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Unformatted text preview: ch1 Student: ___________________________________________________________________________ What Do We Mean By "Strategy?" 1. A company's strategy concerns A. Its market focus and plans for offering a more appealing product than rivals B. How it plans to make money in its chosen business C. Management's action plan for running the business and conducting operationsits commitment to pursue a particular set of actions in growing the business, staking out a market position, attracting and pleasing customers, competing successfully, conducting operations and achieving targeted objectives D. The long-term direction that management believes the company should pursue E. Whether it is employing an aggressive offense to gain market share or a conservative defense to protect its market position 2. A company's strategy consists of A. The actions it is taking to develop a more appealing business model than rivals B. The plans it has to outcompete rivals and establish a sustainable competitive advantage C. The offensive moves it is employing to make its product offering more distinctive and appealing to buyers D. The competitive moves and business approaches that managers are employing to grow the business, stake out a market position, attract and please customers, compete successfully, conduct operations and achieve targeted objectives E. Its strategic vision, its strategic objectives and its strategic intent 3. The competitive moves and business approaches a company's management is using to grow the business, stake out a market position, attract and please customers, compete successfully, conduct operations and achieve organizational objectives is referred to as its A. Strategy B. Mission statement C. Strategic intent D. Business model E. Strategic vision 4. In crafting a strategy, management is in effect saying A. "This is who we are and where we are headed.'' B. "This is our model for making money in our particular line of business." C. "We intend to launch these new moves to outcompete our rivals." D. "Among all the many different business approaches and ways of competing we could have chosen, we have decided to employ this particular combination of competitive and operating approaches in moving the company in the intended direction, strengthening its market position and competitiveness and boosting performance." E. "This is our vision of what our business will be like, what products/services we will sell and who our customers will be in the years to come." 1 5. A company's strategy is most accurately defined as A. Management's approaches to building revenues, controlling costs and generating an attractive profit B. Management's commitment to pursue a particular set of actions in growing the business, attracting and pleasing customers, competing successfully, conducting operations and improving the company's financial and market performance C. Management's concept of "who we are, what we do and where we are headed." D. The business model that a company's board of directors has approved for outcompeting rivals andD....
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