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 (D)</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 (A)</p> Signup and view all the answers

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

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

What is a sustainable competitive advantage?

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

What is strategy?

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

What must organizations do to form an effective strategy?

<p>All of the above (D)</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 (A)</p> Signup and view all the answers

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