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6/25/2014 Chapter Test

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Chapter Test
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Results Reporter
Out of 10 questions, you answered 10 correctly with a final grade of 100%
10 correct (100%)
0 incorrect (0%)
0 unanswered (0%)
Your Results:
The correct answer for each question is indicated by a .
1
CORRECT
Which of the following statements about a company's strategy is true?
A) Crafting an excellent strategy is more important than executing it well.
B)
The objective of a well-crafted strategy is not merely temporary competitive success and profits in the short run, but
rather the sort of lasting success that can support growth and secure the company's future over the long
C)
A company's strategy deals with whether the revenue-cost-profit economics of its business model demonstrate the
viability of the business enterprise as a whole.
D)
Masterful strategies come partly (maybe mostly) by doing things in much the same way as the industry leader but
then being better than the leader in one particular area that counts heavily with buyers.
E)
Whether a company's strategy is ethical or not does not matter a lot because most customers and most suppliers are
relatively unconcerned whether a company they do business with engages in sleazy practices or turns a blind eye to
below-board behavior on the part of its employees.
2
CORRECT
Competing differently from rivalsdoing what competitors don't do or, even better, doing what they can't do is referred to as
its
A) strategic offensive for becoming a market leader.
B) business model.
C) long-term strategic direction.
D) mission statement.
E) strategy.
3
CORRECT
Which one of the following is not related to actions and approaches that comprise a company's strategy?
A) How to attract and please customers.
B) How to prove to shareholders that the company's business model is viable
C) How to compete against rivals.
D) How to capitalize on attractive opportunities to grow the business.
E) How to achieve the company's performance targets.
4
CORRECT
A company achieves sustainable competitive advantage when
A) it has a low-cost business model.
B) it is able to increase shareholder value.
C) sufficient numbers of buyers believe the company has demonstrated a commitment to environmental sustainability.
D) it is consistently able to achieve both its strategic and financial objectives.
E) when it provide buyers with lasting reasons to prefer its products or services over those of competitors.
5
CORRECT
Which one of the following is not something to look for in identifying a company's strategy?
A)
Its actions to enter new geographic or product markets or exit existing ones and its actions to form strategic alliances
and collaborative partnerships
B) Its actions to merge with or acquire another company in order to strengthen the company's business position
C)
Its actions to capture emerging market opportunities and defend against external threats to the company's business
prospects
D) The company's actions to validate and improve upon its business model
E)
The actions and approaches that define how a company manages such functions as R&D, production, sales and
marketing, and finance
6
CORRECT
Company strategies evolve because
A)
it is a bad idea to do too much strategizing until a company has been in business long enough to know what
strategies will work best.
B) most managers like to develop the strategy in bits and pieces rather than all at once.
C) of changing circumstances and ongoing management efforts to improve the strategy
D)
many managers are conservative, preferring to carefully contemplate the best responses to new developments and
avoiding the risks associated with developing a complete strategy too quickly.
E)
a strategy does not really transition to a well-crafted stage until a company has been trying to execute it for a
number of years and has learned what works and what doesn't.
7
CORRECT
A company's business model
A) determines whether its strategy will be ethical or not and meet government regulations.
B)
is management's storyline for how the strategy will result in achieving sustainable competitive advantage and
delivering superior customer satisfaction over the long-term.
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C)
is management's blueprint for delivering a valuable product or service to customers in a manner that will generate
revenues sufficient to cover costs and yield an attractive profit
D) identifies how the company plans to outmaneuver and outcompete key rivals and become a market leader.
E) sets forth the actions and approaches that it will rely on to earn the best profit margins in the industry.
8
CORRECT
A winning strategy is one that
A) makes the company a market leader, is ethically and socially responsible, and maximizes profits.
B) is highly profitable and boosts the company's market share.
C)
passes the profitability test, the ethics and social responsibility test, the customer satisfaction test, and the
shareholder wealth test.
D)
fits the company's internal and external situation, builds sustainable competitive advantage, and boosts company
performance.
E) passes the ethical standards test, the competitive advantage test, and the profitability test.
9
CORRECT
Crafting and executing strategy are top-priority managerial tasks because
A)
how managers go about the tasks of crafting and executing strategy sends a message to shareholders and the
entire investment community regarding "what it is we are trying to do and how we plan to achieve our objectives."
B)
the company is unlikely to be profitable unless senior executives have a clear answer to "where are we headed, how
do we plan to get there, and when do we expect to arrive?"
C)
how well a company performs and the degree of market success it enjoys are directly attributable to the caliber of its
strategy and the proficiency with which the strategy is executed.
D)
without clear guidance as to what the company's business model and strategy are, managerial decision-making is
likely to be haphazard and inconsistent.
E)
a company cannot hope to be a market leader if all it does is respond to changing market conditions, new
technologies, new opportunities, and threatening moves on the part of competitors.
10
CORRECT
The most trustworthy signs of a well-managed company are
A) a strong emphasis on offensive strategies rather than defensive strategies.
B)
a strategy matched to fast-evolving market conditions and bigger profit margins than rivals and a steady upward
trend in net income.
C) attractive bottom-line performance and a proven business model.
D) good strategy and good strategy execution.
E)
having a profitable business model, a willingness to change the company's business model whenever circumstances
warrant, and having a sustainable competitive advantage.
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