Crafting and Executing Strategies

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Question Pool: Strategic Management, 12e (Thompson) Chapter 01 1. A company's strategy concerns   
a.  | | its market focus.|
b.  | | how it plans to make money.|
c.  | | the game plan management is using to stake out a market position, conduct operations, attract and please customers, compete successfully, and achieve organizational objectives.| d.  | | the long-term direction that management has chosen to pursue.| e.  | | whether it is employing an aggressive offense to gain market share or a conservative defense to protect its market position.| 2.

3. The game plan a company's management is using to stake out a market position, conduct operations, attract and please customers, compete successfully, and achieve organizational objectives is referred to as its    a.  | | strategy.|

b.  | | business model.|
c.  | | strategic vision.|
d.  | | long-term business mission.|
e.  | | strategic objective.|
4.
5. A company's business model   
a.  | | concerns the game plan a company's management is using to stake out a market position, conduct operations, attract and please customers, compete successfully, and achieve organizational objectives.| b.  | | deals with the revenue-cost-profit economics of its strategy¾management's plan for making money in a particular line of business.| c.  | | concerns what combination of competitive moves it plans to make to outmaneuver its rivals.| d.  | | deals with how it can simultaneously maximize profits and operate in a socially responsible manner that keeps its prices as low as possible.| e.  | | concerns how to balance strategic objectives against financial objectives.| 6.

7. A company's business model   
a.  | | concerns whether management's strategy will permit the achievement of the company's strategic objectives.| b.  | | deals with the whether there is a close fit between the company's business mission and strategy.| c.  | | deals with whether the revenues and costs flowing from the company's strategy demonstrate that the business is viable from the standpoint of generating acceptable profits.| d.  | | concerns how a company plans to achieve high gross profit margins.| e.  | | concerns how to achieve the strategic vision in the shortest period of time.| 8.

9. Management's plan for making money in a particular line of business and the revenue-cost-profit economics of the company's strategy is    a.  | | called a company's strategy.|
b.  | | referred to as a company's primary strategic objective.| c.  | | referred to as a company's primary financial objective.| d.  | | a company's foremost business mission and business priority.| e.  | | referred to as a company's business model.|

10.
11. The difference between a company's strategy and a company's business model is that    a.  | | a company's strategy is the plan for achieving strategic objectives while its business model is the plan for achieving financial objectives.| b.  | | the strategy concerns how to compete successfully and the business model concerns how to operate efficiently.| c.  | | a company's strategy is management's game plan for realizing the strategic vision whereas a company's business model is the game plan for accomplishing the business mission.| d.  | | strategy relates to a company's competitive moves and business approaches while the term business model relates to whether the revenues and costs flowing from the strategy demonstrate that the business is viable from a profit perspective.| e.  | | a company's strategy concerns how to please customers while its business model concerns how to satisfy employees and shareholders.| 12.

13. Crafting, implementing, and executing strategy are top priority management tasks because    a.  | | without a...
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