A company's strategy concerns: - -Managements action plan for outperforming competitors and
achieving superior profitability.
A companies strategies stand a better chance of succeeding when: - -It is predicated on competitive
moves aimed at appealing to buyers in ways that set the company apart ...
MBA Healthcare Management Capstone WGU C219 , Exam Review Questions and answ ers, 100% Accurate. VERIF IED. A company's strategy concerns: - ✔✔-Managements action plan for outperforming competitors and achieving superior profitability. A companies strategies stand a better chance of succeeding when: - ✔✔-It is predicated on competiti ve moves aimed at appealing to buyers in ways that set the company apart from its rivals. A company achieves competitive advantage when: - ✔✔-It provides buyers with superior value compared to rival sellers or offers the same value at a lower cost . Winn ing and sustainable competitive edge over generally hinges on: - ✔✔-1. Having a distinctive competitive offering 2. Having "hard to beat" capabilities and impressive product innovation 3. Building experience, know -how, & specialized capabilities that have been perfected over a long period of time 4. Building competitively valuable expertise & capabilities not readily matched, & offering a distinctive product offering Changing circumstances & ongoing managerial efforts to improve the strategy: - ✔✔-account for why a company's strategy evolves over time. It is normal for a company's strategy to end up being: - ✔✔-a blend of proactive actions to improve the company's competitiveness & financial performance, & adaptive reactions to unanticipated developments, & fresh market conditions. In the course of crafting a strategy it is common for management to: - ✔✔-1. abandon certain strategy elements that have grown stale or obsolete 2. modify the cur rent strategy, when market & competitive conditions turn, or some aspects of the company strategy hit a stone wall 3. modify the current strategy in response to the fresh strategic maneuvers of rival firms 4. take proactive actions to improve this or that piece of the strategy The difference between the company's strategy & a company's business model is: - ✔✔-a company's strategy is management's game plan for achieving strategic objectives while its business model is managements game plan for achieving fin ancial objectives. The most telling signs of a well managed company are: - ✔✔-good strategy -making combined with good strategy execution. Crafting and executing strategy are top -priority managerial tasks because: - ✔✔-it's managements prescription for do ing business, it's roadmap to competitive advantage, a game plan for pleasing customers, & its formula for improving performance. Which one of the following is NOT one of the 5 basic tasks of the strategy -making, strategy -executing process? - ✔✔-Developin g a profitable business model . Which of the following tasks of the strategy -making, strategy -execution of managerial process make up the company's strategic plan? - ✔✔-Developing a strategic mission, vision, & core values Executing the strategy Monitoring , developments, evaluating performance, & initiating corrective adjustments A company's strategic vision describes: - ✔✔-managers aspirations for the future & delineates the company's strategic course & long -term direction. Which ARE the common shortcomi ngs of company vision statements: - ✔✔-To broad, vague or incomplete, bland/uninspiring, not distinctive, & to reliant on superlatives . A company's mission statement typically addresses which of the following questions? - ✔✔-Who are we and what do we do?
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