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BSG Midterm Exam 1
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Exam of 13 pages for the course BSG Midterm Exam 1 at BSG Midterm Exam 1 (BSG Midterm Exam 1)
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BSG Midterm Exam 1A company's strategy - -represents managerial commitment to undertake
one set of actions rather than another in an effort to compete successfully
and achieve good performance outcomes.
-There are many routes to competitive advantage, but they all involve - -
providing buyers with what they perceive as superior value compared to the
offerings of rival sellers.
-Which one of the following statements about whether a company's strategy
can be considered ethical is true? - -just keeping a company's strategic
actions within the bounds of what is legal does not mean the strategy is
ethical.
-Among all the things managers do, nothing affects a company's ultimate
success or failure more fundamentally than - -how well its management
team charts the company's direction, develops competitively effective
strategic moves and business approaches, and pursues what needs to be
done internally to produce good day-in/day-out strategy execution and
operating excellence.
-The difference between a company's strategy and a company's business
model is that - -its strategy is defined by the specific market positioning,
competitive moves, and business approaches management employs to try to
produce good business results while its business model relates to
management's blueprint for delivering a valuable product or service to
customers in a manner that will generate revenue sufficient to cover costs
and yield an attractive profit.
-Which of the following is NOT one of the reasons that a company's strategy
evolves over time? - -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.
-A company achieves competitive advantage when - -it has some type of
edge over rivals in attracting buyers and coping with competitive forces.
-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? - -managerial preferences for keeping the
life-cycle of any given strategy short.
-In choosing among strategy alternatives, company managers - -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.
-A company's strategy evolves from one version to the next - -as managers
abandon obsolete or ineffective strategy elements, settle upon a set of
proactive strategy elements, and then -- as new circumstances unfold --
make adaptive strategic adjustments, which gives rise to reactive strategy
elements.
-According to Figure 1.1, which of the following is NOT something to look for
in identifying a company's strategy? - -actions to strengthen the company's
competitive position by hiring one or more new top executives or laying off a
portion of its work force or paying down its long-term debt.
-The two crucial elements of a company's business model are - -its profit
proposition or "profit formula" and its customer value proposition.
-Which one of the following questions can be used to distinguish a winning
strategy from a mediocre or losing strategy? - -how well does the strategy fit
the company's situation?
-A company's business model - -sets forth how its strategy and operating
approaches will create value for customers while at the same time
generating revenues sufficient to cover costs and realize a profit.
-A company's strategy is most accurately defined as - -management's
commitment to pursue a particular set of actions in attracting and pleasing
customers, competing successfully, capitalizing on opportunities to grow the
business, responding to changing market conditions, conducting operations,
and achieving the targeted financial and market performance.
-A company's strategic plan - -lays out its future direction, business
purposes, performance targets, and strategy -- in other words, a strategic
vision + mission + a set of objectives + a strategy = a strategic plan.
-Which one of the following is NOT one of the external or internal
considerations in deciding on a company's future direction? - -what actions
should the company take to become a global leader and the first choice of
customers in every market the company competes in?
-Which of the following are part of the strategy-making, strategy-executing
process shown in Figure 2.1? - -setting objectives and using them as
yardsticks for measuring the company's performance and tracking its
progress in achieving the intended strategic vision and mission.
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