Business Strategy Final Exam - Cory
Angert
where are we now, where do we want to go from here, how are we going to get there - correct answer
✔✔Strategy's three central questions
current financial performance, competitive resources & capabilities, market standing, competitive
weaknesses, changing industry conditions - correct answer ✔✔Indicators of where a company is now.
How are we going to get there? - correct answer ✔✔This question answers which competitive moves
and business approaches to use to move the company in the intended position.
What business are we? - correct answer ✔✔Corporate level strategy addresses this question
What industry should we compete? - correct answer ✔✔Business level strategy addresses this question
How should we implement this strategy? - correct answer ✔✔Functional Area level strategy addresses
this question
What specific actions should the operating unit take? - correct answer ✔✔Operating level strategy
addresses this question
true - correct answer ✔✔T/F Influence can come from any level of the business hierarchy, even from
consumers.
False - correct answer ✔✔T/F Upper level manager is the only group that can influence a business.
incrementally, dramatically or proactively and adaptively - correct answer ✔✔How do strategies evolve?
,proactive - correct answer ✔✔Deliberate strategy
reactive, unplanned - correct answer ✔✔emergent strategy
Business model - correct answer ✔✔Managements blueprint for delivering a product or service to
customers that will generate revenues sufficient to cover costs & yield an attractive profit
value proposition - correct answer ✔✔Way that a business plans to satisfy buyers wants and needs at a
perceived goods value
Profit formula - correct answer ✔✔sets out how the firms cost structure will allow for acceptable profits
given the pricing tied to its customer value proposition
Razor & Blade - correct answer ✔✔Strategy in which a company sells the main product for a low price,
then charges more for the accessories
bricks & clicks - correct answer ✔✔Strategy that involves physical retail presence and online presence
Freemium - correct answer ✔✔Strategy that allows the customer to get something for free, but forces
the consumer to pay for an advantage or to use certain features
fit, competitive advantage, performance - correct answer ✔✔What are the three tests of a winning
business strategy?
fit - correct answer ✔✔How well the strategy coincides with the company's internal and external
situation
Strategic management - correct answer ✔✔The process by which managers analyze the internal and
external environment in order to formulate, implement and evaluate strategies that will enable their
organization to achieve objectives
, ongoing in nature, dynamic - correct answer ✔✔not static, oriented in the present & future, concerned
with external & internal conditions, concerned with performance and stakeholders - Strategies key
characteristics
Internal stakeholder - correct answer ✔✔Anyone who owns or works for a firm
external stakeholder - correct answer ✔✔everyone who is affected by a business, but does not own or
work for the business
Primary stakeholder - correct answer ✔✔stakeholder that transacts with the firm on a day to day basis
and has a rested interest and bearing on performance
secondary stakeholder - correct answer ✔✔Stakeholder that has a stake in the performance of a firm,
but does not transact every day and does not have a vested interest
everyone, anyone affected by the firm - correct answer ✔✔Who are stakeholders?
1. Developing a strategic vision, mission & values
2. Setting objectives
3. Strategy to achieve objectives & move from along the intended path
4. Execute the strategy
5. Monitoring development, evaluating performance, and initiating corrective adjustment - correct
answer ✔✔what are the stages of the strategy making process?
Vision - correct answer ✔✔Outlines what the organization wants to be or how it wants the world to be
in the future
long - correct answer ✔✔term, future oriented; endures for decades
Mission, shorter term, oriented in the present & near future, revised over time - correct answer
✔✔defines the firms current scope & purpose, what it is, what it does and why it exists
Angert
where are we now, where do we want to go from here, how are we going to get there - correct answer
✔✔Strategy's three central questions
current financial performance, competitive resources & capabilities, market standing, competitive
weaknesses, changing industry conditions - correct answer ✔✔Indicators of where a company is now.
How are we going to get there? - correct answer ✔✔This question answers which competitive moves
and business approaches to use to move the company in the intended position.
What business are we? - correct answer ✔✔Corporate level strategy addresses this question
What industry should we compete? - correct answer ✔✔Business level strategy addresses this question
How should we implement this strategy? - correct answer ✔✔Functional Area level strategy addresses
this question
What specific actions should the operating unit take? - correct answer ✔✔Operating level strategy
addresses this question
true - correct answer ✔✔T/F Influence can come from any level of the business hierarchy, even from
consumers.
False - correct answer ✔✔T/F Upper level manager is the only group that can influence a business.
incrementally, dramatically or proactively and adaptively - correct answer ✔✔How do strategies evolve?
,proactive - correct answer ✔✔Deliberate strategy
reactive, unplanned - correct answer ✔✔emergent strategy
Business model - correct answer ✔✔Managements blueprint for delivering a product or service to
customers that will generate revenues sufficient to cover costs & yield an attractive profit
value proposition - correct answer ✔✔Way that a business plans to satisfy buyers wants and needs at a
perceived goods value
Profit formula - correct answer ✔✔sets out how the firms cost structure will allow for acceptable profits
given the pricing tied to its customer value proposition
Razor & Blade - correct answer ✔✔Strategy in which a company sells the main product for a low price,
then charges more for the accessories
bricks & clicks - correct answer ✔✔Strategy that involves physical retail presence and online presence
Freemium - correct answer ✔✔Strategy that allows the customer to get something for free, but forces
the consumer to pay for an advantage or to use certain features
fit, competitive advantage, performance - correct answer ✔✔What are the three tests of a winning
business strategy?
fit - correct answer ✔✔How well the strategy coincides with the company's internal and external
situation
Strategic management - correct answer ✔✔The process by which managers analyze the internal and
external environment in order to formulate, implement and evaluate strategies that will enable their
organization to achieve objectives
, ongoing in nature, dynamic - correct answer ✔✔not static, oriented in the present & future, concerned
with external & internal conditions, concerned with performance and stakeholders - Strategies key
characteristics
Internal stakeholder - correct answer ✔✔Anyone who owns or works for a firm
external stakeholder - correct answer ✔✔everyone who is affected by a business, but does not own or
work for the business
Primary stakeholder - correct answer ✔✔stakeholder that transacts with the firm on a day to day basis
and has a rested interest and bearing on performance
secondary stakeholder - correct answer ✔✔Stakeholder that has a stake in the performance of a firm,
but does not transact every day and does not have a vested interest
everyone, anyone affected by the firm - correct answer ✔✔Who are stakeholders?
1. Developing a strategic vision, mission & values
2. Setting objectives
3. Strategy to achieve objectives & move from along the intended path
4. Execute the strategy
5. Monitoring development, evaluating performance, and initiating corrective adjustment - correct
answer ✔✔what are the stages of the strategy making process?
Vision - correct answer ✔✔Outlines what the organization wants to be or how it wants the world to be
in the future
long - correct answer ✔✔term, future oriented; endures for decades
Mission, shorter term, oriented in the present & near future, revised over time - correct answer
✔✔defines the firms current scope & purpose, what it is, what it does and why it exists