BSG EXAM 1 QUESTIONS &
CORRECT PASSED ANSWERS
Strategy - Correct Answer ✔✔ 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 - Correct Answer ✔✔ 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 - Correct Answer ✔✔ 1. customer value
propositions
2. profit proposition
What makes a strategy a winner? - Correct Answer ✔✔ 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? - Correct Answer ✔✔ doing a good job of
managing requires good strategic thinking, good strategy-making, and good strategy
execution.
5 managerial Tasks - Correct Answer ✔✔ 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 - Correct Answer ✔✔ Financial Objectives
Strategic Objectives
A strategic Plan = - Correct Answer ✔✔ Strategic Vision + Mission Statement +
Objectives +Strategy
5 Forces Model - Correct Answer ✔✔ 1. Market Maneuvering
CORRECT PASSED ANSWERS
Strategy - Correct Answer ✔✔ 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 - Correct Answer ✔✔ 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 - Correct Answer ✔✔ 1. customer value
propositions
2. profit proposition
What makes a strategy a winner? - Correct Answer ✔✔ 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? - Correct Answer ✔✔ doing a good job of
managing requires good strategic thinking, good strategy-making, and good strategy
execution.
5 managerial Tasks - Correct Answer ✔✔ 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 - Correct Answer ✔✔ Financial Objectives
Strategic Objectives
A strategic Plan = - Correct Answer ✔✔ Strategic Vision + Mission Statement +
Objectives +Strategy
5 Forces Model - Correct Answer ✔✔ 1. Market Maneuvering
