strat mgt
What is meant by Life is Good's branding strategy, "Knowing who you are and acting like it?"
A company should know its mission a this may may be the reason its customers believe in the company and its brand
Giant Steps carefully considered external factors related to the changes and implementation of their strategies. Which of the following did Giant Steps use in identifying and prioritizing key external factors in conjunction with their business strategy formulation?
AQCD Test
Giant Steps noticed dramatic changes in the music and record business, including transitions away from traditional outlets, new technology forms, changes in marketing approaches for artists, and even opportunities for artists. Giant Steps understood that changes in_ ______ translate into changes in demand for both industrial and consumer goods and services.
External forces
Warby Parker's vision statement, "Give access to the 1 billion people on Earth without access to glasses" meets all of the five characteristics of effective vision statements.Which of the following is NOT one of those five characteristics.
Lengthy
Giant Step's' CEO talks about several factors that influenced the company's strategic decision making, including current competitors, new competitors, substitute products, suppliers, and buyers. This understanding is based on which of the following?
Porter's Five-Forces Model
When Life is Good's Chief Executive Optimist, Bert Jacobs, refers to the actions his organization takes to help children beyond writing a check or simply supporting a cause, he is describing his company's focus on______.
Social Responsibility
At first, Warby Parker sold eyeglasses online; then it sold eyeglasses with a "virtual try-on" option. Finally, it, offered a "try-on-at-home" approach. Each of these changes were precipitated by the founders engaging in which of the following?
Strategy evaluation
Warby Parker established a vision and mission that included selling at lower price points than other sources and helping those who could not afford lower price points. This process was part of the company's exercise in
Strategy formulation
Giant Steps was successful because the company observed dramatic changes in the music and record industry. Which of the following external environmental factors was a primary driver of the company's business strategy?
Technology
Using Porter's Five-Forces Model as a guide, on which of the following was Giant Steps prompted to focus?
The company should focus on medium- to long-term factors
Of the following, which is TRUE of firms like Life is Good that engage in social responsibility?
They generally enjoy higher financial performance
Warby Parker's mission statement, "To Be a Force for Good World" answers which of the following pivitol questions that is essential for objectives and formulating strategies effectively?
What is our business?
As Jacobs' notes, despite the company's focus on "doing good," it must continue to_____.
be profitable in order to continue its mission
Warby Parker's founders hated paying $500 or more for eyeglasses and knew the eyeglass market was dominated by a few multinational companies. When they developed their $95 strategy for eyeglasses and accompanying technology solution as well as a strategy for providing eyeglasses for those in need, they were ________.
establishing their competitive advantage
Warby Parker's vision to, "Give access to the 1 billion people on Earth without access to glasses" is particularly effective because ______.
it is written from the customer perspective
Life is Good's CEO Bert Jacobs says the company's branding strategy is, "knowing who you are and acting like it." Not only is this a branding strategy, it also ____.
reinforces the company's organizational culture
The founders of Warby Parker recognize their mission statement to do good in the world" needs to be broad so reconcileso that it reconciles differences among— and appeals to— the organization's _____.
stakeholders
When Warby Parker's founders formulated, implemented, and evaluated cross-functional decisions that enabled them to meet their organizational objectives of providing less expensive eyeglasses, they engaged in
strategic management
Warby Parker underwent as it devised policies, motivated employees, and allocated resources so that formulated strategies could be executed efficiently
strategy implementation
Warby Parker's recognition of the movement toward "conscious consumerism" including revenue, social good, and the environment is also a recognition that a mission statement is often ________.
the most visible and public part of the strategic-management process
