Blue Ocean Strategy Quiz

What is the second tier of noncustomers that the book explains. a. "Soon-to-be" noncustomers who minimally use the current market offerings to get by as they search for something better. b. "Refusing" noncustomers, people who either do not use or cannot afford to use the current market offerings because they find the offerings unacceptable or beyond their means. c. "Searchers" noncustomers who consciously look for the best market. d. "fighters" noncustomers who are searching for the best prices within a market. e. "Unexplored" noncustomers who are in markets distant from yours.

"Refusing" noncustomers, people who either do not use or cannot afford to use the current market offerings because they find the offerings unacceptable or beyond their means

How many tiers of non-customers are there? (Chapter 5) 2 3 4 5 6

3

How many principles of Fair Process are there and what are they? (Chapter 8) a. 3, engagement, explanation, clarity of expectation b. 3, expression, implementation, engagement c. 2, engagement, explanation d. 4, explanation, clarity of expectation, empowerment, encouragement e. 2, clarity of expectation, empowerment

3, engagement, explanation, clarity of expectation

How many hurdles were listed in the book with regards to execution? (Chapter 7) a. 5 b. 6 c. 4 d. 6 e. 7

4

How many steps are the visualizing strategy, what are they and what order are they in? (Chapter 4) a. 4, visual awakening, visual exploration, visual strategy fair, visual communication b. 4, visual strategy fair, visual awakening, visual mission, visual demonstration c. 5, visual strategy fair, visual mission, visual demonstration, visual awakening, visual space d. 6, visual strategy fair, visual awakening, visual mission, visual demonstration, visual space, visual profile e. 3, visual strategy fair, visual mission, visual awakening

4, visual awakening, visual exploration, visual strategy fair, visual communication

How many paths are stated in the book about remaking market boundaries when creating blue oceans (Chapter 3)? a. 5 b. 4 c. 8 d. 7 e. 6

6

How many utility levers are there? A. 7 B. 6 C. 2 D. 10 E. 8

6

Low cost and differentiation strategy are cost strategies that blue oceans strategies seek to align with their: a. Value proposition. b. Profit Proposition. c. People Proposition. d. A and B e. A, B, and C.

A, B, and C.

Which one is not one of the 4 hurdles managers face? Cognitive hurdle Limited resources hurdle Action hurdle Motivation hurdle Politics hurdle

Action hurdle

What can be considered as a "hot spot"? (CHAPTER 7) a. Hot spots are heavily populated areas within a market. b. Activities that have high resource input with low performance impact. c. Low resourced activities with a low performance impact as well. d. Activities with a low resource input but high potential performance gains. e. None of the above.

Activities with a low resource input but high potential performance gains.

What four barriers are listed pertaining to the blue ocean strategy? (Chapter 10) a. Cognitive, economic, brand, expectation b. Legal, brand, cognitive & organization, sustainability c. Alignment, cognitive & organizational, brand, economic and legal d. Brand, economic and legal, price, cost e. Cognitive & organization, Legal, brand, Sustainability

Alignment, cognitive & organizational, brand, economic and legal

Within the Barriers of Imitation, what is the economic and legal barrier? (CHAPTER 10) a. Network externalities discourage imitation. b. Patents or legal permits block imitation. c. Natural monopoly: The market often cannot support a second player. d. High Volume leads to rapid cost advantage for the value innovator, discouraging followers from entering the market. e. All of the above

All of the above

What principle is critical to assessing trends across time? Decisive to business Must be irreversible Have a clear trajectory All the above None of the above

All the above

Products and services can take different forms and perform different functions but serve the same objective; blue ocean strategies can be created by looking across various industries. Consumers that choose between going to the movie theater and a restaurant on a night out are choosing between (Chapter 3): A. Substitutes B. Alternatives C. Competing services D. Replacements E. Close substitute

Alternatives

What does the second principle of blue ocean strategy develop? A. An alternative approach to the existing strategic planning process that is based not on preparing a document but on drawing a strategy canvas. B. An approach with a narrow range of people that is complex to understand and communicates productively. C. A clear picture of how to break the competition. D. An approach that distributes your before and after strategic profiles on one page for easy comparison. E. Develop an approach for customers might find an alternative way of fulfilling the need that your product or service satisfies.

An alternative approach to the existing strategic planning process that is based not on preparing a document but on drawing a strategy canvas.

According to the Sequence of Blue Ocean Strategy, what should the company do after they realize their price is easily accessible to the mass of buyers? (Chapter 6) a) Rethink. b) Check if there is exceptional buyer utility in their business idea. c) Check what the adoption hurdles in actualizing the business ideas are. d) Analyze whether they can attain their cost target to profit at their strategic price. e) Conclude they already have a viable blue ocean idea.

Analyze whether they can attain their cost target to profit at their strategic price.

What does the "eliminate-reduce-raise-create" grid do for company's? (CHAPTER 2) a. It's hard for managers to understand and can lose the interest of other managers and employees. b. Ask all four questions and act on them creating a new value curve. c. It helps companies to focus only on the outline of their company. d. To ask the four questions based on the company and its products. e. There is no significant value of using the grid.

Ask all four questions and act on them creating a new value curve

What are the determinates of service quality (chapter 5)? a. Reliability, assurance, sympathy b. Assurance, tangible, responsiveness c. Tangible, usability, salvageability

Assurance, tangible, responsiveness

Blue Ocean Strategy is a system's approach that requires not only getting each strategic element right but also aligning them in an integral system to deliver value innovation. The obstacle to the innovation is called (Chapter 9): a) Barrier of sequence b) Barrier of imitation c) Barrier of consolidation d) Barrier of authority e) Barrier of stability

Barrier of imitation

What police commissioner used the Blue Ocean Strategy to revitalized the NYPD? (Chapter 7) Bill Baxter Bill Bratton Bill O'Brien Bill Braden Bill Brighton

Bill Bratton

Strategy alignment is different for blue ocean strategy and red ocean strategy, choose the right option for blue strategy alignment. (Chapter 9) a. Both Differentiation and Low cost b. Low cost or Differentiation c. Differentiation, low cost and sustainability d. Sustainability or Low cost e. Differentiation or Sustainability

Both Differentiation and Low cost

Chapter 6: What is the first step in the sequence of blue ocean strategy? a. Adoption b. Price c. Buyer utility d. Cost e. Attractiveness

Buyer utility

What is the correct order of the sequence of blue strategy? (Chapter 6) a. Price, adoption, buyer utility, cost b. Buyer utility, price, cost, adoption c. Cost, buyer utility, price, adoption d. Adoption, buyer utility, price, cost e. Buyer utility, cost, price, adoption

Buyer utility, price, cost, adoption

Which of the following is NOT one of the six utility levers? (Chapter 6): A. Environmental Friendliness B. Fun and image C. Convenience D. Risk E. Use

Use

The strategy of ______ is both a diagnostic and an action framework for building a compelling blue ocean strategy. It captures the current state of play in the known market space. This allows you to understand where the competition is currently investing, the factors the industry currently competes on in products, service, and delivery, and what customers receive from the existing competitive offerings on the market. a. Eliminate-reduce-raise-create b. Canva c. Focus d. Divergence e. Compelling Tagline

Canva

What are the four hurdles faced by managers as discussed in chapter 7 of Blue Ocean Strategy (chapter 7, pp. 147-148)? a. Cognitive, limited resources, motivation, and politics (correct answer) b. Cognitive, behavioral, psychological, and physiological c. Planning, organizing, leading, and controlling d. Price, product, place, and promotion e. Customer complaints, limited resources, motivation, and politics

Cognitive, limited resources, motivation, and politics

Which of the following is NOT buyer's experience stage cycle? a) Use b) Supplements c) Delivery d) Disposal e) Collection

Collection

How should you reorient your strategic focus in the industry ? Customers to noncustomers - competitors Competitors - noncustomers to customers - alternatives Alternatives - competitors - customers to noncustomers Competitors - alternatives Competitors - alternatives - customers to noncustomers

Competitors - alternatives - customers to noncustomers

To fundamentally shift the strategy canvas of an industry, you must begin by reorienting your strategic focus from __________ to __________ of the industry. a) Competitors,alternatives b) Employees, customers c) Technology, marketing d) Business, sectors e) Risk, opportunity

Competitors,alternatives

According to 'Path 4,' untapped value is often hidden in (Chapter 3) Competitive product and service Complimentary product and service Substitute product and service All of the above None of the above

Complimentary product and service

What happens to a value curve that alerts organizations that it needs to reach out for another blue ocean (Chapter 10) ? A. Falls sharply B. Levels out C. Increases steadily D. Converges with the competition E. No change

Converges with the competition

One of the following statements is true about creating a blue ocean strategy (chapter 9, p.185): a) Creating Blue Oceans is not a static achievement but a dynamic process b) The first principle of blue ocean Strategy is focusing on the big picture, not the numbers c) The second principle of Blue Ocean Strategy is creating Blue Ocean d) The third principle of Blue Ocean Strategy is getting the strategic sequence right e) All the above statements are true

Creating Blue Oceans is not a static achievement but a dynamic process

Blue ocean strategy is defined as: a. Valuing equity over debt b. Focusing on beating the competitor c. Creating value and differentiation in an untapped market d. Innovating products to take the lead in established markets e. None of the above

Creating value and differentiation in an untapped market

Chapter 10: Walmart has a sustainable blue ocean strategy because of its high volume leading to rapid cost advantages, thus discouraging followers from entering the market. This is an example of which imitation barrier? a. Alignment b. Cognitive c. Economic and legal d. Organizational e. brand

Economic and legal

From the following what is not an imitation barrier to blue ocean strategy? a) Economic and legal barrier b) Alignment barrier c) Cognitive and organizational barrier d) Brand barrier e) Design barrier

Design barrier

Finish the sentence. Leverage your angels and silence your _____ (Chapter 7) Opposition Devils Enemies Haters Consigliere

Devils

Mission statement - provides a shared sense of purpose, _______, and opportunity (chapter 2) a. Direction (X) b. Value c. Characteristic d. Virtue

Direction

Chapter 2: One factor of [yellow tail]'s strategy included not benchmarking competitors but looking across alternatives. Which of the three characteristics of a good strategy does this relate to? a. Focus b. Divergence c. Cost effectiveness d. Compelling tagline e. Raising value

Divergence

According to the book Blue Ocean Strategy fair process in strategy is linked to __________ and __________. a. Intellectual recognition, sentimental recognition. b. Judgmental thinking, emotional thinking. c. Emotional thinking, objective thinking. d. Emotional recognition, intellectual recognition. e. Subjectivity recognition, emotional recognition.

Emotional recognition, intellectual recognition.

Chapter 8: of the three E principles of fair process, which principle includes asking individuals for their input and allowing them to refute the merits of another's ideas and assumptions? a. Enhancement b. Excitement c. Engagement d. Explanation e. Expectation clarity

Engagement

Out of the 3 E principles of fair process which one sets strategic decisions that affect them by asking for their input and allowing them to refute the merits of one another's ideas and assumptions? A. Explanation B. Engagement C. Ergonomic D. Expectation clarity E. Essentiality

Engagement

Three principles exist that define fair process within an organization, which incentivizes employees to enthusiastically cooperate and execute strategies. The principle that communicates management's respect for individuals' ideas and involves them in the strategic decisions is (Chapter 8) ? A. Explanation B. Expectation C. Engagement D. Elaboration E. Eagerness

Engagement

The three principles of fair process are: (Chapter 8) Engagement, Explanation, Expectation clarity Engagement, Excitement, Expectation clarity Energizing, Explanation, Expectation clarity Engagement, Explanation, Expect a miracle None of the above

Engagement, Explanation, Expectation clarity

What are the Three E Principles of Fair Process? (CHAPTER 8) a. Engagement, explanation, and excellence. b. Explanation, engagement, and clarity of engagement c. Engagement, explanation, and clarity of explanation d. Engagement, excitement, and explanation e. Explanation, express, and excellence

Engagement, explanation, and clarity of explanation

Which one is NOT part of three E principles of fair process? a) Expectation b) Explanation c) Engagement d) Environment e) None of the above

Environment

There are three strategy propositions that cause alignment in blue ocean strategies: value, profit, and people propositions. An organization that focuses only on the value and profit propositions will likely not succeed; this is known as (Chapter 9)? A. Execution failure B. Achievement failure C. Consumer disregard D. Buyer failure E. Purchase misfire

Execution failure

Which of the following is one of the three E principles of Fair Process? (Chapter 8): A. Explanation B. Execution C. Experimentation D. Externalization E. Experience

Explanation

Which of the following is NOT a part of the Blue Ocean Strategy? (Chapter 1): A. Create uncontested market space B. Make the competition irrelevant C. Exploit existing demand D. Break the value-cost trade-off E. Align the whole system of a firm's activities in pursuit of differentiation and low cost

Exploit existing demand

All industries are subject to _______ trends that affect their business over time. a) Internal b) Marketing c) External d) Organizational e) Business

External

A company should never outsource its: (Chapter 4) HR Nose Accounting Eyes None of the above

Eyes

What three qualities contribute to an effective blue ocean strategy (Chapter 2)? a. Vision, Mission, divergence b. Focus, creativity, purpose c. Focus, divergence, a compelling tagline d. Divergence, mission, good implementation procedures e. Divergence, mission, effective communication

Focus, divergence, a compelling tagline

To create a unique value curve in the strategy canvas, an effective blue ocean strategy displays what three characteristics (Chapter 2) ? A. Focus, divergence, and a compelling tagline B. Low cost, differentiation, and a compelling tagline C. Focus, divergence, and low-cost business model D. Focus, differentiation, and a compelling tagline E. Consistency, differentiation, and a compelling tagline

Focus, divergence, and a compelling tagline

Value innovation (Chapter 1) Emphasizes innovation over value Focuses on making the competition irrelevant rather than beating it Stresses value over innovation Combines value and innovation to beat the competition None of the above

Focuses on making the competition irrelevant rather than beating it

Chapter 4 of Blue Ocean Strategy is about (chapter 4, p.81): a. Building execution into strategy b. Creating Blue Oceans c. Avoiding Red Oceans d. Focusing on the big picture, not the numbers e. Reaching beyond existing demand

Focusing on the big picture, not the numbers

The fourth principle of Blue Ocean Strategy is about (chapter 6, p.117): a) Reaching beyond existing demand b) Getting the strategic sequence right c) Breaking from the competition and creating blue ocean d) Focusing on the big picture, not the numbers e) The fourth principle of blue ocean does not exist

Getting the strategic sequence right

Chapter 3: Which of the following scenarios would be an example of an alternative as opposed to a substitute? a. Choosing a cpa, pencil and paper, or accounting software/app to do your finances b. Going to a restaurant or the cinema for an evening out c. Eating at Wingstop or Buffalo Wild Wings d. Choosing between watching Netflix, Hulu, or Disney+ e. Adopting a pitbull or a golden retriever

Going to a restaurant or the cinema for an evening out

The blue ocean strategy empowers organizations to___except (Chapter 1). a. Demand creation b. Grab a greater share of existing demand c. Create uncontested market space d. Make competition irrelevant e. Break the value-cost trade off

Grab a greater share of existing demand

What is not part of product line and mix decision? a. All parts offered b. Group associated with products c.Number of products within a product line

Group associated with products

Which phone did the IPhone seriously challenge when it was released? (Chapter 3): A. I-mode B. LG Shine C. Motorola Razr2 D. Nokia 3110 classic E. Samsung G800

I-mode

What should companies do when a competitor's value curve converges: a. Innovate to create a new blue ocean. b. Compete with other companies. c. Steal the competitor's strategy. d. Enter a new market. e. Create a new red ocean strategy.

Innovate to create a new blue ocean

One of the following statements is true about Blue Ocean (chapter 8, p.171): a) It is only when all members of an organization are aligned around a strategy and support it, for better and worse, that a company stands up as a great and consistent executor b) The four hurdles faced by managers do not include politics c) The third principle of Blue Strategy is getting the strategic sequence right d) Both answers b and c above are correct e) All the above statements are false

It is only when all members of an organization are aligned around a strategy and support it, for better and worse, that a company stands up as a great and consistent executor

If you want strategic change to have a considerable impact within your organization, your efforts will be best directed towards gaining the support of certain members of an organization who are best known as the company's key influencers. Another name for this particular group is (Chapter 7): A. Kingpins B. Magnates C. Corporate lobbyists D. Internal guru E. Sway officer

Kingpins

Who are the key influencers in the organization? a) Queenpins b) Kingpins c) CKings d) CQueens e) A and B

Kingpins

Which of the following is NOT part of the six paths'? (CHAPTER 3) a. Look Across the Chain of Buyers b. Look Across Time c. Look Across the Market d. Look Across Alternative Industries e. Look Across Complementary Product and Service Offerings

Look Across the Market

The Six Paths Framework developed by W. Chan Kim and Renée Mauborgne allows managers to address the search risk many companies struggle with. A Blue Oceans creation will (Chapter 3): a) Look across alternative industries b) Focus on rivals within the industry c) Look across to substitute products and serving offerings d) Focus on adapting to external trends as they occur e) Focus on improving the price performance of the industry

Look across alternative industries

Which one is not part of the six approaches to remaking market boundaries? a. Look across the chain of buyers b. Look across strategic groups within industries c. Look across current implementing marketing strategies d. Look across alternative industries e. Look across functional or emotional appeal to buyer

Look across current implementing marketing strategies

Which of the following is part of the red ocean strategy? (CHAPTER 1) a. Create uncontested market space. b. Make the competition irrelevant. c. Create and capture new demand. d. Make the value-cost trade-off. e. Align the whole system of a firm's activities in pursuit of differentiation and low cost.

Make the value-cost trade-off

Companies must learn to: (Chapter 10) Master both blue and red ocean strategies Master only blue ocean strategies Master only red ocean strategies Master neither blue and red ocean strategies All of the above

Master both blue and red ocean strategies [

What can benefit growth in marketing objective (chapter 5)? a. Maximize market share b. Decrease overall cost c. Improve revenue stream d.Lower turnover

Maximize market share

What is a benefit for building a brand (brands and logos)? a. Memorable b. Meaningful c. Remarkable d.Edgy

Memorable

Which is not part of brand portfolios (brands and logos)? a. Flankers b. Cash cows c. Low end entry level d. Middle class level e. High end prestige

Middle class level

Corporate management teams can use a pioneer-migrator-settler (PMS) map to plot out its current and planned portfolios. If a company is pursuing a strategy that is classified as between both a red ocean and a blue ocean strategy, and that does not alter an industry curve's basic shape, it is known as a (Chapter 4)? A. Pioneer B. Settler C. Market follower D. Migrator E. Market copier

Migrator

Corporate strategy primarily competes in red ocean strategies due to its heavy influence and roots from (Chapter 1): A. Tactical strategy B. Military strategy C. Market leader strategy D. Differentiation strategy E. Cost leader strategy

Military strategy

Which police department executed a blue ocean strategy in the public sector? (Chapter 7): A. CPD B. LAPD C. NYPD D. TPD E. PPD

NYPD

What does the "O" stand for in SWOT (chapter 2) a. Opportunity b. Organization c. Original d. Opposition

Opportunity

Blue ocean ideas are not: (Chapter 6) Stepping into an untapped market Imitated by competitors Marketable Patentable Making the competition irrelevant

Patentable

Which of the following is NOT part of the 4 P's (chapter 1) a. Product b. Placement c. Promotion d. Price e. Production

Production

The third principle of Blue Ocean Strategy consists of (chapter 5, p.101): a. Reaching beyond existing demand b. Minimizing risks and maximizing profits c. Increasing sales revenues d. Building execution into strategy e. Focusing on the big picture, not the numbers

Reaching beyond existing demand

The first principle of the Blue Ocean strategy is to (chapter 3, p.47): a) Get the strategic sequence right b) Create red oceans c) Eliminate blue oceans d) Reconstruct market boundaries to become competitive e) Reconstruct market boundaries to break from the competition and create blue oceans

Reconstruct market boundaries to break from the competition and create blue oceans

It is an associated Risk Factor for renewing Blue Oceans Chapter 10): a) Sustainability Risk b) Management Risk c) Organizational Risk d) Renewal Risk e) Business Model Risk

Renewal Risk

Which of the following was a decisive factor for the Marines fighter aircraft decision? (Chapter 5): A. Stealth B. STOVL C. Durability D. Agility E. Maintainability

STOVL

Which is NOT considered one of the five major factors of marketing (chapter 1)? a. Demographic b. Economic c. Natural d. Seasonal e. Technological

Seasonal

Chapter 5: Some sports enthusiasts chose not to play golf because of its inherent difficulty. What tier of non-customers does this represent? a. First tier- soon to be b. Second tier- refusing c. Third tier- unexplored d. Fourth tier- denying e. Fifth tier- lost customers

Second tier- refusing

Refusing noncustomers, people who either do not use or cannot afford to use the current marketing offerings because they find offerings unacceptable or beyond their means are: a) First-tier noncustomers b) Second-tier noncustomers c) Third-tier noncustomers d) Fourth-tier noncustomers e) None of the above

Second-tier noncustomers

Which is not a category of service mix (chapter 5)? a. Pure tangible good b. Tangible good with accompany service c. Hybrid d. Service with ultimatum

Service with ultimatum

What are the three tiers of non-customers that can be transformed into customers (Chapter 5)? a. Soon to be, refusing, unexplored b. Refusing, discouraged, no interest c. Unexplored, refusing, curious d. Soon to be, unsure, potential e. Unexplored, undecided, unsure

Soon to be, refusing, unexplored

Which airline offered high-speed transport with frequent and flexible departures at attractive prices? (Chapter 2): A. Allegiant Air B. American Airlines C. Delta Airlines D. Southwest Airlines E. United Airlines

Southwest Airlines

According to the book Blue Ocean Strategy, blue oceans are defined by: a. Untapped market space, demand creation, and opportunity for highly profitable growth. b. The competitive rules of the game. c. Outperforming rivals to grab a greater share of existing demand. d. Accepted industry standards. e. All the above.

Untapped market space, demand creation, and opportunity for highly profitable growth.

The only way to beat the competition is to: a) Boost company's marketing campaign b) Stop trying to beat the competition c) Have better customer service d) Be more innovative e) Grow the company

Stop trying to beat the competition

According to the book Blue Ocean Strategy what is target costing? a. Cost benefits - Expenses. b. Cost + Pricing. c. Cost - Margin. d. Strategic Price - Desire Profit Margin. e. Strategic Price + Desire Profit Margin.

Strategic Price - Desire Profit Margin.

To explain why a company would continue to create blue oceans and sustain high performance, what should be analyzed? (Chapter 1): a) The company's reputation b) Changes in the industry c) Strategic move of the company d) Competitor's moves e) Changes in the economy

Strategic move of the company

When evaluating the profit model of blue ocean strategy, what two key levers help reach the target cost? (CHAPTER 6) a. The target profit and Pricing innovation b. The target cost and Partnering c. The strategic price and The target profit d. Streamlining and cost innovations and Pricing Innovation e. Streamlining and cost innovations and Partnering

Streamlining and cost innovations and Partnering

The below concepts are key organizational hurdles, except (Chapter 7): a) The Cognitive Hurdle b) The Resource Hurdle c) The Motivational Hurdle d) The Political Hurdle e) The Financial Hurdle

The Financial Hurdle

When achieving strategy alignment, what occurs for the Blue Ocean Strategy approach? (CHAPTER 9) a. The alignment of the three strategy propositions in pursuit of either differentiation of low cost. b. The alignment of the three strategy propositions pursues only low cost. c. The alignment of the three strategy propositions pursues only differentiation. d. The alignment of the three strategy propositions in pursuit of both differentiation and low cost. e. None of these gives a full representation of what occurs when using the Blue Ocean Strategy approach.

The alignment of the three strategy propositions in pursuit of both differentiation and low cost.

In the end, to build execution into strategy, a company needs to invoke the most fundamental base of action, which is (Chapter 8): a) Ensuring the price is appropriate for the industry. b) The number of possible new customers. c) The attitudes and behavior of its people deep in the organization. d) The overall net income for the year. e)The actual number of new ideas created.

The attitudes and behavior of its people deep in the organization

What makes Cirque du Soleil achieve a level of revenues that took Ringling Bros. and Barnum & Bailey - the global champion of the Circus industry - more than 100 years to attain is (chapter 1, p.3): a. An increased sentiment against the use of animals in circuses by animal rights groups. b. The facts that the circus industry appeared unattractive to its global champions and that Cirque du Soleil successfully made competition irrelevant. c. Cirque du Soleil was bigger in size. d. Cirque du Soleil was well-known. e. Cirque du Soleil never achieved a higher level of revenues due to Ringling Bros. and Barnum & Bailey's market presence.

The facts that the circus industry appeared unattractive to its global champions and that Cirque du Soleil successfully made competition irrelevant

According to the book Blue Ocean Strategy which of the following statements is correct? a. The four hurdles that managers face when executing the blue ocean strategy are cognitive, motivational, political, resources. b. The four hurdles that managers face when executing the blue ocean strategy are motivational, resources, scarcity, demand. c. The four hurdles that managers face when executing the blue ocean strategy are political, cognitive, motivational, market. d. The four hurdles that managers face when executing the blue ocean strategy are cognitive, motivational, demand, political. e. The four hurdles that managers face when executing the blue ocean strategy are motivational, scarcity, resources, political .

The four hurdles that managers face when executing the blue ocean strategy are cognitive, motivational, political, resources.

In blue Oceans, competition is irrelevant because (chapter 1, p.5): a) There are no strong competitors in the industry b) There is absence of substitutes c) The rules of the game are waiting to be set d) No firm wishes to compete e) In Blue Oceans, competition isn't irrelevant

The rules of the game are waiting to be set

Drawing a strategy canvas not only visualizes a company's current strategic position in its marketplace but also helps it chart its future strategy. A strategy canvas can show (Chapter 4): a) How to capture the past state of play in the known market space. b) Users and buyers to action by reorienting their focus from competitors to alternatives. c) The strategic profile of current and potential competitors, identifying which factors they invest in strategically. d) How to visualize how a red ocean strategic move breaks away from the existing blue ocean reality. e) What buyers did not receive, and what the strategic profiles of the major players are.

The strategic profile of current and potential competitors, identifying which factors they invest in strategically.

Visual communication is: a. To understand where your strategy needs to be revamped or adjusted. b. See distinctive advantages of alternative products and services c. To use feedback to base future strategies. d. To see the factors that need to be eliminated, created or changed. e. The visualization of the before and after strategic profiles so employees can understand the future of the company

The visualization of the before and after strategic profiles so employees can understand the future of the company

Which of the following is NOT an imitation barrier to blue ocean strategy? (Chapter 10): A. Alignment barrier B. Brand barrier C. Cognitive and organizational barrier D. Economic and legal barrier E. These are all imitation barriers

These are all imitation barriers

Which of the following can be considered a "Second-Tier Noncustomer"? (CHAPTER 5) a. They do not use or cannot afford to use the current market offerings because they find them inacceptable or beyond their means. b. Minimally use the current market offerings to get by, while looking for something better. c. Have not been targeted or thought of as potential customers by any player in the industry. d. They tend to sit on the edge and are ready to jump out of the industry when opportunity arises. e. Customers who have never considered the offerings of your market.

They do not use or cannot afford to use the current market offerings because they find them inacceptable or beyond their means.

Who and what are the three tiers of noncustomers that can be transformed ?

Third tier noncustomers are the furthest away from an industry's existing customers. Second tier are refusing non customers who either do not use or cannot afford to use the current market offerings First tier is noncustomers closest to your market

Blue ocean opportunities can lie in the three tiers of noncustomers that can be converted into customers. Which tier of customers are those who are farthest away from your market and have never thought of you as an offering, but are some of the largest consumer groups that companies are forfeiting due to not being explored (Chapter 5) ? A. First-tier noncustomers B. Second-tier noncustomers C. Third-tier noncustomers D. Refusing customers E. Soon-to-be customers

Third-tier noncustomers

Chapter 7: Which of the following is NOT an organizational hurdle that must be overcome to implement a blue ocean strategy? a. Cognitive b. Limited resources c. Motivation d. Politics e. Time

Time

Which industry does chapter two utilize as the basis for its blue ocean example? (Chapter 2) US wine industry US spirits industry US beer industry US automobiles industry US ready-to-drink cocktails industry

US wine industry

The below concepts are in the universe of noncustomers, except (Chapter 5): a) Soon-to-be noncustomers b) Refusing noncustomers c) Unexplored noncustomers d) Unidentified noncustomers e) Noncustomers

Unidentified noncustomers

What do blue oceans represent? Growing industry Industries existing today Known market space Unknown market space Defined and accepted

Unknown market space

Which are not imitation barriers to blue ocean strategy? A. Value Innovation is imperative for a company's conventional logic B. Patents or legal permits block imitation C. May conflict with other companies' brand image. D. Requires significant political, operational, and cultural changes E. Network externalities discourage imitation

Value Innovation is imperative for a company's conventional logic

Chapter 1: What is a graphic depiction of a company's relative performance across its industry's factors of competition? a. Value curve b. Strategy map c. Competitor profile matrix d. Performance chart e. Critical success factor line

Value curve

Technological innovation is considered a trap for managers and companies who are too wrapped up in the new advancements of their products that they forget to test for and deliver exceptional utility. Unless these product advancements make the consumer's life more exciting, less complicated, and more productive, the product will fail because technological innovation was confused for (Chapter 6): A. Value innovation B. Buyer innovation C. Strategy innovation D. Market innovation E. Target innovation

Value innovation

The utility buyers received from an offering minus the price they pay for it is the example of: a) Profit proposition b) Value proposition c) People proposition d) Red Ocean proposition e) Blue Ocean proposition

Value proposition

Which three strategy propositions should be aligned? (Chapter 9) Volume, People, Profit Value, People, Profit Value, Performance, Profit Value, People, Personality None of the above

Value, People, Profit

Chapter 9: The alignment of what three propositions are essential to the success of a strategy? a. Value, people, cost b. Profit, people, cost c. Value, profit, employees d. Value, profit, people e. Value, profit, cost

Value, profit, people

Which of these is NOT one of the four steps in the visualization strategy? (Chapter 4): A. Visual Awakening B. Visual Perception C. Visual Exploration D. Visual Strategy Fair E. Visual Communication

Visual Perception

Chapter 4: As the CEO, you compare your business with your competitors by drawing your "as is" strategy canvas. This action is part of which step of the visualizing strategy? a. Visual exploration b. Visual adaptation c. Visual strategy fair d. Visual awakening e. Visual communication

Visual awakening

What are the four steps of visualizing strategy (in order)? (CHAPTER 4) a. Visual awakening, visual market, visual exploration, visual strategy fair b. Visual communication, visual exploration, visual strategy fair, visual awakening c. Visual market, visual awakening, visual exploration, visual strategy fair d. Visual awakening, visual exploration, visual strategy fair, visual communication. e. Visual exploration, visual strategy fair, visual market, visual communication

Visual awakening, visual exploration, visual strategy fair, visual communication.

Sending a team into the field, putting managers face-to-face with what they must make sense of how people use or don't use their product or services is an example of: a) Visual awakening b) Visual exploration c) Visual strategy fair d) Visual communication e) Visual planning

Visual exploration

When does an organization achieve high performance? (Chapter 9): A. When all three strategy propositions pursue differentiation B. When all three strategy propositions pursue low cost C. When all three strategy propositions pursue high cost D. When all three strategy propositions pursue both differentiation and low cost E. When all three strategy propositions pursue both differentiation and high cost

When all three strategy propositions pursue both differentiation and low cost

One of the following does not pertain to the four key questions to challenge an industry's strategic logic and business model (chapter 2, p.29): a. Which factors should be maintained at the industry's standard? b. Which factors should be reduced well below the industry's standard? c. Which factors should be raised well above the industry's standard? d. Which of the factors that the industry takes for granted should be eliminated? e. Which of the factors should be created that the industry never offered?

Which factors should be maintained at the industry's standard?

The below questions are all part of the four actions framework for the second basic analytic underlying blue oceans to challenge an industry's strategic logic and business model, except (Chapter 2): a) Which of the factors that the industry takes for granted should be eliminated? b) Which factors should be released again that was successful in the past in the industry? c) Which factors should be reduced well below the industry's standard? d) Which factors should be raised well above the industry's standard? e) Which factors should be created that the industry has never offered?

Which factors should be released again that was successful in the past in the industry?