BSG Final Examination Questions and Answers| Graded A+

Strategy consists of the competitive moves and business approaches that managers employ to attract and please customers, compete successfully, pursue opportunities to grow the business, respond to changing market conditions, conduct operations, and achieve the targeted financial and market performance. The heart and soul of any strategy is the actions and moves int he marketplace that managers are taking to gain a competitive advantage over rivals A company's business model sets forth how its strategy and operating approaches will create value for customers while at the same time generating revenues sufficient to cover costs and realize a profit. The difference between a company's strategy and a company's business model is that its strategy is defined by the specific market positioning, competitive moves, and business approaches management employs to try to produce good business results while its business model relates to management's 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. A company's strategic vision concerns a company's long-term direction and what product-customer-market business mix seems optimal for a the road ahead. A company's mission statement typically addresses which of the following questions? "who we are, what we do, and why are we here" Objectives are an organization's performance targets—the results and outcomes management wants to achieve. They function as yardsticks for measuring how well the organization is doing A best practice - Is a method or technique employed by at least one enterprise and shown to be unusually effective in lowering costs improving quality or performance, shortening time requirements, enhancing safe, or achieving one or more other highly positive operating outcomes. - A means of performing and activity or process that yields results consistently superior to other approaches TQM Is a performance improvement tool that emphasizes involvement and empowerment of employees at all levels, continuous improvement in all phases of operations, 100% accuracy in performing tasks and total customer satisfaction.