GLO-BUS Chapter 1-5 Quizzes full covered2022/2023

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A company's business model sets forth how its strategy and operating approaches will create value for customers while at the same time generating ample revenues to cover costs and realize a profit ... The two crucial elements of a company's business model are its customer value proposition and its profit proposition or "profit formula" Which of the following is not a frequently used strategic approach to setting a company apart from rivals, delivering superior value, achieving competitive advantage, and converting buyers into loyal customers? Striving to be more profitable than rivals and aiming for a competitive edge based on bigger profit margins Which one of the following does not account for why a company's strategy evolves over time, as shown in Figure 1.2 and explained in the accompanying text discussion? Managerial preferences for keeping the life-cycle of any given strategy short According to Figure 1.1, which of the following is not something to look for in identifying a company's strategy? Actions to boost the company's credit rating and stock price A winning strategy is one that results in a company becoming the dominant industry leader Typically, a company's strategy is a blend of (1) proactive actions to improve the company's financial performance and secure a competitive edge and (2) as needed reactions to unanticipated developments and fresh market conditions Which one of the following statements about whether a company's strategy can be considered ethical is true? Just keeping a company's strategic actions within the bounds of what is legal does not mean the strategy is ethical A company achieves sustainable competitive advantage when an attractive number of buyers are drawn to purchase its products or services rather than those of competitors, despite the efforts of competitors to nullify or overcome the appeal of its product offering Which of the following is not one of the reasons that a company's strategy evolves over time? The need on the part of company managers to make regular strategy adjustments so as to keep rivals off balance and always guessing about what moves it will make next The difference between a company's strategy and a company's business model is that strategy relates broadly to a company's competitive moves and business approaches (which may or may not lead to profitability) while its business model relates to whether the company can execute its customer value proposition profitably In crafting a company's strategy, managers need to come up with some distinctive "aha" quality that goes beyond merely attracting buyer attention but that, more importantly, delivers what buyers perceive as superior value and converts them into loyal customers The competitive moves and business approaches a company's management is using to attract and please customers, compete successfully, pursue opportunities to grow the business, respond to changing market conditions, conduct operations, and achieve the targeted financial and market performance is what defines a company's strategy Good strategy combined with good strategy execution are strongly correlated with how well the company performs both financially and in the marketplace [Show More]

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