Crafting and Executing Strategy Chapter 1 What Is Strategy and Why Is It Important

Crafting and Executing Strategy Chapter 1 What Is Strategy and Why Is It Important

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CHAPTER 1 1. 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) Managers at all companies face three central questions in thinking strategically about their company's present circumstances and prospects: What's the company's present situation? Where does the company need to go from here? How should it get there? 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. The competitive moves and business approaches a company's management are using grow the business, attract and please customers, compete successfully, conduct operations, and achieve the targeted levels of organizational performance 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. Which one of the following is not related to actions and approaches that comprise a company's strategy? A)How management intends to grow the business B) How to prove to shareholders that the company's business model is viable C)How to build a loyal clientele and outcompete rivals D)How to boost the company's performance
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E)How each functional piece of the business (R&D, supply chain activities, production, sales and marketing, distribution, finance, and human resources) will be operated 4. In committing to a particular strategy, a company's managers are in effect saying A)"This is where we are headed and we have a plan for getting where we want to go.'' B)"We have a plan for being a winner in the marketplace and our extensive analysis of the company's situation indicates it will work." C)"This is who we are, what we do, and where we are headed." 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 current business model, but it will probably have to be modified as market conditions change." 5. The heart and soul of any strategy is A)to identify actions and operating approaches that will validate the company's business model work. B)to identify business approaches that will produce good bottom-line results.
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This note was uploaded on 07/21/2011 for the course BUS 10001 taught by Professor All during the Spring '11 term at Shaheed Zulfiqar Ali Bhutto Institute of Science and Technology.

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Crafting and Executing Strategy Chapter 1 What Is Strategy and Why Is It Important

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