STRATEGIC MANAGEMENT EXAM 1
QUESTIONS WITH ACTUAL ANSWERS
____________ tends to be a combination of planned elements and unplanned elements of a
company's strategy. - CORRECT ANSWERSrealized strategy
Two elements of a company's business model are profit formula and __________. - CORRECT
ANSWERScustomer value proposition
A company's _________ defines its approach to creating superior value for customers and how
capabilities and resources will be employed to deliver the desired value to customers. -
CORRECT ANSWERSstrategy
A company's ___________ basically defines how a company intends to make money. - CORRECT
ANSWERSbusiness model
The plan that comes out of a formal strategic managements process would best be called a
____________. - CORRECT ANSWERSdeliberate strategy
A _________ strategy is considered to be a hybrid strategy. - CORRECT ANSWERSbest-cost
It is clear from the chapter discussion that Starbucks is using a __________ strategy to gain a
sustainable competitive advantage in the coffee market. - CORRECT ANSWERSbroad
differentiation
The three questions used to test for a winning strategy focus on fit, sustainability, and
_______________. - CORRECT ANSWERSperformance
The most attractive customer value proposition is attained by: - CORRECT ANSWERSincreasing
value provided and lowering the price
, A __________ allows a company to attract sufficiently large numbers of buyers who have a
lasting preference for its products or services over those offered by rivals, despite the efforts of
the competitors to offset that appeal and overcome the company's advantage. - CORRECT
ANSWERSsustainable competitive advantage
Microsoft's recent decision to enter the telephone hardware business by acquiring Nokia's
phone division opens a new and significant revenue stream for a company that was primarily
software driven. As such, this move represents a change in Microsoft's _________. - CORRECT
ANSWERSbusiness model
Having a competitive advantage does not always guarantee competitive success. - CORRECT
ANSWERStrue
According to Henry Mintzberg, the strategy that will ultimately determine an organization's
success or failure is its: - CORRECT ANSWERSrealized strategy
Avon was originally founded as a vehicle for selling as asporii - CORRECT ANSWERSrealized,
emergent
The Aldi's grocery store chain believes in providing good, healthy food at the lowest price
possible. This approach represents Aldi's: - CORRECT ANSWERScustomer value proposition
According to ______________, 2016 will be a "Cataclysmic year" for stocks around the world
due to the combination of low oil prices, weakness in China and other developing countries, and
geopolitical uncertainty around the globe. - CORRECT ANSWERSthe Royal Bank of Scotland
A strategic vision should have all of the following characteristics EXCEPT: - CORRECT
ANSWERSbroad
QUESTIONS WITH ACTUAL ANSWERS
____________ tends to be a combination of planned elements and unplanned elements of a
company's strategy. - CORRECT ANSWERSrealized strategy
Two elements of a company's business model are profit formula and __________. - CORRECT
ANSWERScustomer value proposition
A company's _________ defines its approach to creating superior value for customers and how
capabilities and resources will be employed to deliver the desired value to customers. -
CORRECT ANSWERSstrategy
A company's ___________ basically defines how a company intends to make money. - CORRECT
ANSWERSbusiness model
The plan that comes out of a formal strategic managements process would best be called a
____________. - CORRECT ANSWERSdeliberate strategy
A _________ strategy is considered to be a hybrid strategy. - CORRECT ANSWERSbest-cost
It is clear from the chapter discussion that Starbucks is using a __________ strategy to gain a
sustainable competitive advantage in the coffee market. - CORRECT ANSWERSbroad
differentiation
The three questions used to test for a winning strategy focus on fit, sustainability, and
_______________. - CORRECT ANSWERSperformance
The most attractive customer value proposition is attained by: - CORRECT ANSWERSincreasing
value provided and lowering the price
, A __________ allows a company to attract sufficiently large numbers of buyers who have a
lasting preference for its products or services over those offered by rivals, despite the efforts of
the competitors to offset that appeal and overcome the company's advantage. - CORRECT
ANSWERSsustainable competitive advantage
Microsoft's recent decision to enter the telephone hardware business by acquiring Nokia's
phone division opens a new and significant revenue stream for a company that was primarily
software driven. As such, this move represents a change in Microsoft's _________. - CORRECT
ANSWERSbusiness model
Having a competitive advantage does not always guarantee competitive success. - CORRECT
ANSWERStrue
According to Henry Mintzberg, the strategy that will ultimately determine an organization's
success or failure is its: - CORRECT ANSWERSrealized strategy
Avon was originally founded as a vehicle for selling as asporii - CORRECT ANSWERSrealized,
emergent
The Aldi's grocery store chain believes in providing good, healthy food at the lowest price
possible. This approach represents Aldi's: - CORRECT ANSWERScustomer value proposition
According to ______________, 2016 will be a "Cataclysmic year" for stocks around the world
due to the combination of low oil prices, weakness in China and other developing countries, and
geopolitical uncertainty around the globe. - CORRECT ANSWERSthe Royal Bank of Scotland
A strategic vision should have all of the following characteristics EXCEPT: - CORRECT
ANSWERSbroad
