MGMT 449 EXAM 1 QUESTIONS WITH VERIFIED
ANSWERS
What is strategy? - Answers - Is the coordinated set of actions that its managers take in
order to outperform the company's competitors and achieve superior profitability.
A strategy stands a better chance at surviving if? - Answers - 1) Appealing to buyers in
ways that set a company apart from its rivals
2) Staking out a market position that is not crowded with strong competitors.
What are the most frequently used and dependable strategic approaches? - Answers -
1) Low-cost provider strategy
2) Broad differentiation strategy
3) Focused low-cost strategy
4) Focused differentiation strategy
5) Best-cost provider strategy
The typical company strategy is a blend of? - Answers - 1) Proactive- Planned iniatives
to improve the companys financial performance.
2) Reactive- Responses to unanticipated developments and fresh market conditions.
What is a business model? - Answers - Is managements 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.
What are the two elements of a company's business model? - Answers - 1) Customer
value proposition
2) Profit formula
What 3 tests can be applied to determine whether a strategy is a winning strategy? -
Answers - 1) The fit test
2) The competitive advantage test
3) The performance test
What are the two kinds of performance indicators in a performance test? - Answers - 1)
Competitive strength and market standing
2) Profitability and financial strength
What are the 5 interrelated stages of crafting and executing a company's strategy? -
Answers - 1) Developing a strategic vision
2) Setting objectives
3) Crafting
4) Executing the chosen strategy
ANSWERS
What is strategy? - Answers - Is the coordinated set of actions that its managers take in
order to outperform the company's competitors and achieve superior profitability.
A strategy stands a better chance at surviving if? - Answers - 1) Appealing to buyers in
ways that set a company apart from its rivals
2) Staking out a market position that is not crowded with strong competitors.
What are the most frequently used and dependable strategic approaches? - Answers -
1) Low-cost provider strategy
2) Broad differentiation strategy
3) Focused low-cost strategy
4) Focused differentiation strategy
5) Best-cost provider strategy
The typical company strategy is a blend of? - Answers - 1) Proactive- Planned iniatives
to improve the companys financial performance.
2) Reactive- Responses to unanticipated developments and fresh market conditions.
What is a business model? - Answers - Is managements 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.
What are the two elements of a company's business model? - Answers - 1) Customer
value proposition
2) Profit formula
What 3 tests can be applied to determine whether a strategy is a winning strategy? -
Answers - 1) The fit test
2) The competitive advantage test
3) The performance test
What are the two kinds of performance indicators in a performance test? - Answers - 1)
Competitive strength and market standing
2) Profitability and financial strength
What are the 5 interrelated stages of crafting and executing a company's strategy? -
Answers - 1) Developing a strategic vision
2) Setting objectives
3) Crafting
4) Executing the chosen strategy
