Business Strategy Game Midterm Exam Q&A| Updated| Graded A+

The difference between a company's business model and a company's strategy is that its business model relates to management's blueprint for delivering a valuable product or service to customers in a manner that will generate ample revenues to cover costs and yield an attractive profit while its strategy relates to the companies competitive moves and business approaches (which may or may not lead to profitability) A company's strategy is a "work in progress" and evolves over time because of The need to react and respond to changing market and competitive conditions and ongoing management efforts to improve this or that piece of the strategy Good strategy and good strategy execution are the most trustworthy signs of good management Based on figure 1.1, which of the following is not something to look for in identifying a company's strategy? Actions to rise or lower the company's performance targets and actions to pay down the company's long-term debt Which of the following statements about a company's strategy is false? Well-crafted company strategies rarely need to be changed unless one or more important rival firms launch unexpected strategic initiatives that endanger the company's strategy long-term profitability A company's business model sets forth how its strategy and business approaches will create value for customers while at the same time generating ample revenues to cover costs and realize a profit