Mastering Strategy
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Questions and Answers

Which of the following best defines strategy?

  • A set of interdependent choices that address certain questions (correct)
  • Choosing what to do and what not to do
  • Competing in terms of products, customers, and geography
  • A desired outcome
  • What is the purpose of a value proposition in a strategy?

  • To differentiate from competitors (correct)
  • To achieve a desired outcome
  • To compete in terms of products, customers, and geography
  • To create a low-cost strategy
  • What is the difference between operational effectiveness and strategy?

  • Operational effectiveness and strategy are the same thing
  • Operational effectiveness is about creating a low-cost strategy, while strategy is about achieving a desired outcome
  • Operational effectiveness is enough for sustainable long-term success, while strategy is about creating differentiation
  • Operational effectiveness is necessary for superior performance, while strategy is about choosing a unique position (correct)
  • Strategy can be defined as a distinctive array of interdependent choices that address certain ______.

    <p>questions</p> Signup and view all the answers

    Value proposition: Why do customers come to you and not go to your ______.

    <p>competitors</p> Signup and view all the answers

    Operational Effectiveness Necessary for superior performance/profitability, but not enough for sustainable long term ______.

    <p>success</p> Signup and view all the answers

    Strategy is about choosing a unique, valuable position that's rooted in a system of activities that are hard for other companies to match, providing _______ advantage.

    <p>competitive</p> Signup and view all the answers

    Sources of ______ advantage: What strategic choices have you made, to either create differentiation or a low-cost strategy, and what strategic choices have you made, with respect to investments, activities, resources, and capabilities that really allows you to create a sustainable competitive advantage.

    <p>competitive</p> Signup and view all the answers

    Desired outcome: What do you want to ________.

    <p>achieve</p> Signup and view all the answers

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