BUS 345 Ch1 Quiz Latest Updated Graded A+

BUS 345 Ch1 Quiz Latest Updated
Graded A+
(What is Strategy?...#1)
*It is the managers' ________ about how to gain and sustain ________.* - ANSWER-
*theories, competitive advantage*

(It is the managers' *theories* about how to gain and sustain *competitive advantage*.)

(What is Strategy?...#2)
*It is about being ________ from your rivals.* - ANSWER-different

(What is Strategy?...#3)
*It is about creating ________ while containing ________.* - ANSWER-*value, cost*

(It is about creating *value* while containing *cost*.)

(What is Strategy?...#4)
*It is about deciding _______, and ________.* - ANSWER-*what to do, what not to do*

(It is about deciding *what to do*, and *what not to do*.)

**Michale Porter

(What is Strategy?...#5)
*It combines a set of ________ to stake out a ________.* - ANSWER-*activities, unique
position*

(It combines a set of *activities* to stake out a *unique position*.)

**Key to Successful Strategy!!

(What is Strategy?...#6)
*It requires long-term ________ that are often not easily ________.* - ANSWER-
*commitments, reversible*

(It requires long-term *commitments* that are often not easily *reversible*.)

*Pyramid of CSR*
(highest to lowest) - ANSWER-Philanthropic
Ethical
Legal
Economic