J375 Final Exam UPDATED ACTUAL
Exam Questions and CORRECT Answers
3D Framework / 3 elements of strategy - CORRECT ANSWER - 1. diagnose
2. decide
3. deliver
strategy - CORRECT ANSWER - Identifying and describing a challenge or opportunity
confronting a business, making a decision about what will be done to deal with and overcome the
central challenge or capture the key opportunity, and devising and implementing a coherent set
of actions to deliver on key decisions
levels of strategy - CORRECT ANSWER - 1. corporate (selection of businesses in which
the company should compete and with the development and coordination of that portfolio of
businesses)
2. business (developing and sustaining a competitive advantage for a business delivering an
identifiable set of products and/or services)
3. managerial (identifying and dealing with a diverse range of strategic challenges and
opportunities confronting a business)
vision - CORRECT ANSWER - defines a desired state of a firm
mission - CORRECT ANSWER - describes what a company does or strives to do
values - CORRECT ANSWER - state how people in a firm should conduct themselves,
how they should do business, and what kind of things they should care about and pay attention to
resources - CORRECT ANSWER - assets that a firm can draw on when formulating and
implementing a strategy (tangible or intangible)
, capabilities - CORRECT ANSWER - organizational managerial skills to orchestrate a
diverse set of resources and deploy them in a way that creates value
core competency - CORRECT ANSWER - unique strengths embedded within a firm; they
allow a firm to differentiate its products/services such that the firm can create greater value for
customers at a lower cost
activities - CORRECT ANSWER - distinct, identifiable, and specific business processes,
the things that a business does repeatedly to create and deliver value to clients
competitive advantage - CORRECT ANSWER - generate better margins from a
differentiated product/service
dual advantage strategy - CORRECT ANSWER - combines differentiation and low cost
3 most important things to have on a coupon - CORRECT ANSWER - 1. expiration date
2. offer valid only at participating locations
3. void where prohibited by law
blind spots - CORRECT ANSWER - cognitive filters that prevent a person from seeing,
seeking, using, or sharing highly relevant, easily accessible and readily perceivable information.
blind spot biases: - CORRECT ANSWER - - irrational behavior
- incorrect analysis
- failed strategies
- poor choices or flawed logic
most common blind spots - CORRECT ANSWER - 1. plunging in (starting to gather data,
forming solutions, before fully understanding the problem)
Exam Questions and CORRECT Answers
3D Framework / 3 elements of strategy - CORRECT ANSWER - 1. diagnose
2. decide
3. deliver
strategy - CORRECT ANSWER - Identifying and describing a challenge or opportunity
confronting a business, making a decision about what will be done to deal with and overcome the
central challenge or capture the key opportunity, and devising and implementing a coherent set
of actions to deliver on key decisions
levels of strategy - CORRECT ANSWER - 1. corporate (selection of businesses in which
the company should compete and with the development and coordination of that portfolio of
businesses)
2. business (developing and sustaining a competitive advantage for a business delivering an
identifiable set of products and/or services)
3. managerial (identifying and dealing with a diverse range of strategic challenges and
opportunities confronting a business)
vision - CORRECT ANSWER - defines a desired state of a firm
mission - CORRECT ANSWER - describes what a company does or strives to do
values - CORRECT ANSWER - state how people in a firm should conduct themselves,
how they should do business, and what kind of things they should care about and pay attention to
resources - CORRECT ANSWER - assets that a firm can draw on when formulating and
implementing a strategy (tangible or intangible)
, capabilities - CORRECT ANSWER - organizational managerial skills to orchestrate a
diverse set of resources and deploy them in a way that creates value
core competency - CORRECT ANSWER - unique strengths embedded within a firm; they
allow a firm to differentiate its products/services such that the firm can create greater value for
customers at a lower cost
activities - CORRECT ANSWER - distinct, identifiable, and specific business processes,
the things that a business does repeatedly to create and deliver value to clients
competitive advantage - CORRECT ANSWER - generate better margins from a
differentiated product/service
dual advantage strategy - CORRECT ANSWER - combines differentiation and low cost
3 most important things to have on a coupon - CORRECT ANSWER - 1. expiration date
2. offer valid only at participating locations
3. void where prohibited by law
blind spots - CORRECT ANSWER - cognitive filters that prevent a person from seeing,
seeking, using, or sharing highly relevant, easily accessible and readily perceivable information.
blind spot biases: - CORRECT ANSWER - - irrational behavior
- incorrect analysis
- failed strategies
- poor choices or flawed logic
most common blind spots - CORRECT ANSWER - 1. plunging in (starting to gather data,
forming solutions, before fully understanding the problem)
