BSG Final Exam Review (2022/2023) Already Passed

A company's strategyAnsRepresents managerial commitment to undertake one set of actions rather than another in an effort to compete successfully and achieve good performance outcomes Which of the following questions helps distinguish a winning strategy from a mediocre or losing strategyAnsIs the strategy helping the company achieve a sustainable competitive advantage and is it resulting in goo company performance? In crafting a company's strategyAnsManagers need to come up with some distinctive "aha" quality that goes beyond merely attracting buyer attention but that, more importantly, delivers what buyers perceive as superior value and converts them in to loyal customers A company's strategy is a "work in progress" and evolves over time because ofAnsThe need to react and respond to changing market and competitive conditions and ongoing management efforts to improve this or that piece of the strategy It is normal for a company's strategy to end up beingAnsA blend of proactive actions to improve the company's competitiveness and financial performance and as-needed reactions to unanticipated developments and fresh market conditions The two crucial elements of a company's business model areAnsIt's profit proposition or "profit formula" and its customer value proposition Which of the following is not a frequently used strategic approach to setting a company apart from rivals, delivering superior value, achieving competitive advantage, and converting buyers into loyal customers?AnsStriving to be more profitable than rivals and aiming for a competitive edge based on bigger profit margins A company's strategy can be considered "ethical"AnsIf it does not entail actions or behaviors that cross the moral line from "should or can do" to "should not do" Which of the following is not something to look for in identifying a company's strategy?AnsActions to boost the compay's credit rating and stock price The difference between a company's strategy and a company's business model is thatAnsStrategy relates broadly to a company's competitive moves and business approaches (which may or may not lead to profitability) while its business model relates to whether the company can execute its customer value proposition profitably There are many routes to competitive advantage, but they all involveAnsProviding buyers with what they perceive as superior value compared to the offerings of rival sellers Which of the following statements about a company's strategy is false?AnsWell-crafted company strategies rarely need to be changed unless one or more important rival firms launch unexpected strategic initiatives that endanger the company's strategy long-term profitability The customer value proposition portion of a company's business model concernsAnsThe company's approach to satisfying buyer needs and requirements at a price they will consider a good value