STRATEGIC MANAGEMENT 1 EXAM 1
EXAM Q’S AND A’S
____________ tends to be a combination of planned elements and unplanned
elements of a company's strategy. - answer- realized strategy
Two elements of a company's business model are profit formula and __________. -
answer- customer value proposition
A company's _________ defines its approach to creating superior value for
customers and how capabilities and resources will be employed to deliver the
desired value to customers. - answer- strategy
A company's ___________ basically defines how a company intends to make
money. - answer- business model
The plan that comes out of a formal strategic managements process would best be
called a ____________. - answer- deliberate strategy
A _________ strategy is considered to be a hybrid strategy. - answer- best-cost
It is clear from the chapter discussion that Starbucks is using a __________ strategy
to gain a sustainable competitive advantage in the coffee market. - answer- broad
differentiation
The three questions used to test for a winning strategy focus on fit, sustainability,
and _______________. - answer- performance
The most attractive customer value proposition is attained by: - answer- increasing
value provided and lowering the price
A __________ allows a company to attract sufficiently large numbers of buyers who
have a lasting preference for its products or services over those offered by rivals,
despite the efforts of the competitors to offset that appeal and overcome the
company's advantage. - answer- sustainable competitive advantage
Microsoft's recent decision to enter the telephone hardware business by acquiring
Nokia's phone division opens a new and significant revenue stream for a company
that was primarily software driven. As such, this move represents a change in
Microsoft's _________. - answer- business model
Having a competitive advantage does not always guarantee competitive success. -
answer- true
According to Henry Mintzberg, the strategy that will ultimately determine an
organization's success or failure is its: - answer- realized strategy
, Avon was originally founded as a vehicle for selling as asporii - answer- realized,
emergent
The Aldi's grocery store chain believes in providing good, healthy food at the lowest
price possible. This approach represents Aldi's: - answer- customer value proposition
According to ______________, 2016 will be a "Cataclysmic year" for stocks around
the world due to the combination of low oil prices, weakness in China and other
developing countries, and geopolitical uncertainty around the globe. - answer- the
Royal Bank of Scotland
A strategic vision should have all of the following characteristics EXCEPT: - answer-
broad
When an organization briefly describes what its business is about and why it does it,
they have articulated a(n) _______________. - answer- mission statement
___________ objectives are more focused on the past (lagging), while __________
objectives are more focused on the future (leading) - answer- financial; strategic
The designated beliefs and desired way of doing things at a company are called
what? - answer- values
________ is the highest level of strategy-making for a company. - answer- corporate
The________ is/are charged with evaluating and compensating a company's senior
executives. - answer- Board of Directors
___________ looks at both strategic and financial objectives when measuring
company performance. - answer- The Balanced Scorecard approach
________________ has been reached when management realizes that the industry
has changed in a significant way that renders the company's strategic vision
obsolete. - answer- A strategic inflection point
Once developed, a company's ___________ should never be changed. - answer-
none of the other answers is correct
Compared to "cellular telephone company," "telecommunications company" would
represent a ___________________ mission definition. - answer- broader
Microsoft's recent decision to enter the telephone hardware business by acquiring
Nokia's phone division represent strategy at the: - answer- corporate level only
If I were interested in finding out what a company is about, I would consult its
_____________ and if I wanted to know what it wants to accomplish I would refer to
its ___________________. - answer- mission statement, vision statement
Organizations with mission statements always outperform those without mission
statements. - answer- false
EXAM Q’S AND A’S
____________ tends to be a combination of planned elements and unplanned
elements of a company's strategy. - answer- realized strategy
Two elements of a company's business model are profit formula and __________. -
answer- customer value proposition
A company's _________ defines its approach to creating superior value for
customers and how capabilities and resources will be employed to deliver the
desired value to customers. - answer- strategy
A company's ___________ basically defines how a company intends to make
money. - answer- business model
The plan that comes out of a formal strategic managements process would best be
called a ____________. - answer- deliberate strategy
A _________ strategy is considered to be a hybrid strategy. - answer- best-cost
It is clear from the chapter discussion that Starbucks is using a __________ strategy
to gain a sustainable competitive advantage in the coffee market. - answer- broad
differentiation
The three questions used to test for a winning strategy focus on fit, sustainability,
and _______________. - answer- performance
The most attractive customer value proposition is attained by: - answer- increasing
value provided and lowering the price
A __________ allows a company to attract sufficiently large numbers of buyers who
have a lasting preference for its products or services over those offered by rivals,
despite the efforts of the competitors to offset that appeal and overcome the
company's advantage. - answer- sustainable competitive advantage
Microsoft's recent decision to enter the telephone hardware business by acquiring
Nokia's phone division opens a new and significant revenue stream for a company
that was primarily software driven. As such, this move represents a change in
Microsoft's _________. - answer- business model
Having a competitive advantage does not always guarantee competitive success. -
answer- true
According to Henry Mintzberg, the strategy that will ultimately determine an
organization's success or failure is its: - answer- realized strategy
, Avon was originally founded as a vehicle for selling as asporii - answer- realized,
emergent
The Aldi's grocery store chain believes in providing good, healthy food at the lowest
price possible. This approach represents Aldi's: - answer- customer value proposition
According to ______________, 2016 will be a "Cataclysmic year" for stocks around
the world due to the combination of low oil prices, weakness in China and other
developing countries, and geopolitical uncertainty around the globe. - answer- the
Royal Bank of Scotland
A strategic vision should have all of the following characteristics EXCEPT: - answer-
broad
When an organization briefly describes what its business is about and why it does it,
they have articulated a(n) _______________. - answer- mission statement
___________ objectives are more focused on the past (lagging), while __________
objectives are more focused on the future (leading) - answer- financial; strategic
The designated beliefs and desired way of doing things at a company are called
what? - answer- values
________ is the highest level of strategy-making for a company. - answer- corporate
The________ is/are charged with evaluating and compensating a company's senior
executives. - answer- Board of Directors
___________ looks at both strategic and financial objectives when measuring
company performance. - answer- The Balanced Scorecard approach
________________ has been reached when management realizes that the industry
has changed in a significant way that renders the company's strategic vision
obsolete. - answer- A strategic inflection point
Once developed, a company's ___________ should never be changed. - answer-
none of the other answers is correct
Compared to "cellular telephone company," "telecommunications company" would
represent a ___________________ mission definition. - answer- broader
Microsoft's recent decision to enter the telephone hardware business by acquiring
Nokia's phone division represent strategy at the: - answer- corporate level only
If I were interested in finding out what a company is about, I would consult its
_____________ and if I wanted to know what it wants to accomplish I would refer to
its ___________________. - answer- mission statement, vision statement
Organizations with mission statements always outperform those without mission
statements. - answer- false
