Exam (elaborations)
MAN 4900 EFSC - Concepts and Techniques for Crafting and Executing Strategy Midterm
- Course
- Institution
MAN 4900 EFSC - Concepts and Techniques for Crafting and Executing Strategy Midterm
[Show more]
Content preview
MAN 4900 EFSC - Concepts andTechniques for Crafting and Executing
Strategy Midterm
Which of the following statements about a company's strategy is true?
A) Crafting an excellent strategy is more important than executing it well.
B) The objective of a well-crafted strategy is not merely temporary competitive
success and profits in the short run, but rather the sort of lasting success that can
support growth and secure the company's future over the long
C) A company's strategy deals with whether the revenue-cost-profit economics of its
business model demonstrate the viability of the business enterprise as a whole.
D) Masterful strategies come partly (maybe mostly) by doing things in much the
same way as the industry leader but then being better than the leader in one
particular area that counts heavily with buyers.
E) Whether a company's strategy is ethical or not does not matter a lot because
most customers and most suppliers are relatively unconcerned whether a company
they do business with en - ANSWER B. The objective of a well crafted strategy is
not merely temporary competitive success and profits in the short run, but rather the
sort of lasting success that can support growth and secure the company's future over
the long
Competing differently from rivals—doing what competitors don't do or, even better,
doing what they can't do is referred to as its
A) strategic offensive for becoming a market leader.
B) business model.
C) long-term strategic direction.
D) mission statement.
E) strategy. - ANSWER E. Strategy
Which one of the following is not related to actions and approaches that comprise a
company's strategy?
A) How to attract and please customers.
B) How to prove to shareholders that the company's business model is viable
C) How to compete against rivals.
D) How to capitalize on attractive opportunities to grow the business.
E) How to achieve the company's performance targets. - ANSWER B How to prove
to shareholders that the company's business model is viable.
A company achieves sustainable competitive advantage when
A) it has a low-cost business model.
B) it is able to increase shareholder value.
C) sufficient numbers of buyers believe the company has demonstrated a
commitment to environmental sustainability.
D) it is consistently able to achieve both its strategic and financial objectives.
, E) when it provide buyers with lasting reasons to prefer its products or services over
those of competitors. - ANSWER E. when it provides buyers with lasting reasons to
prefer its products or services over those of competitors.
Which one of the following is not something to look for in identifying a company's
strategy?
A) Its actions to enter new geographic or product markets or exit existing ones and
its actions to form strategic alliances and collaborative partnerships
B) Its actions to merge with or acquire another company in order to strengthen the
company's business position
C) Its actions to capture emerging market opportunities and defend against external
threats to the company's business prospects
D) The company's actions to validate and improve upon its business model
E) The actions and approaches that define how a company manages such functions
as R&D, production, sales and marketing, and finance - ANSWER D. The
company's actions to validate and improve upon its business model.
Company strategies evolve because
A) it is a bad idea to do too much strategizing until a company has been in business
long enough to know what strategies will work best.
B) most managers like to develop the strategy in bits and pieces rather than all at
once.
C) of changing circumstances and ongoing management efforts to improve the
strategy
D) many managers are conservative, preferring to carefully contemplate the best
responses to new developments and avoiding the risks associated with developing a
complete strategy too quickly.
E) a strategy does not really transition to a well-crafted stage until a company has
been trying to execute it for a number of years and has learned what works and what
doesn't. - ANSWER C. of changing circumstances and ongoing management
efforts to improve the strategy.
A company's business model
A) determines whether its strategy will be ethical or not and meet government
regulations.
B) is management's storyline for how the strategy will result in achieving sustainable
competitive advantage and delivering superior customer satisfaction over the long-
term.
C) is management's blueprint for delivering a valuable product or service to
customers in a manner that will generate revenues sufficient to cover costs and yield
an attractive profit
D) identifies how the company plans to outmaneuver and outcompete key rivals and
become a market leader.
E) sets forth the actions and approaches that it will rely on to earn the best profit
margins in the industry. - ANSWER C. is management's blueprint for delivering a
valuable product or service to customers in a manner that will generate revenues
sufficient to cover costs and yield an attractive profit
A winning strategy is one that
, A) makes the company a market leader, is ethically and socially responsible, and
maximizes profits.
B) is highly profitable and boosts the company's market share.
C) passes the profitability test, the ethics and social responsibility test, the customer
satisfaction test, and the shareholder wealth test.
D) fits the company's internal and external situation, builds sustainable competitive
advantage, and boosts company performance.
E) passes the ethical standards test, the competitive advantage test, and the
profitability test. - ANSWER D. fits the company's internal and eternal situation,
builds sustainable competitive advantage, and boosts company performance.
Crafting and executing strategy are top-priority managerial tasks because
A) how managers go about the tasks of crafting and executing strategy sends a
message to shareholders and the entire investment community regarding "what it is
we are trying to do and how we plan to achieve our objectives."
B) the company is unlikely to be profitable unless senior executives have a clear
answer to "where are we headed, how do we plan to get there, and when do we
expect to arrive?"
C) how well a company performs and the degree of market success it enjoys are
directly attributable to the caliber of its strategy and the proficiency with which the
strategy is executed.
D) without clear guidance as to what the company's business model and strategy
are, managerial decision-making is likely to be haphazard and inconsistent.
E) a company cannot hope to be a market leader if all it does is respond to changing
market conditions, new - ANSWER C. how well a company performs and the
degree of market success it employs and directly attributable to the caliber of its
strategy and the proficiency with which the strategy is executed.
The most trustworthy signs of a well-managed company are
A) a strong emphasis on offensive strategies rather than defensive strategies.
B) a strategy matched to fast-evolving market conditions and bigger profit margins
than rivals and a steady upward trend in net income.
C) attractive bottom-line performance and a proven business model.
D) good strategy and good strategy execution.
E) having a profitable business model, a willingness to change the company's
business model whenever circumstances warrant, and having a sustainable
competitive advantage. - ANSWER D. good strategy and good strategy execution
Which one of the following is not an integral part of the managerial process of
crafting and executing strategy?
A) Developing a strategic vision, a mission statement and core values.
B) Choosing a strategic intent.
C) Setting objectives.
D) Crafting a strategy
E) Monitoring developments, evaluating performance, and initiating corrective
adjustments. - ANSWER B. Choosing a strategic intent
A strategic vision for a company
A) involves how fast to pursue the chosen strategy and reach the targeted levels of
performance.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller leonardmuriithi061. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82871 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now