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GLOBUS FINAL EXAM QUESTIONS AND ANSWERS
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GLOBUS FINAL EXAM QUESTIONS AND ANSWERS
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GLOBUS FINAL EXAM QUESTIONS AND ANSWERSThe 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 revenues sufficient to cover costs and yield an attractive profit.
A winning strategy is one that - answer- fits the company's internal and external situation, improves company performance, and helps achieve sustainable competitive advantage.
Typically, a company's strategy is - answer- a blend of (1) proactive actions to improve the company's financial performance and secure a competitive edge and (2) as-needed reactions to unanticipated developments and fresh market conditions
A company's business model - answer- is managements 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
A company achieves sustainable competitive advantage when - answer- an attractive number of buyers are drawn to purchase its products or services rather than those of competitors and when the basis for the preference is durable, despite the efforts of competitors to nullify or overcome the appeal of its product offering.
What makes a competitive advantage sustainable or durable as opposed to temporary -
answer- are actions or elements in a company's strategy that cause an attractive number of buyers to have lasting reasons to purchase the company's products or services, despite competitor's best efforts to nullify or overcome those reasons
In choosing among strategy alternatives, company managers - answer- are well advised
to embrace actions strategic actions that can pass the test of moral scrutiny-- it is not enough to just stay within the boards of what is legal and is in compliance with prevailing government regulations
Two crucial elements of a company's business model are - answer- its profit proposition or "profit formula" and its customer value proposition
Which of the following is not something a company's strategy is concerned with? - answer- Management's choice of which of several alternative business models to employ in delivering value to customers and to shareholders
The reputational and financial damage that unethical strategies and behavior can do to a company - answer- is substantial; consequently, there are good business reason for a
company and its personnel to avoid unethical strategic actions and behaviors According to Figure 1.1, which of the following is not something to look for in identifying a company's strategy? - answer- Actions to boost the company's earnings per share and stock price
Changing circumstances and ongoing managerial efforts to improve the strategy - answer- account for why a company's strategy evolves over time and why the task of crafting a company's strategy is a work in progress, not a one-time event.
The competitive moves and business approaches a company's management is using to attract and please customers, compete successfully, grow the business, respond to changing market conditions, conduct operations, and achieve the targeted financial and market performance is what defines a company's - answer- strategy
Crafting and executing strategy are top-priority managerial tasks because - answer- how well a company performs and the degree of market success it achieves are directly, attributable to the caliber of its strategy and the proficiency with which the strategy is executed
Which of the following statements about a company's strategy is false - answer- A company's strategy is deliberately kept under wraps by top-level managers so as to catch rival companies
The task of stitching together a strategy - answer- entails addressing a series of hows: how to attract and please customers, how to compete against rivals, how to position the company in the marketplace vis-avis rivals, how best to pursue attractive opportunities to grow the business, how best to respond to changing economic and market conditions, how to manage each functional piece of the business, and how to achieve the company's strategic and financial objectives
The obligations of an investor-owned company's board of directors in the strategy-
making, strategy-executing process include - answer- overseeing the company's financial accounting and financial reporting practices and instituting a compensation plan for top executives
A company's values, or core values, concern - answer- the beliefs, traits, and behavioral
norms that company personnel are expected to display in conducting the company's business and pursuing its strategic vision and mission
Managerial jobs with strategy-making responsibility - answer- exist at many levels of the
organizational structure of a large corporation when its operations cut across different products, industries, and geographical areas
Operating strategies concern - answer- the relatively narrow strategic initiatives and approaches for managing key operating units (plants, distribution centers, geographic units) and specific operating activities with strategic significance (quality control, advertising, brand-building efforts, supply chain-related activities, and website operations)
Which one of the following approaches to objective-setting should definitely be avoided - answer- Setting targets that carry no adverse consequences for organizational members if actual performance falls short of targeted performance
Which one of the following questions is not something that the company managers should consider in charting a company's future direction are shown in Table 2.1? - answer- Does the company have a better business model than key rivals?
Which of the following are key tasks in the strategy-making, strategy-executing process? - answer- Developing a strategic vision, mission, and core values; setting objectives; and crafting a strategy to achieve the objectives and move the company along the path to accomplishing the mission and vision
In a single-business company, the strategy-making hierarchy (as shown in Figure 2-2) consists of - answer- Business strategy, functional area strategies, and operating strategies
Which of the following is the best example of a well-stated strategic objective? - answer-
Reduce production costs per unit by 10% within 12 months
Once managers have identified the external threats to the company's well-being and future prospects, they should - answer- evaluate what strategic actions can be taken to neutralize or lessen the impact of these external threats
When a company performs a competitively important activity better than rivals, it is said to have - answer- a distinctive competence in performing that activity
Which of the following is most likely to represent a competitively valuable resource or capability? - answer- One or more core competencies in performing competitively important value chain activities
SWOT analysis is a powerful tool for - answer- Sizing up a company's competitively important strengths and weaknesses, its market opportunities, and the external threats to its future well-being
Which of the following is not an option for lowering the costs of distribution-related activities? - answer- Implementing an activity-based cost accounting system for all distribution-related activities and ceasing to perform all those distribution-related activities having unacceptably high costs
According to the illustration in Table 4.3 and the accompanying discussion, the methodology for doing a weighted competitive strength assessment entails - answer- determining the most telling measures of competitive strength or weakness (which usually include most of the industry's key success factors), assigning weights to these
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