The Power of Business Strategy
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Questions and Answers

Which one of the following best describes the purpose of business strategy?

  • To ensure that the advantage lasts for an extended period
  • To generate positive reuters that are better than your competitors
  • To develop a sustainable competitive advantage (correct)
  • To analyze the environment and understand the challenges and opportunities

    • What is a strategy?

  • A consistent set of actions that deliver a guiding policy
  • A method to organize an organization to create value
  • An analysis of the environment to understand the challenges and opportunities
  • An integrated set of choices that positions an organization to generate superior performance over the long run (correct)

    • What are the two most fundamental strategic decisions?

  • Who should we hire and what products should we develop
  • When should we enter the market and how should we advertise
  • Why should we invest and how should we finance
  • Where should we focus on creating value and how should we organize to create value (correct)

    • What must organizations do to form an effective strategy?

    <p>All of the above</p> Signup and view all the answers

    What does it mean for a competitive advantage to be sustainable?

    <p>To ensure that the advantage lasts for an extended period</p> Signup and view all the answers

    Which one of the following is the purpose of business strategy?

    <p>To ensure a competitive advantage</p> Signup and view all the answers

    What is a sustainable competitive advantage?

    <p>An advantage that lasts for an extended period</p> Signup and view all the answers

    What is strategy?

    <p>A set of choices that generates superior performance</p> Signup and view all the answers

    What must organizations do to form an effective strategy?

    <p>All of the above</p> Signup and view all the answers

    What are the two most fundamental strategic decisions?

    <p>Where to focus on creating value and how to organize</p> Signup and view all the answers

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