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Ch. 1: What is Strategy & Why is it Important?

The most important aspect(s) of a company’s business strategy
are the actions and moves in the marketplace that managers take to gain a sustainable competitive advantage
Managers in all types of businesses must address the central strategic question
How are we going to get there?
A winning strategy is one that
fits the company’s internal and external situation, builds sustainable competitive advantage, and improves company performance
Which of the following is a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?
All of these
Which of the following is an issue likely to be addressed by a company’s business strategy?
All of these are pertinent in identifying a company’s strategy
It is normal for a company’s strategy to end up being
a blend of deliberate planned actions to improve the company’s competitiveness and financial performance and as-needed unplanned reactions to unanticipated developments and fresh market conditions
A company’s strategy is most accurately defined as
management’s game plan for growing the business, attracting and pleasing customers, conducting operations, and achieving financial and market performance objectives
A viable business model includes a valuable customer value proposition that
suggests the greater the value provided and the lower the price, the more attractive the value proposition
A company achieves sustainable competitive advantage when
a sufficiently large number of buyers have a lasting preference for its products or services as compared to the offerings of competitors
A company’s realized strategy is made up of
Both A and B
Which of the following is not a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?
Striving to be more profitable than rivals by aiming for a competitive edge based on bigger profit margins
A company’s business model
clarifies (1) how the business will provide customers with value, and (2) why the business will generate revenues sufficient to cover costs and produce attractive profits.
A company’s business model
relates to the principle business components that will allow the business to generate revenues ample to cover costs and produce a profit

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