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BCOR 2304 midterm laszlo Questions and
Correct Answers/ Latest Update / Already
Graded
What is the primary purpose of strategy in business?
Ans: To achieve sustainable competitive advantage.
What does a sustainable competitive advantage allow a firm to do?
Ans: Outperform its competitors or the industry average over a
prolonged period.
What are the key components of a coherent strategy?
Ans: It must be doable, translate into actions, and remain
simple.
What is the relationship between strategy and entrepreneurship?
Ans: Entrepreneurship involves taking economic risks to
innovate and exploit opportunities.
What are the five basic strategic approaches?
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Ans: 1. Low-cost provider strategy 2. Broad differentia tion
strategy 3. Focused low-cost strategy 4. Focused differentiation
strategy 5. Best-cost provider strategy.
What is the definition of a company's strategy?
Ans: A coordinated set of actions taken to outperform
competitors and achieve superior profitability.
How does strategy differ from tactics?
Ans: Strategy is the roadmap for long-term goals, while tactics
are specific actions taken to pursue that strategy.
What is value creation in the context of strategy?
Ans: Providing products and services at a price consumers are
willing to pay while keeping costs low enough to make a profit.
Who are considered stakeholders in a company's strategy?
Ans: Organizations, groups, and individuals affected by a
company's actions.
All rights reserved © 2025/ 2026 |
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What is the difference between proactive and reactive strategy
elements?
Ans: Proactive elements are planned initiatives, while reactive
elements are developed in response to unanticipated
developments.
What is the customer value proposition?
Ans: Satisfying buyer wants and needs at a price customers
consider a good value.
What does the profit formula in a business model entail?
Ans: Creating a cost structure that allows for acceptable profits
based on the customer value proposition.
What are the three tests a winning strategy must pass?
Ans: 1. The Fit Test 2. The Competitive Advantage Test 3. The
Performance Test.
What is the Fit Test in evaluating a strategy?
Ans: It assesses whether the strategy fits well with the firm's
external and internal situations.
All rights reserved © 2025/ 2026 |
BCOR 2304 midterm laszlo Questions and
Correct Answers/ Latest Update / Already
Graded
What is the primary purpose of strategy in business?
Ans: To achieve sustainable competitive advantage.
What does a sustainable competitive advantage allow a firm to do?
Ans: Outperform its competitors or the industry average over a
prolonged period.
What are the key components of a coherent strategy?
Ans: It must be doable, translate into actions, and remain
simple.
What is the relationship between strategy and entrepreneurship?
Ans: Entrepreneurship involves taking economic risks to
innovate and exploit opportunities.
What are the five basic strategic approaches?
All rights reserved © 2025/ 2026 |
, Page |2
Ans: 1. Low-cost provider strategy 2. Broad differentia tion
strategy 3. Focused low-cost strategy 4. Focused differentiation
strategy 5. Best-cost provider strategy.
What is the definition of a company's strategy?
Ans: A coordinated set of actions taken to outperform
competitors and achieve superior profitability.
How does strategy differ from tactics?
Ans: Strategy is the roadmap for long-term goals, while tactics
are specific actions taken to pursue that strategy.
What is value creation in the context of strategy?
Ans: Providing products and services at a price consumers are
willing to pay while keeping costs low enough to make a profit.
Who are considered stakeholders in a company's strategy?
Ans: Organizations, groups, and individuals affected by a
company's actions.
All rights reserved © 2025/ 2026 |
, Page |3
What is the difference between proactive and reactive strategy
elements?
Ans: Proactive elements are planned initiatives, while reactive
elements are developed in response to unanticipated
developments.
What is the customer value proposition?
Ans: Satisfying buyer wants and needs at a price customers
consider a good value.
What does the profit formula in a business model entail?
Ans: Creating a cost structure that allows for acceptable profits
based on the customer value proposition.
What are the three tests a winning strategy must pass?
Ans: 1. The Fit Test 2. The Competitive Advantage Test 3. The
Performance Test.
What is the Fit Test in evaluating a strategy?
Ans: It assesses whether the strategy fits well with the firm's
external and internal situations.
All rights reserved © 2025/ 2026 |
