Chapter 7 Study Guide 1. What are the five tests of a good strategy? (name them) 2. How does a Unique Value Proposition contribute to a good strategy? 3. The same question applies to: 4. Tailored Value Chain 5. Trade-offs 6. Competition 7. What is meant by the term "Fit across the value chain?" 8. What is the benefit of continuity over time? 9. How does continuity promote trade-offs and fit? 10. How does continuity help / assist competitive advantage? 11. How does continuity facilitate innovation? 12. How does continuity contribute to a strong company strategy? 13. How are brands strengthened by continuity? 14. Give an example of how IKEA or Disney or BMW use continuity to their competitive advantage? 15. What are alignment and tailoring with regards to continuity? 16. How do employees benefit from continuity? 17. Give an example of how Four Seasons /or Southwest employees benefit from continuity? 18. What happens when companies frequently shift their strategy? Give an example. 19. When a company's strategy is successful, why should the company change? 20. What influence does changes to the industry, technology make strategic change essential? 21. Why do successful companies find it hard to change? 22. How does disruptive technology affect continuity? 23. How did digital photography or smartphones affect continuity? 24. Define change. 25. Define strategy. 26. Define continuity