Unit 1 Study Guide
Crafting and Executing Strategy: MBA 690 -01
Test 1 Study Guide: Chapters 1 – 8
1. Strategy consists of competitive moves and business approaches used by managers to run the company. Management’s action plan: a. Grow the business
b. Attract and please customers
c. Compete successfully
d. Conduct operations
e. Achieve
2. Choosing the “how’s” of strategy a. Trial and error
b. Organizational earning
3. The 6 how’s of strategy:
a. How to grow your business
b. How to please customers
c. How to outcompete rivals
d. How to manage each functional piece of the business
e. How to respond to changing market conditions
f. How to achieve targeted levels of performance
4. Sustainable competitive advantage – when attractive to a number of buyers
5. Key elements of a successful strategy - developing a successful strategy hinges on making competitive moves aimed at:
a. Appealing to buyers in ways that set the enterprise apart
b. Involves developing a distinctive aha moment
6. A company’s strategy is:
a. Partly proactive – ahead & new
b. Partly reactive – adaptive & review
7. Strategy & Ethics - Allows managers to fulfill its ethical duties to all stakeholders
8. Strategy & Ethics – duty and right vs. wrong
9. Role of senior executives – linking strategy with ethics – make it clear that all employees are to act with integrity
10. Business Model
a. Addresses – how do we make money in this business
b. Do the revenue-cost-profit economics make good business sense
i. Revenue streams ii. Associated cost structure iii. Potential profit margins iv. Will earning streams and ROI indicate business model viability
11. Business Model vs. Strategy
a. Strategy – deals with a company’s competitive initiatives and business approaches
b. Business Model – concerns whether revenues and costs flowing from the strategy demonstrate a business can be amply profitable and viable
12. Tests of a Winning Strategy
a. Goodness of fit –
Test 1 Study Guide: Chapters 1 – 8
1. Strategy consists of competitive moves and business approaches used by managers to run the company. Management’s action plan: a. Grow the business
b. Attract and please customers
c. Compete successfully
d. Conduct operations
e. Achieve
2. Choosing the “how’s” of strategy a. Trial and error
b. Organizational earning
3. The 6 how’s of strategy:
a. How to grow your business
b. How to please customers
c. How to outcompete rivals
d. How to manage each functional piece of the business
e. How to respond to changing market conditions
f. How to achieve targeted levels of performance
4. Sustainable competitive advantage – when attractive to a number of buyers
5. Key elements of a successful strategy - developing a successful strategy hinges on making competitive moves aimed at:
a. Appealing to buyers in ways that set the enterprise apart
b. Involves developing a distinctive aha moment
6. A company’s strategy is:
a. Partly proactive – ahead & new
b. Partly reactive – adaptive & review
7. Strategy & Ethics - Allows managers to fulfill its ethical duties to all stakeholders
8. Strategy & Ethics – duty and right vs. wrong
9. Role of senior executives – linking strategy with ethics – make it clear that all employees are to act with integrity
10. Business Model
a. Addresses – how do we make money in this business
b. Do the revenue-cost-profit economics make good business sense
i. Revenue streams ii. Associated cost structure iii. Potential profit margins iv. Will earning streams and ROI indicate business model viability
11. Business Model vs. Strategy
a. Strategy – deals with a company’s competitive initiatives and business approaches
b. Business Model – concerns whether revenues and costs flowing from the strategy demonstrate a business can be amply profitable and viable
12. Tests of a Winning Strategy
a. Goodness of fit –