BUSN 495 CH 1

A strategy that distinguishes a company from its rivals and provides a sustainable competitive advantage ________________

is a company's most reliable ticket to above-average profitability.

A company's business model ________________

(1) specifies a customer value proposition, and (2) develops a profit formula.

Which of the following is not an element of a company's business strategy?

Adhering to abandoned strategy elements.

Which of the following statements about a company's realized strategy is true?

A company's realized strategy is typically a blend of deliberate/planned initiatives and emergent/unplanned reactive strategy elements.

Approaches to achieving a sustainable competitive advantage include which of the following?

A) Developing unmatched resource strengths and competitive capabilities. B) Focusing on a narrow market niche within an industry. C) Strategies supportive of creating a differentiation-based advantage. D) Strategies supportive of creating a cost-based advantage. ------All of these.

Which of the following statements concerning producing good company performance is incorrect?

Existing strategies should never be scrutinized if they are working well. and New initiatives that don't seem to match a company's internal and external situation should always be retained as a contingency.

Which of the following questions ought to be used to distinguish a winning strategy from a mediocre or losing strategy?

Is the strategy well matched to the company's situation, helping the company achieve a sustainable competitive advantage, and resulting in better company performance?

Which one of the following is not related to actions and approaches that comprise a company's strategy?

Proving to shareholders that the company's business model is viable.

Which of the following is not one of the most frequently used strategic approaches to building competitive advantage?

Sticking with an outdated business model

Which of the following statements about a company's strategy is true?

Strategy at its essence is about competing differently — doing what rival firms do not do or cannot do.

A company achieves sustainable competitive advantage when ________________

an attractively large number of buyers develop a durable preference for its products or services over the offerings of competitors, despite the efforts of competitors to overcome or erode its advantage.

It is normal for a company's strategy to end up ________________

blending deliberate actions to improve the company's competitiveness and financial performance and unplanned reactions to changing circumstances and fresh market conditions.

In answering the question, "How well does the strategy fit the company's situation?" management must have deliberate plans for addressing such issues as __________________

changing market conditions, development of internal capabilities and competencies, and allocation of financial resources.

A winning strategy is one that ________________

fits the company's internal and external situation, builds sustainable competitive advantage, and boosts company performance.

Nothing affects a company's ultimate success or failure more fundamentally than ________________

how well its management team charts direction, develops effective strategic moves, and pursues daily operating excellence.

The heart and soul of any strategy _______________

is the actions and moves to gain a competitive edge over rivals in the marketplace

Company strategies evolve because ________________

of changing circumstances and ongoing management efforts to improve the strategy.

A viable business model ________________

sets forth how both strategy and operating approaches will create value for customers, and simultaneously generate ample revenues to cover costs to realize a profit.

Strategies that yield sustainable competitive advantage are important because __________

these enable 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 competitors to offset that appeal and overcome the company's advantage.

A company's business model sets forth how its strategy and operating approaches _____________

will create value for customers and realize a profit.