BSG Final Exam Review
A company's strategy - ANS-Represents 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 strategy - ANS-Is the strategy helping the company achieve a sustainable
competitive advantage and is it resulting in goo company performance?
In crafting a company's strategy - ANS-Managers 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 of -
ANS-The 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 being - ANS-A 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 are - ANS-It'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? - ANS-Striving 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" - ANS-If 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? -
ANS-Actions to boost the compay's credit rating and stock price
, The difference between a company's strategy and a company's business model is that -
ANS-Strategy 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 involve - ANS-Providing
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? -
ANS-Well-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 concerns -
ANS-The company's approach to satisfying buyer needs and requirements at a price
they will consider a good value
How well a company performs and the degree of market success it achieves are directly
attributable to - ANS-The caliber of its strategy and the proficiency with which the
strategy is executed
In endeavoring to craft a strategy that is ethical, company mangers - ANS-Have to
consider not only whether all the various strategy elements are within the bounds of
what is legal; and in compliance with prevailing governmental rules and regulations but
also whether all the various elements of the company's strategy can pass the test of
moral scrutiny
Developing a strategic vision for a company entails - ANS-Prescribing a strategic
direction for the company to pursue in developing and strengthening its business — a
strategic vision lays out the ocmpany's strategic course in preparing for the future
Which one of the following questions is not something company managers should
consider in thinking strategically about their company's directional path and developing
a strategic vision? - ANS-What business approaches and operating practices should we
consider in trying to implement and execute our business model?
Which of the following is the best example of a well-stated strategic objective? -
ANS-Within 2 years, achieve costs per unit sold that are 10% below the current industry
average of $4.25 per unit
A company's strategy - ANS-Represents 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 strategy - ANS-Is the strategy helping the company achieve a sustainable
competitive advantage and is it resulting in goo company performance?
In crafting a company's strategy - ANS-Managers 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 of -
ANS-The 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 being - ANS-A 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 are - ANS-It'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? - ANS-Striving 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" - ANS-If 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? -
ANS-Actions to boost the compay's credit rating and stock price
, The difference between a company's strategy and a company's business model is that -
ANS-Strategy 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 involve - ANS-Providing
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? -
ANS-Well-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 concerns -
ANS-The company's approach to satisfying buyer needs and requirements at a price
they will consider a good value
How well a company performs and the degree of market success it achieves are directly
attributable to - ANS-The caliber of its strategy and the proficiency with which the
strategy is executed
In endeavoring to craft a strategy that is ethical, company mangers - ANS-Have to
consider not only whether all the various strategy elements are within the bounds of
what is legal; and in compliance with prevailing governmental rules and regulations but
also whether all the various elements of the company's strategy can pass the test of
moral scrutiny
Developing a strategic vision for a company entails - ANS-Prescribing a strategic
direction for the company to pursue in developing and strengthening its business — a
strategic vision lays out the ocmpany's strategic course in preparing for the future
Which one of the following questions is not something company managers should
consider in thinking strategically about their company's directional path and developing
a strategic vision? - ANS-What business approaches and operating practices should we
consider in trying to implement and execute our business model?
Which of the following is the best example of a well-stated strategic objective? -
ANS-Within 2 years, achieve costs per unit sold that are 10% below the current industry
average of $4.25 per unit
