Capstone exam 1 (short answer) and Questions Newly Updated 2024

Capstone exam 1 (short answer) and Questions Newly Updated 2024 Define a Strategy - CORRECT ANSWER-A company's strategy consists of competitive move and business approaches managers use to run a company. It is the managers "action plan" to grow the business, attract customers and become competitive in the market. How can a strategy be ethical? - CORRECT ANSWER-A company's strategy must entail actions that can pass moral scrutiny. It should not be shady, unconscionable, injurious to others, or harmful to the environment. What's the difference between a strategy and a business model? - CORRECT ANSWER-A strategy consists of the competitive initiatives and business approaches a firm will use, whereas a business model determines if the revenue and cost flow from the strategy will be profitable. What's the purpose of crafting a strategy? - CORRECT ANSWER-The purpose of crafting a strategy is to proactively shape how a company will conduct its business. Crafting and execution of the strategy are core management functions. What are the elements to a strategic objective? - CORRECT ANSWER-Strategic objectives turn a company's vision into a specific target. It must be measurable, quantifiable, and have a deadline. What are porters 5 forces and the applications of them? - CORRECT ANSWER-Porters 5 forces include the threat of new entrants, the threat of substitute products, the bargaining power of buyers, the bargaining power of suppliers and competitive rivalry. What are some factors that make an industry competitive? - CORRECT ANSWERSome factors may include lower prices, higher quality, better performing products, slow market growth; buyer cost to switch is low. What are the steps in doing a swot analysis? - CORRECT ANSWER-There is more than just determining a company's Strengths, Weaknesses, and Opportunities & Threats. After compiling those lists,