Business Strategy exam 1
Chapter 1 - correct answer ✔✔Chapter 1
strategy - correct answer ✔✔action plan for outperforming its competitors and achieving superior
profitability
competitive advantage - correct answer ✔✔provides buyers with superior value compared to rival
sellers or offers the same value at a lower cost to the firm
sustainable - correct answer ✔✔advantage exists despite the best efforts of competitors to match or
surpass this advantage.
deliberate strategy - correct answer ✔✔consists of proactive strategy elements that are both planned
and realized as planned
emergent strategy - correct answer ✔✔consists of reactive strategy elements that emerge as changing
conditions warrant.
business model - correct answer ✔✔sets forth the logic for how its strategy will create value for
customers, while at the same time generate revenues sufficient to cover costs and realize a profit.
1. the fit test
2. the competitive advantage test
3. the performance test - correct answer ✔✔a winning strategy must pass what three tests?
the fit test - correct answer ✔✔how well does the strategy fit the company's situation?
the competitive advantage test - correct answer ✔✔can the strategy help the company achieve a
sustainable competitive advantage?
, the performance test - correct answer ✔✔is the strategy producing good company performance?
Chapter 2 - correct answer ✔✔Chapter 2
strategic plan - correct answer ✔✔lays out its future direction and business purpose, performance
targets, and strategy
strategic vision - correct answer ✔✔describes management's aspirations for the future and delineates
the company's strategic course and long-term direction.
strategic vision - correct answer ✔✔portrays a company's aspirations for its future("where we are
going")
mission - correct answer ✔✔describes its purpose and its present business ("who we are, what we do,
and why we are here")
values - correct answer ✔✔the beliefs, traits, and behavioral norms that company personnel are
expected to display in conduction the company's business and pursuing its strategic vision and mission.
objectives - correct answer ✔✔an organization's performance targets- the specific results management
wants to achieve.
strategic intent - correct answer ✔✔when it relentlessly pursues an ambitious strategic objective,
concentrating the full force of its resources an competitive actions on achieving that objective.
financial objectives - correct answer ✔✔relate to the financial performance targets management has
established for the organization to achieve
strategic objectives - correct answer ✔✔relate to target outcomes that indicate a company is
strengthening its market standing, competitive position, and future business prospects.
Chapter 1 - correct answer ✔✔Chapter 1
strategy - correct answer ✔✔action plan for outperforming its competitors and achieving superior
profitability
competitive advantage - correct answer ✔✔provides buyers with superior value compared to rival
sellers or offers the same value at a lower cost to the firm
sustainable - correct answer ✔✔advantage exists despite the best efforts of competitors to match or
surpass this advantage.
deliberate strategy - correct answer ✔✔consists of proactive strategy elements that are both planned
and realized as planned
emergent strategy - correct answer ✔✔consists of reactive strategy elements that emerge as changing
conditions warrant.
business model - correct answer ✔✔sets forth the logic for how its strategy will create value for
customers, while at the same time generate revenues sufficient to cover costs and realize a profit.
1. the fit test
2. the competitive advantage test
3. the performance test - correct answer ✔✔a winning strategy must pass what three tests?
the fit test - correct answer ✔✔how well does the strategy fit the company's situation?
the competitive advantage test - correct answer ✔✔can the strategy help the company achieve a
sustainable competitive advantage?
, the performance test - correct answer ✔✔is the strategy producing good company performance?
Chapter 2 - correct answer ✔✔Chapter 2
strategic plan - correct answer ✔✔lays out its future direction and business purpose, performance
targets, and strategy
strategic vision - correct answer ✔✔describes management's aspirations for the future and delineates
the company's strategic course and long-term direction.
strategic vision - correct answer ✔✔portrays a company's aspirations for its future("where we are
going")
mission - correct answer ✔✔describes its purpose and its present business ("who we are, what we do,
and why we are here")
values - correct answer ✔✔the beliefs, traits, and behavioral norms that company personnel are
expected to display in conduction the company's business and pursuing its strategic vision and mission.
objectives - correct answer ✔✔an organization's performance targets- the specific results management
wants to achieve.
strategic intent - correct answer ✔✔when it relentlessly pursues an ambitious strategic objective,
concentrating the full force of its resources an competitive actions on achieving that objective.
financial objectives - correct answer ✔✔relate to the financial performance targets management has
established for the organization to achieve
strategic objectives - correct answer ✔✔relate to target outcomes that indicate a company is
strengthening its market standing, competitive position, and future business prospects.