BSG FINAL EXAM WITH 100% CORRECT
ANSWERS 2023
Strategy - Correct Answer-consists of the competitive moves and business approaches
that managers employ to attract and please customers, compete successfully, pursue
opportunities to grow the business, respond to changing market conditions, conduct
operations, and achieve the targeted financial and market performance.
The heart and soul of any strategy - Correct Answer-is the actions and moves int he
marketplace that managers are taking to gain a competitive advantage over rivals
A company's business model - Correct Answer-sets forth how its strategy and operating
approaches will create value for customers while at the same time generating revenues
sufficient to cover costs and realize a profit.
The difference between a company's strategy and a company's business model is that -
Correct Answer-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
revenues sufficient to cover costs and yield an attractive profit.
A company's strategic vision concerns - Correct Answer-a company's long-term
direction and what product-customer-market business mix seems optimal for a the road
ahead.
A company's mission statement typically addresses which of the following questions? -
Correct Answer-"who we are, what we do, and why are we here"
Objectives - Correct Answer-are an organization's performance targets—the results and
outcomes management wants to achieve. They function as yardsticks for measuring
how well the organization is doing
A best practice - Correct Answer-- Is a method or technique employed by at least one
enterprise and shown to be unusually effective in lowering costs improving quality or
performance, shortening time requirements, enhancing safe, or achieving one or more
other highly positive operating outcomes.
- A means of performing and activity or process that yields results consistently superior
to other approaches
TQM - Correct Answer-Is a performance improvement tool that emphasizes involvement
and empowerment of employees at all levels, continuous improvement in all phases of
operations, 100% accuracy in performing tasks and total customer satisfaction.
ANSWERS 2023
Strategy - Correct Answer-consists of the competitive moves and business approaches
that managers employ to attract and please customers, compete successfully, pursue
opportunities to grow the business, respond to changing market conditions, conduct
operations, and achieve the targeted financial and market performance.
The heart and soul of any strategy - Correct Answer-is the actions and moves int he
marketplace that managers are taking to gain a competitive advantage over rivals
A company's business model - Correct Answer-sets forth how its strategy and operating
approaches will create value for customers while at the same time generating revenues
sufficient to cover costs and realize a profit.
The difference between a company's strategy and a company's business model is that -
Correct Answer-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
revenues sufficient to cover costs and yield an attractive profit.
A company's strategic vision concerns - Correct Answer-a company's long-term
direction and what product-customer-market business mix seems optimal for a the road
ahead.
A company's mission statement typically addresses which of the following questions? -
Correct Answer-"who we are, what we do, and why are we here"
Objectives - Correct Answer-are an organization's performance targets—the results and
outcomes management wants to achieve. They function as yardsticks for measuring
how well the organization is doing
A best practice - Correct Answer-- Is a method or technique employed by at least one
enterprise and shown to be unusually effective in lowering costs improving quality or
performance, shortening time requirements, enhancing safe, or achieving one or more
other highly positive operating outcomes.
- A means of performing and activity or process that yields results consistently superior
to other approaches
TQM - Correct Answer-Is a performance improvement tool that emphasizes involvement
and empowerment of employees at all levels, continuous improvement in all phases of
operations, 100% accuracy in performing tasks and total customer satisfaction.
