Business Strategy Game Midterm Exam Q&A| Updated| Graded A+

The difference between a company's business model and a company's strategy is that its business model relates to management's blueprint for delivering a valuable product or service to customers in a manner that will generate ample revenues to cover costs and yield an attractive profit while its strategy relates to the companies competitive moves and business approaches (which may or may not lead to profitability) A company's strategy is a "work in progress" and evolves over time because of The need to react and respond to changing market and competitive conditions and ongoing management efforts to improve this or that piece of the strategy Good strategy and good strategy execution are the most trustworthy signs of good management Based on figure 1.1, which of the following is not something to look for in identifying a company's strategy? Actions to rise or lower the company's performance targets and actions to pay down the company's long-term debt Which of the following statements about a company's strategy is false? Well-crafted company strategies rarely need to be changed unless one or more important rival firms launch unexpected strategic initiatives that endanger the company's strategy long-term profitability A company's business model sets forth how its strategy and business approaches will create value for customers while at the same time generating ample revenues to cover costs and realize a profit Which of the following is not a frequently used strategic approach to setting a company apart from rivals, delivering superior value, achieving competitive advantage, and converting buyers into loyal customers? striving to be more profitable than rivals and aiming for a competitive edge based on bigger profit margins The two crucial elements of a company's business model are its customers vale proposition (which lays out the company's approach to satisfying buyer needs and requirements at a price they will consider a good value) and its "profit formula" (the business approach, means of generating revenues, principal resources, and operating systems that will be employed to create and deliver that intended customer value cost-efficiently and at a price that will enable attractive profits)