Chapter 1-2

Chapter 1-2 - Chapter1 1 Thegameplanacompany',stakeouta...

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Chapter  1 1. The game plan a company's management is using 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  strategy 2. In crafting a strategy, management is making which of the following statements?  "Among all the paths we could have chosen, we have decided to focus on these  markets and customer needs, compete in this fashion, allocate our resources and  energies in these ways, and use these particular approaches to doing business." 3. The central thrust of a company's strategyis  to tilt the playing field in the company's  favor and produce a sustainable competitive advantage over rivals. 4. Which of the following is not  an aspect of a company's strategy?  Making a profit 5. Which of the following is not  one of the most frequently used strategic approaches to  building competitive advantage?  Striving for a competitive edge based on bigger  profit margins 6. Which one of the following is not  something to look for in trying to identify and  understand what a company's strategy is?  Its actions to revise the company's  strategic vision and business model 7. the actual strategy a company employs is  partly proactive (in the sense of reflecting  management's plans and intentions)and partly reactive to changing  circumstances. 8. Company strategies evolve  because  even a well-planned-out-in-advance strategy  must be adapted to shifting market conditions, the fresh actions of competitors, 
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altered customer needs and preferences, emerging opportunities and threats,  unforeseen events, and new managerial thinking about how to improve the  present strategy. 9. Crafting strategy calls for good entrepreneurship on the part of managers because  B) company has to steer its business and its strategy in whatever new directions are  dictated by changing buyer preferences, the latest actions of rivals, new technologies,  the emergence of new market opportunities, and other newly-appearing market  conditions. 10. A company's strategy can be considered "ethical"  so long as its actions and  behaviors can pass the test of "moral scrutiny" and none of its actions or  behaviors are unsavory and cross the moral line from "can do" to "should not  do." 11. Management's storyline for how and why the company's product offerings and  competitive approaches will generate a revenue stream and have an associated cost  structure that produces attractive earnings and returns on investment  is referred to as a  company's business model. 12. Which of the following statements about a company's strategy is false? 
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This note was uploaded on 10/02/2011 for the course FIN 685 taught by Professor Grady during the Spring '11 term at Texas A&M.

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Chapter 1-2 - Chapter1 1 Thegameplanacompany',stakeouta...

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