BSG Exam 1 Questions with Complete
Solutions5
Strategy - ANSWERS-consists of the competitive moves and business approaches that managers
employ to attract and please customers, compete successfully, capitalize on opportunities to
grow the business, respond to changing market conditions, conduct operations, and achieve the
targeted financial and market performance
3 Strategic Questions firms must answer - ANSWERS-1. What is the firm's present situation?
2. What direction to head and what performance targets to set
3. How to run the firm in ways that produce good results
Two crucial elements of a firms business model - ANSWERS-1. customer value propositions
2. profit proposition
What makes a strategy a winner? - ANSWERS-1.How well does the strategy fit the company's
situation (goodness of fit)?
2.Is the strategy helping the company achieve a sustainable competitive advantage?
(Competitive advantage test)
3.Is the strategy producing good company performance?(performance test)
What must managers do, and do well, to give a firm its best chance to be attractively profitable
and successful in the marketplace? - ANSWERS-doing a good job of managing requires good
strategic thinking, good strategy-making, and good strategy execution.
5 managerial Tasks - ANSWERS-1. Developing a strategic vision
2. Setting objectives
, 3. Crafting a strategy
4.Implementing and executing the strategy
5. monitoring developments evaluating performance and initiating corrective adjustments
Every firm needs two types of objectives - ANSWERS-Financial Objectives
Strategic Objectives
A strategic Plan = - ANSWERS-Strategic Vision + Mission Statement + Objectives +Strategy
5 Forces Model - ANSWERS-1. Market Maneuvering
2. The threat of new entrants
3. Threat of substitutes
4. Supplier Bargaining Power
5. buyer bargaining power
The most important part of driving-forces analysis is to determine whether the collective impact
of the driving forces will act to - ANSWERS-Increase or decrease market demand
►Make competition more or less intense
►Lead to higher or lower industry profitability
What are Key Success Factors (KSF) - ANSWERS-strategy elements, product attributes,
resources, capabilities, and market achievements with the greatest impact on future
competitive success in the marketplace.
A firm has competence when - ANSWERS-over time, it gains the experience, know-how, and
proficiency to perform that activity consistently well and at acceptable cost.
Solutions5
Strategy - ANSWERS-consists of the competitive moves and business approaches that managers
employ to attract and please customers, compete successfully, capitalize on opportunities to
grow the business, respond to changing market conditions, conduct operations, and achieve the
targeted financial and market performance
3 Strategic Questions firms must answer - ANSWERS-1. What is the firm's present situation?
2. What direction to head and what performance targets to set
3. How to run the firm in ways that produce good results
Two crucial elements of a firms business model - ANSWERS-1. customer value propositions
2. profit proposition
What makes a strategy a winner? - ANSWERS-1.How well does the strategy fit the company's
situation (goodness of fit)?
2.Is the strategy helping the company achieve a sustainable competitive advantage?
(Competitive advantage test)
3.Is the strategy producing good company performance?(performance test)
What must managers do, and do well, to give a firm its best chance to be attractively profitable
and successful in the marketplace? - ANSWERS-doing a good job of managing requires good
strategic thinking, good strategy-making, and good strategy execution.
5 managerial Tasks - ANSWERS-1. Developing a strategic vision
2. Setting objectives
, 3. Crafting a strategy
4.Implementing and executing the strategy
5. monitoring developments evaluating performance and initiating corrective adjustments
Every firm needs two types of objectives - ANSWERS-Financial Objectives
Strategic Objectives
A strategic Plan = - ANSWERS-Strategic Vision + Mission Statement + Objectives +Strategy
5 Forces Model - ANSWERS-1. Market Maneuvering
2. The threat of new entrants
3. Threat of substitutes
4. Supplier Bargaining Power
5. buyer bargaining power
The most important part of driving-forces analysis is to determine whether the collective impact
of the driving forces will act to - ANSWERS-Increase or decrease market demand
►Make competition more or less intense
►Lead to higher or lower industry profitability
What are Key Success Factors (KSF) - ANSWERS-strategy elements, product attributes,
resources, capabilities, and market achievements with the greatest impact on future
competitive success in the marketplace.
A firm has competence when - ANSWERS-over time, it gains the experience, know-how, and
proficiency to perform that activity consistently well and at acceptable cost.
