Company's Strategy correct answersIts action plan for maximizing its competitive advantage and establishing a strong, secure, sustainable place in the market. All about HOW.
Retro-Anaysis correct answersStart at the finish
Competitive Advantage correct answersRequires meeting customer needs e...
Company's Strategy correct answersIts action plan for maximizing its competitive advantage and
establishing a strong, secure, sustainable place in the market. All about HOW.
Retro-Anaysis correct answersStart at the finish
Competitive Advantage correct answersRequires meeting customer needs either more effectively (with
products or services that customers value more highly) or more efficiently (by providing products or
services at lower cost).
Sustainable Competitive Advantage correct answersRequires giving buyers lasting reasons to prefer a
firm's products or services over those of its competitors
Value correct answersUtility/Cost OR
Quality/Price
Realized (current) strategy is a blend of... correct answers1) Proactive (deliberate) strategy elements that
include both continued and new initiatives
2) Reactive (emergent) strategy elements that are required due to unanticipated competitive
developments and fresh market conditions
Business Model correct answersSets forth logic for how its strategy will create value for customers, while
at the same time generate revenues sufficient to cover costs and realize a profit
Customer Value Proposition correct answersSatisfying buyer wants and needs at a price customers will
consider a good value
The Profit Formula correct answersCreating a cost structure that allows for acceptable profits, given that
pricing is tied to the customer value proposition
, Good Management = correct answersGood Strategy + Good Strategy Execution
Which 3 tests must a winning strategy pass? correct answers1) Fit test - Does it exhibit dynamic fit with
the external and internal aspects of the firm's overall situation?
2) Competitive Advantage Test - Can it help the firm achieve a significant and sustainable competitive
advantage?
3) The Performance Test - Can it produce good performance as measured by the firm's profitability,
financial and competitive strengths, and market standing?
Strategy-Making, Strategy-Executing Process correct answers1) Developing a strategic vision, mission,
and core values
2) Setting objectives
3) Crafting a strategy to achieve the objectives and the company vision
4) Executing the strategy
5) Monitoring developments, evaluating performance, and initiating corrective adjustments
Strategic Plan correct answers1) Cornerstone
2) Core Values
3) Mission Statement
4) Objectives
5) Strategy
6) Capstone
Cornerstone (statement of ethics) correct answersDerived from the first stone set in the construction of
a masonry foundation, important since all other stones will be set in reference to this stone, thus
determining the position of the entire structure
Capstone (Vision Statement or Keystone) correct answersA Strategic Vision Statement describes
management's aspirations for the future and delineates the company's strategic course and long-term
direction. Vision provides energy.
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