Essentials of Strategic Management Ch.1
Questions and Correct Answers
Where are we now? Where do we want to go from here? How are we going to get
there?
✓ ~~~ Strategies three central questions?
In what business or businesses are we or should we be?
✓ ~~~ A level of strategy: Corporate Strategy
How should we compete in a particular level?
✓ ~~~ A level of strategy: Business Strategy
How do we implement the chosen strategy?
✓ ~~~ A level of strategy: Functional area strategy
What specific actions should each operating unit take?
✓ ~~~ A level of strategy: Operating strategy
Incrementally, dramatically, adaptively (reactive), and proactively
✓ ~~~ Ways strategies can evolve over time?
consists of the competitive moves and approaches management has developed to
attract and please customers, conduct operations, grow the business, and achieve
performance objectives.
✓ ~~~ Strategy
management's blueprint for delivering a product or service to customers that will
generate revenues sufficient to cover costs and yield an attractive profit.
✓ ~~~ Business model
A type of business model element that firms use for satisfying buyer wants and
needs at a perceived good value.
✓ ~~~ Customer value proposition
Questions and Correct Answers
Where are we now? Where do we want to go from here? How are we going to get
there?
✓ ~~~ Strategies three central questions?
In what business or businesses are we or should we be?
✓ ~~~ A level of strategy: Corporate Strategy
How should we compete in a particular level?
✓ ~~~ A level of strategy: Business Strategy
How do we implement the chosen strategy?
✓ ~~~ A level of strategy: Functional area strategy
What specific actions should each operating unit take?
✓ ~~~ A level of strategy: Operating strategy
Incrementally, dramatically, adaptively (reactive), and proactively
✓ ~~~ Ways strategies can evolve over time?
consists of the competitive moves and approaches management has developed to
attract and please customers, conduct operations, grow the business, and achieve
performance objectives.
✓ ~~~ Strategy
management's blueprint for delivering a product or service to customers that will
generate revenues sufficient to cover costs and yield an attractive profit.
✓ ~~~ Business model
A type of business model element that firms use for satisfying buyer wants and
needs at a perceived good value.
✓ ~~~ Customer value proposition
