SMGT2256 FINAL REVIEW EXAM
QUESTIONS AND ANSWERS GRADED A+
2026
A winning strategy must pass which three tests? - ANS The fit test, the competitive advantage
test, and the performance test.
It is incorrect to say that a company's strategy evolves due to? - ANS A need to promote
stability and retain the status quo.
A winning strategy is one that? - ANS Fits the company's internal and external situation,
builds sustainable competitive advantage, and improves company performance.
A company's business strategy is not likely to include? - ANS A management's actions to
revise the company's financial and strategic performance targets.
Based upon its advertising slogan, the pizza restaurant that likely offers the best value
proposition to its customers is? - ANS Fast n' Fresh Pizza: "Get fresh, hot pizza, delivered
under 20 minutes -- or it's free."
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
,To test the merits of a firm's strategy and distinguish it as a winning strategy, which major
question needs to be addressed? - ANS Is the strategy helping the company achieve a
sustainable competitive advantage, and is it resulting in better company performance?
To improve performance, there are many different avenues for outcompeting rivals such as? -
ANS Strengthening competitiveness by pursuing strategic alliances and collaborative
partnerships.
To distinguish a winning strategy from a mediocre or losing strategy, a strategic manager should
ask which question? - ANS How well does the strategy fit the company's situation?
Crafting a deliberate strategy involves develop strategy elements that? - ANS Consists of a
blend of proactive new planned initiatives plus ongoing strategy elements continued from prior
periods.
In the course of crafting a strategy, managers typically do not? - ANS Share the strategy
publicly to obtain additional customer and shareholder support.
Good strategy combined with good strategy execution? - ANS Is the clearest indicator of good
management.
Why are crafting and executing business strategies the foremost tasks of any organization? -
ANS Because a good strategy coupled with a good strategy execution are the most telling
signs of good management and allow a company to be a standout performer in the
marketplace.
What separates a powerful strategy from a run-of-the-mill or ineffective one? -
ANS Management's ability to forge a series of actions, both in the marketplace and internally,
that sets the company apart from rivals and produces sustainable competitive advantage.
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
, A company's strategy consists of the action plan management takes to? - ANS Stake out a
unique market position and achieve superior profitability.
Managerial considerations in determining how to compete successfully do not normally
include? - ANS How can a company modify its entire product line to emphasize its internal
service attributes?
Identify the company with a low-cost provider strategy. - ANS A baby product's retailer sells
unassembled baby furniture produced in China.
__________ is the set of actions that its managers take to outperform the company's
competitors and achieve superior profitability. - ANS A strategy.
Giving customers more value for the money by satisfying their expectations on key quality
features, performance, and/or service attributes while beating their price expectations is a
__________ strategy. - ANS Best-cost provider.
In crafting a company's strategy, managers? - ANS Need to come up with a sustainable
competitive advantage that draws in customers and produces a competitive edge over rivals.
Management's blueprint for how and why the company's business approaches will generate
revenues sufficient to cover costs and produce attractive profits and returns on investment? -
ANS Best describes what is meant by a company's business model.
Strategy-making is? - ANS More of a collaborative group effort that involves all managers and
sometimes key employees, as opposed to being the function and responsibility of a few high-
level executives.
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
3
QUESTIONS AND ANSWERS GRADED A+
2026
A winning strategy must pass which three tests? - ANS The fit test, the competitive advantage
test, and the performance test.
It is incorrect to say that a company's strategy evolves due to? - ANS A need to promote
stability and retain the status quo.
A winning strategy is one that? - ANS Fits the company's internal and external situation,
builds sustainable competitive advantage, and improves company performance.
A company's business strategy is not likely to include? - ANS A management's actions to
revise the company's financial and strategic performance targets.
Based upon its advertising slogan, the pizza restaurant that likely offers the best value
proposition to its customers is? - ANS Fast n' Fresh Pizza: "Get fresh, hot pizza, delivered
under 20 minutes -- or it's free."
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
,To test the merits of a firm's strategy and distinguish it as a winning strategy, which major
question needs to be addressed? - ANS Is the strategy helping the company achieve a
sustainable competitive advantage, and is it resulting in better company performance?
To improve performance, there are many different avenues for outcompeting rivals such as? -
ANS Strengthening competitiveness by pursuing strategic alliances and collaborative
partnerships.
To distinguish a winning strategy from a mediocre or losing strategy, a strategic manager should
ask which question? - ANS How well does the strategy fit the company's situation?
Crafting a deliberate strategy involves develop strategy elements that? - ANS Consists of a
blend of proactive new planned initiatives plus ongoing strategy elements continued from prior
periods.
In the course of crafting a strategy, managers typically do not? - ANS Share the strategy
publicly to obtain additional customer and shareholder support.
Good strategy combined with good strategy execution? - ANS Is the clearest indicator of good
management.
Why are crafting and executing business strategies the foremost tasks of any organization? -
ANS Because a good strategy coupled with a good strategy execution are the most telling
signs of good management and allow a company to be a standout performer in the
marketplace.
What separates a powerful strategy from a run-of-the-mill or ineffective one? -
ANS Management's ability to forge a series of actions, both in the marketplace and internally,
that sets the company apart from rivals and produces sustainable competitive advantage.
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
, A company's strategy consists of the action plan management takes to? - ANS Stake out a
unique market position and achieve superior profitability.
Managerial considerations in determining how to compete successfully do not normally
include? - ANS How can a company modify its entire product line to emphasize its internal
service attributes?
Identify the company with a low-cost provider strategy. - ANS A baby product's retailer sells
unassembled baby furniture produced in China.
__________ is the set of actions that its managers take to outperform the company's
competitors and achieve superior profitability. - ANS A strategy.
Giving customers more value for the money by satisfying their expectations on key quality
features, performance, and/or service attributes while beating their price expectations is a
__________ strategy. - ANS Best-cost provider.
In crafting a company's strategy, managers? - ANS Need to come up with a sustainable
competitive advantage that draws in customers and produces a competitive edge over rivals.
Management's blueprint for how and why the company's business approaches will generate
revenues sufficient to cover costs and produce attractive profits and returns on investment? -
ANS Best describes what is meant by a company's business model.
Strategy-making is? - ANS More of a collaborative group effort that involves all managers and
sometimes key employees, as opposed to being the function and responsibility of a few high-
level executives.
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
3
