GLO-BUS Chapter 1-5 Quizzes with Complete Solution
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GLO-BUS Chapter 1-5
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GLO-BUS Chapter 1-5
A company's business model - ANSWER sets forth how its strategy and operating approaches will create value for customers while at the same time generating ample revenues to cover costs and realize a profit
The two crucial elements of a company's business model are - ANSWER its customer value pro...
glo bus chapter 1 5 quizzes with complete solution
a companys business model sets forth how its strategy and operating approaches will create value for customers while at the s
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GLO-BUS Chapter 1-5 Quizzes with
Complete Solution
A company's business model - ANSWER sets forth how its strategy and operating
approaches will create value for customers while at the same time generating ample
revenues to cover costs and realize a profit
The two crucial elements of a company's business model are - ANSWER its customer
value proposition and its profit proposition or "profit formula"
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? - ANSWER Striving to be more profitable than
rivals and aiming for a competitive edge based on bigger profit margins
Which one of the following does not account for why a company's strategy evolves over
time, as shown in Figure 1.2 and explained in the accompanying text discussion? -
ANSWER Managerial preferences for keeping the life-cycle of any given strategy short
According to Figure 1.1, which of the following is not something to look for in identifying
a company's strategy? - ANSWER Actions to boost the company's credit rating and
stock price
A winning strategy is one that - ANSWER results in a company becoming the dominant
industry leader
Typically, a company's strategy is - ANSWER a blend of (1) proactive actions to
improve the company's financial performance and secure a competitive edge and (2) as
needed reactions to unanticipated developments and fresh market conditions
Which one of the following statements about whether a company's strategy can be
considered ethical is true? - ANSWER Just keeping a company's strategic actions within
the bounds of what is legal does not mean the strategy is ethical
A company achieves sustainable competitive advantage when - ANSWER an attractive
number of buyers are drawn to purchase its products or services rather than those of
competitors, despite the efforts of competitors to nullify or overcome the appeal of its
product offering
Which of the following is not one of the reasons that a company's strategy evolves over
time? - ANSWER The need on the part of company managers to make regular strategy
adjustments so as to keep rivals off balance and always guessing about what moves it
will make next
, The difference between a company's strategy and a company's business model is that -
ANSWER 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
In crafting a company's strategy, - ANSWER 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
into loyal customers
The competitive moves and business approaches a company's management is using to
attract and please customers, compete successfully, pursue opportunities to grow the
business, respond to changing market conditions, conduct operations, and achieve the
targeted financial and market performance is what defines a company's - ANSWER
strategy
Good strategy combined with good strategy execution - ANSWER are strongly
correlated with how well the company performs both financially and in the marketplace
In choosing among strategy alternatives, company managers - ANSWER are well-
advised to embrace strategic actions that can pass the test of moral scrutiny--it is not
enough to just stay within the bounds of what is legal and is in compliance with
prevailing government regulations
Which one of the following is not one of the five tasks that comprise the strategy-
making, strategy-executing process? - ANSWER Developing a profitable business
model
A company's strategic vision - ANSWER delineates management's aspirations for the
business, providing a panoramic view of "where we are going" and a convincing
rationale for why this makes good business sense for the company
Which one of the following questions is not something that company managers should
consider in choosing to pursue one strategic course or directional path versus another?
- ANSWER Do we have a better business model than key rivals?
Which of the following is not a common shortcoming of company vision statements? -
ANSWER Too narrow--doesn't leave enough room for future growth, new ideas, and
innovation
A company's mission statement typically addresses which of the following questions? -
ANSWER "Who are we, what do we do, and why are we here?"
The task of effectively communicating the strategic vision to organization members is
made easier by - ANSWER capturing the essence of the vision in an easily
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