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GLO-BUS FINAL EXAM TEST
BANK LATEST ACTUAL EXAM
QUESTIONS AND CORREC T
DETAILED ANSWERS
Question : The difference between a company's strategy
and a company's business model is that
CORRECT ANSWER : Its strategy is defined by the
specific market positioning, competitive moves, and business approaches management employs to try to produce good business results while its business model relates to management's blueprint for delivering a valuable product or service to customers in a manner that will generate revenues sufficient to cover costs and yield an attractive profit.
Question : A winning strategy is one that
CORRECT ANSWER : fits the company's internal and
external situation, improves company performance, and helps achieve sustainable competitive advantage.
Question : Typically, a company's strategy is
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CORRECT ANSWER : a blend of (1) proactive actions
to improve the company's financial performance and secure a competitive edge and (2) as-needed reactions to unanticipated developments and fresh market conditions
Question : A company's business model
CORRECT ANSWER : is managements blueprint for
delivering a valuable product or service to customers in a manner that will generate revenue sufficient to cover costs and yield an attractive profit
Question : A company achieves sustainable competitive
advantage when
CORRECT ANSWER : an attractive number of buyers
are drawn to purchase its products or services rather than those of competitors and when the basis for the preference is durable, despite the efforts of competitors to nullify or overcome the appeal of its product offering.
Question : What makes a competitive advantage
sustainable or durable as opposed to temporary
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CORRECT ANSWER : are actions or elements in a
company's strategy that cause an attractive number of buyers to have lasting reasons to purchase the company's products or services, despite competitor's best efforts to nullify or overcome those reasons
Question : In choosing among strategy alternatives,
company managers
CORRECT ANSWER : are well advised to embrace
actions strategic actions that can pass the test of moral scrutiny-- it is not enough to just stay within the boards of what is legal and is in compliance with prevailing government regulations
Question : Two crucial elements of a company's business
model are
CORRECT ANSWER : its profit proposition or "profit
formula" and its customer value proposition
Question : Which of the following is not something a
company's strategy is concerned with?
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CORRECT ANSWER : Management's choice of which
of several alternative business models to employ in delivering value to customers and to shareholders
Question : The reputational and financial damage that
unethical strategies and behavior can do to a company
CORRECT ANSWER : is substantial; consequently,
there are good business reason for a company and its personnel to avoid unethical strategic actions and behaviors
Question : According to Figure 1.1, which of the
following is not something to look for in identifying a company's strategy?
CORRECT ANSWER: Actions to boost the company's
earnings per share and stock price
Question : Changing circumstances and ongoing
managerial efforts to improve the strategy
CORRECT ANSWER : account for why a company's
strategy evolves over time and why the task of crafting a
