STRATEGIC MANAGEMENT EXAM 1 WITH CORRECT ANSWERS.

STRATEGIC MANAGEMENT EXAM 1 g gg g




WITH CORRECT ANSWERS
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____________ tends to be a combination of planned elements and unplanned elements of a company's
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strategy. - Correct Answer - realized strategy
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Two elements of a company's business model are profit formula and __________. - Correct Answer -
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customer value proposition
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A company's _________ defines its approach to creating superior value for customers and how
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capabilities and resources will be employed to deliver the desired value to customers. - Correct
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Answer - strategy
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A company's ___________ basically defines how a company intends to make money. - Correct Answer
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- business model
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The plan that comes out of a formal strategic managements process would best be called a
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____________. - Correct Answer - deliberate strategy
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A _________ strategy is considered to be a hybrid strategy. - Correct Answer - best-cost
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It is clear from the chapter discussion that Starbucks is using a __________ strategy to gain a
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gsustainable competitive advantage in the coffee market. - Correct Answer - broad differentiation
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The three questions used to test for a winning strategy focus on fit, sustainability, and
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_______________. - Correct Answer - performance
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, The most attractive customer value proposition is attained by: - Correct Answer - increasing value
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provided and lowering the price
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A __________ allows a company to attract sufficiently large numbers of buyers who have a lasting
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preference for its products or services over those offered by rivals, despite the efforts of the
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competitors to offset that appeal and overcome the company's advantage. - Correct Answer -
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sustainable competitive advantage
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Microsoft's recent decision to enter the telephone hardware business by acquiring Nokia's phone
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division opens a new and significant revenue stream for a company that was primarily software driven.
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As such, this move represents a change in Microsoft's _________. - Correct Answer - business model
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Having a competitive advantage does not always guarantee competitive success. - Correct Answer -
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true
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According to Henry Mintzberg, the strategy that will ultimately determine an organization's success or
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failure is its: - Correct Answer - realized strategy
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Avon was originally founded as a vehicle for selling as asporii - Correct Answer - realized, emergent
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The Aldi's grocery store chain believes in providing good, healthy food at the lowest price possible. This
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approach represents Aldi's: - Correct Answer - customer value proposition
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According to ______________, 2016 will be a "Cataclysmic year" for stocks around the world due to
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the combination of low oil prices, weakness in China and other developing countries, and geopolitical
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uncertainty around the globe. - Correct Answer - the Royal Bank of Scotland
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A strategic vision should have all of the following characteristics EXCEPT: - Correct Answer - broad
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