MGMT449 Exam 1 Practice || Answers 100% Rated Correct.
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) Managers at all companies face three central questions in thinking strategically about their
company's present circumstances and prospects: What's the company's present situation? Where
does the company need to go from here? How should it get there?
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 compan correct answers B) Managers at
all companies face three central questions in thinking strategically about their company's present
circumstances and prospects: What's the company's present situation? Where does the company
need to go from here? How should it get there?
The competitive moves and business approaches a company's management are using grow the
business, attract and please customers, compete successfully, conduct operations, and achieve the
targeted levels of organizational performance 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. correct answers E) strategy.
Which one of the following is not related to actions and approaches that comprise a company's
strategy?
A) How management intends to grow the business
,B) How to prove to shareholders that the company's business model is viable
C) How to build a loyal clientele and outcompete rivals
D) How to boost the company's performance
E) How each functional piece of the business (R&D, supply chain activities, production, sales
and marketing, distribution, finance, and human resources) will be operated correct answers 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) an attractive number of buyers have a lasting preference for its products or services as
compared to the offerings of competitors correct answers E) an attractive number of buyers have
a lasting preference for its products or services as compared to the offerings 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 correct answers 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 the ongoing need to respond to changing market conditions, advancing technology, the
fresh moves of competitors, shifting buyer needs and preferences, emerging market
opportunities, new ideas for improving the strategy, and any evidence that indicates the strategy
is not working well.
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. correct answers C)
of the ongoing need to respond to changing market conditions, advancing technology, the fresh
moves of competitors, shifting buyer needs and preferences, emerging market opportunities, new
ideas for improving the strategy, and any evidence that indicates the strategy is not working well.
A company's business model
A) determines whether its strategy will be ethical or not.
B) is management's storyline for how the strategy will result in achieving sustainable
competitive advantage.
C) is management's rationale for how the strategy will be a moneymaker—absent the ability to
deliver good profitability, the strategy is not viable and the survival of the business is in doubt.
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. correct answers C) is management's rationale for how the strategy will be a
moneymaker—absent the ability to deliver good profitability, the strategy is not viable and the
survival of the business is in doubt.
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.
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) Managers at all companies face three central questions in thinking strategically about their
company's present circumstances and prospects: What's the company's present situation? Where
does the company need to go from here? How should it get there?
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 compan correct answers B) Managers at
all companies face three central questions in thinking strategically about their company's present
circumstances and prospects: What's the company's present situation? Where does the company
need to go from here? How should it get there?
The competitive moves and business approaches a company's management are using grow the
business, attract and please customers, compete successfully, conduct operations, and achieve the
targeted levels of organizational performance 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. correct answers E) strategy.
Which one of the following is not related to actions and approaches that comprise a company's
strategy?
A) How management intends to grow the business
,B) How to prove to shareholders that the company's business model is viable
C) How to build a loyal clientele and outcompete rivals
D) How to boost the company's performance
E) How each functional piece of the business (R&D, supply chain activities, production, sales
and marketing, distribution, finance, and human resources) will be operated correct answers 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) an attractive number of buyers have a lasting preference for its products or services as
compared to the offerings of competitors correct answers E) an attractive number of buyers have
a lasting preference for its products or services as compared to the offerings 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 correct answers 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 the ongoing need to respond to changing market conditions, advancing technology, the
fresh moves of competitors, shifting buyer needs and preferences, emerging market
opportunities, new ideas for improving the strategy, and any evidence that indicates the strategy
is not working well.
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. correct answers C)
of the ongoing need to respond to changing market conditions, advancing technology, the fresh
moves of competitors, shifting buyer needs and preferences, emerging market opportunities, new
ideas for improving the strategy, and any evidence that indicates the strategy is not working well.
A company's business model
A) determines whether its strategy will be ethical or not.
B) is management's storyline for how the strategy will result in achieving sustainable
competitive advantage.
C) is management's rationale for how the strategy will be a moneymaker—absent the ability to
deliver good profitability, the strategy is not viable and the survival of the business is in doubt.
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. correct answers C) is management's rationale for how the strategy will be a
moneymaker—absent the ability to deliver good profitability, the strategy is not viable and the
survival of the business is in doubt.
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.
