Business Strategy Game Midterm Exam Questions and Answers

A company's strategy represents managerial commitment to undertake one set of actions rather than another in an effort to compete successfully and achieve good performance outcomes. There are many routes to competitive advantage, but they all involve providing buyers with what they perceive as superior value compared to the offerings of rival sellers. Which one of the following statements about whether a company's strategy can be considered ethical is true? just keeping a company's strategic actions within the bounds of what is legal does not mean the strategy is ethical. Among all the things managers do, nothing affects a company's ultimate success or failure more fundamentally than how well its management team charts the company's direction, develops competitively effective strategic moves and business approaches, and pursues what needs to be done internally to produce good day-in/day-out strategy execution and operating excellence. 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 revenue sufficient to cover costs and yield an attractive profit. Which of the following is NOT one of the reasons that a company's strategy evolves over time? the need on the part of company managers to make regular strategy adjustments so as to keep rivals off balance and always guessing about what moves it will make next. A company achieves competitive advantage when it has some type of edge over rivals in attracting buyers and coping with competitive forces. Which one of the following does NOT account for why a company's strategy evolves over time, as shown in Figure 1.2 and explained in the accompanying text discussion? managerial preferences for keeping the life-cycle of any given strategy short. In choosing among strategy alternatives, company managers are well-advised to embrace strategic actions that can pass the test of moral scrutiny -- it is not enough to just stay within the bounds of what is legal and is in compliance with prevailing government regulations.