CRAFTING AND EXECUTING STRATEGY QUESTIONS WITH
VERIFIED ANSWERS
Strategy - CORRECT ANSWER✅✅✅A company's action plan for outperforming its
competitors and achieving superior profitability
Company Advantage - CORRECT ANSWER✅✅✅When a company provides its buyers
with superior value compared to rival sellers or offers the same value at a lower cost to the firm
Sustainable - CORRECT ANSWER✅✅✅Persistent, despite the best efforts of its
competitors to match or surpass the 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 for 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
Strategic Plan - CORRECT ANSWER✅✅✅A company's layout of its future direction,
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
Mission Statement - CORRECT ANSWER✅✅✅Describes the enterprise's purpose and
present business
, Values - CORRECT ANSWER✅✅✅Beliefs, traits, and behavioral norms that management
has determined should guide the pursuit of its vision and mission
Objectives - CORRECT ANSWER✅✅✅An organization's performance targets-the specific
results management wants to achieve
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
Balanced Scorecard - CORRECT ANSWER✅✅✅A widely used method for combining the
use of both strategic and financial objectives, tracking their achievement, and giving
management a more complete and balanced view of how well an organization is performing
Corporate Strategy - CORRECT ANSWER✅✅✅Strategy at the multi-business level,
concerning how to improve company performance or gain competitive advantage by managing a
set of business simultaneously
Business Strategy - CORRECT ANSWER✅✅✅Strategy at the single-business level,
concerning how to improve the performance or gain a competitive advantage in a particular line
of business
Strategic Plan - CORRECT ANSWER✅✅✅Lays out a company's future direction and
business purpose, performance targets, and stategy
Macro-Environment - CORRECT ANSWER✅✅✅Encompasses the broad environmental
context in which a company's industry is situated
VERIFIED ANSWERS
Strategy - CORRECT ANSWER✅✅✅A company's action plan for outperforming its
competitors and achieving superior profitability
Company Advantage - CORRECT ANSWER✅✅✅When a company provides its buyers
with superior value compared to rival sellers or offers the same value at a lower cost to the firm
Sustainable - CORRECT ANSWER✅✅✅Persistent, despite the best efforts of its
competitors to match or surpass the 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 for 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
Strategic Plan - CORRECT ANSWER✅✅✅A company's layout of its future direction,
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
Mission Statement - CORRECT ANSWER✅✅✅Describes the enterprise's purpose and
present business
, Values - CORRECT ANSWER✅✅✅Beliefs, traits, and behavioral norms that management
has determined should guide the pursuit of its vision and mission
Objectives - CORRECT ANSWER✅✅✅An organization's performance targets-the specific
results management wants to achieve
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
Balanced Scorecard - CORRECT ANSWER✅✅✅A widely used method for combining the
use of both strategic and financial objectives, tracking their achievement, and giving
management a more complete and balanced view of how well an organization is performing
Corporate Strategy - CORRECT ANSWER✅✅✅Strategy at the multi-business level,
concerning how to improve company performance or gain competitive advantage by managing a
set of business simultaneously
Business Strategy - CORRECT ANSWER✅✅✅Strategy at the single-business level,
concerning how to improve the performance or gain a competitive advantage in a particular line
of business
Strategic Plan - CORRECT ANSWER✅✅✅Lays out a company's future direction and
business purpose, performance targets, and stategy
Macro-Environment - CORRECT ANSWER✅✅✅Encompasses the broad environmental
context in which a company's industry is situated
