
D. To come up with one or more differentiating strategy elements that act as a magnet
to draw customers and yield a lasting competitive edge
17. (p. 8) Which of the following is not something to look for in identifying a company's
strategy?
E. Management actions to revise the company's financial and strategic performance
targets
18. (p. 8) Which of the following is something to look for in identifying a company's
strategy?
A. Actions to gain sales and market share
B. Actions to strengthen marketing standing and competitiveness by merging with
or acquiring rival companies
C. Actions to enter new geographic or product markets or exit existing ones
D. Actions and approaches used in managing R&D, production, sales and
marketing, finance and other key activities
E. All of above are pertinent in identifying a company's strategy
19. (p. 9) A company's strategy evolves over time as a consequence of
A. The need to keep strategy in step with changing market conditions and
changing customer needs and expectations
B. The proactive efforts of company managers to fine-tune and improve one or more
,pieces of the strategy
C. The need to abandon some strategy features that are no longer working well
D. The need to respond to the newly-initiated actions and competitive moves of
rival firms
E. All of these
20. (p. 9) Which of the following is not one of the basic reasons that a company's strategy
evolves over time?
C. The need on the part of company managers to make regular adjustments in the
company's strategic vision and also to initiate fresh strategic actions so as to keep
employees from becoming bored with having to execute the same strategy month after
month
21. (p. 8 - 9) Changing circumstances and ongoing managerial efforts to improve the
strategy A. Account for why a company's strategy evolves over time
22. (p. 8 - 9) A company's strategy is a "work in progress" and evolves over time because of
A. The ongoing need of company managers to react and respond to changing market
and competitive conditions
23. (p. 9) It is normal for a company's strategy to end up being D. A blend of proactive
actions to improve the company's competitiveness and financial performance and as-
needed reactions to unanticipated developments and fresh market conditions
24. (p. 9 - 10) Crafting a strategy involves A. Stitching together a proactive/intended strategy
and then adapting first one piece and then another as circumstances surrounding the
company's situation change or better options emerge
25. (p. 9)
Which of the following statements about a company's strategy is true?
D. A company's strategy is typically a blend of proactive and reactive strategy elements
26. (p. 9 - 10) A company's strategy evolves from one version to the next because of B. The
proactive efforts of company managers to improve this or that aspect of the strategy, a
need to respond to changing customer requirements and expectations and a need to react
to fresh strategic maneuvers on the part of rival firms
27. (p. 9 - 10) Which one of the following does not account for why a company's strategy
evolves from one version to another?
B. A desire on the part of company managers to develop new strategy elements on the fly
28. (p. 9 - 10) In the course of crafting a strategy, it is common for management to A. Decide
to abandon certain strategy elements that have grown stale or become obsolete
B. Modify the current strategy when market and competitive conditions take an
unexpected turn or some aspects of the company's strategy hit a stone wall
C. Modify the current strategy in response to the fresh strategic maneuvers of rival firms
D. Take proactive actions to improve this or that piece of the strategy
E. All of these
, 29. (p. 10 - 11) In choosing among strategy alternatives, company managers
C. Are well-advised to go beyond merely keeping a company's strategic actions within
the bounds of what is legal and consider whether the various pieces of the company's
strategy are compatible with ethical standards of "right" and "wrong" and duty—what a
company should and should not do
30. (p. 11) A company's strategy can be considered "ethical" B. If it does not entail actions
or behaviors that cross the moral line from "can do" to "should not do" (because such
actions are unsavory, unconscionable, injurious to others or unnecessarily harmful to the
environment) and if it allows management to fulfill its ethical duties to all stakeholders
(shareholders, employees, customers, suppliers, the communities in which it operates and
society at large)
31. (p. 11) A company's strategy can be considered "ethical" B. If it does not entail actions
or behaviors that cross the moral line from "can do" to "should not do" (because such
actions are unsavory, unconscionable, injurious to others or unnecessarily harmful to
the environment)
32. (p. 11) A company's strategy can be considered "unethical" or shady
A. If any of its actions constitute "unfair competition."
B. If the company engages in actions or behaviors that are contrary to the general public
interest
C. If the company's actions/behaviors are harmful to its stakeholders—customers,
employees, shareholders, suppliers and the communities in which the company
operates
D. If it entails actions or behaviors that cross the moral line from "can do" to "should not
do" (because such actions are "unsavory" or unconscionable or unnecessarily harmful to
the environment)
E. All of the above call the company's actions/behaviors into question from an ethical
standpoint
33. (p. 11) A company whose strategy has shady or unethical elements
D. Puts the reputation of the company and its top executives at risk and may even
jeopardize the company's long-term well-being and survival, especially if it is required to
pay out considerable sums of money to settle punitive lawsuits and compensate
customers, employees, shareholders, suppliers, rival companies and any others for the
injuries they have suffered
34. (p. 10 - 11) In endeavoring to craft an ethical strategy, company managers
D. Have to go beyond what strategic actions and behaviors are legal and address whether
all the various elements of the company's strategy can pass the test of moral scrutiny
35. (p. 12) A company's business model
B. Is management's storyline for how it will generate revenues ample to cover costs and
produce a profit—absent the ability to deliver good profitability, the strategy is not viable
and the survival of the business is in doubt
36. (p. 12) A company's business model
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