Chapter 1- Strategy and Importance

Question 1

is the quest to gain and sustain competitive advantage.

Answer 1

Strategy

Question 2

describes the goal-directed actions a firm intends to take in its quest to gain and sustain competitive advantage.

Answer 2

Strategy

Question 3

t/f The firm that possesses competitive advantage provides superior value to customers at a competitive price or acceptable value at a lower price.

Answer 3

True

Question 4

Profitability and market share are the consequences of __ value creation.

Answer 4

superior

Question 5

A_ is an overarching approach taken to meet or exceed one’s goals and the actions taken relative to the original and overall goal set by higher authority, whether in a private enterprise or public organizations.

Answer 5

Strategy

Question 6

__is about understanding where you are now, where you are heading and how you will get there.

Answer 6

Strategy

Question 7

The essence of strategy, therefore, is being different from rivals. t/f

Answer 7

True

Question 8

Managers accomplish this difference through __ staking out a unique position in an industry that allows the firm to provide value to customers, while controlling costs.

Answer 8

strategic positioning

Question 9

It has been observed that the greater the difference between value creation and cost, the greater the economic contribution the firm makes, and thus the greater the likelihood for competitive advantage. T/FF

Answer 9

True

Question 10

The more accurate the map, the better strategic decisions managers can make. T/f

Answer 10

True

Question 11

It has been observed that the greater the difference between value creation and __, the greater the economic contribution the firm makes, and thus the __the likelihood for competitive advantage.

Answer 11

cost, greater

Question 12

Positive feedback validates managers’ strategic assumptions while negative feedback allows managers to adjust their assumptions. t/f

Answer 12

True

Question 13

Strategy is not A vision or mission statement . t/f

Answer 13

True

Question 14

A goal, budget or business plan. Strategy is not a goal
strategy is neither a budget nor a business plan. t/f

Answer 14

True

Question 15

Strategy is not, a zero-sum game - it is not always the case that one party wins while all others lose. t/f

Answer 15

True

Question 16

Competitive benchmarking is not “strategy”. just- in-time inventory system,
enterprise resource planning system.
Operational effectiveness,
marketing skills and other functional expertise, along with best practices, contribute to a unique strategic position but by themselves, they are not a substitute for Strategy. T/f

Answer 16

True

Question 17

When competitors cooperate with one another to achieve strategic objective, it is called __

Answer 17

co-opetition.

Question 18

A __is an overarching approach taken to meet or exceed your goals, and the actions taken must relate to the original goal set by management.

Answer 18

STRATEGY

Question 19

An _is a measurable action taken to execute the strategy agreed on by management and the rest of the organization.

Answer 19

objective

Question 20

An objective follows the paradigm of the __ formula

Answer 20

SMART

Question 21

SMART stands for

Answer 21

(Specific, Measurable, Actionable, Relevant and Time- based)

Question 22

essay difference between strategy and objective by its purpose

Answer 22

A strategy maps out the path to your goal, while an objective breaks down the steps needed to get there.

Question 23

essay difference between strategy and objective by its execution

Answer 23

Strategy comes from understanding your core values and motivations. It guides your overall direction. Objectives are created after the strategy, focusing on how to apply those values to complete tasks and improve along the way.

Question 24

This step details what you want to achieve. In fact, the formulation of your goals and strategy should meet the requirements of this step to proceed.

Answer 24

Specific

Question 25

Double-check and ensure that this is the direction you want to go and whether the steps in the strategy can be easily understood. The more clarity you have, the more likely it is to produce successful results.

Answer 25

Specific

Question 26

Stating your evidence is crucial in finding out how you are measuring your goal. Setting up milestones can assist you inbreaking down a timeline to reach the desired steps of your objectives.

Answer 26

Measurable

Question 27

Ensure that the objective is one you can achieve and is aligned with your strategy. Identifying your motivations in meeting your objectives helps you keep your focus on current tasks.

Answer 27

Achievable

Question 28

It can outline the effort and resources needed to achieve your objective and move onto the next one.

Answer 28

Achievable

Question 29

If you are applying for a job, you can use this step as a benchmark to see the number of positions you’ve applied to and amount of interviews you landed.

Answer 29

Measurable

Question 30

Ensure that the objective is one you can achieve and is aligned with your strategy.

Answer 30

Achievable

Question 31

Make sure that the objectives are aligned with your core values and with your long-term aspirations.

Answer 31

Relevant

Question 32

Decide on the appropriate timeline to complete this objective and review if that pursuit is dependent on the completion of other objectives.

Answer 32

Time-based

Question 33

can maximize the output of a team if it fully buys into the mission of the organization

Answer 33

Robust Strategy