Why is it important to craft a business model? A. Because it sets forth management's game plan for maximizing profits for shareholders 8. Because it details exactly how management's strategy will result in the achievement of the company's strategic intent c. Because it is a part of an operating model that focuses on delivering excellence and creating value for external shareholders and internal labor force D. Because it sets forth the key components of the enterprise's business approach, indicates how revenues will be generated, and makes a case for why the strategy can deller value to customers in a profitable manner E. Because it sets forth management's long-tem action plan to match the business standards set by formidable rivals QUESTION 2 The key duties of a company's board of directors in the strategy-makung. strategy-executing process include A. coming up with compelling strategy proposals of their own to debate against those put fonward by top management B. overseeing the company's financial accounting and financial reporting practices and ovaluating the caliber of senior executives' strategy-making/strategy-executing skills C. taking the lead in developing the company's business model and strategic vision D, taking the lead in formulating the company's strategle plan but then delegating the task of implementing and executing the strategic plan to the company's CEO and other senior executives E. approving the company's operating strategies, functional-area strategies, business atrategy and overall corporate straterne Winning a sustainable competitive edge over competitors does nol hinge on which of the following? A. having a distinctive competitive product offering B. building competitively valuable expertise and capabilities not readily matched, and offering distinctive products c. building experience, know-how, and specialized capabilities that have been perfected over a long period of time D. having hard-to-beat capabilities and impressive product innovation E. building products and distributing them at low prices to a broad customer base irrespective of manufacturing cos A companys strategy consists of the action plan management takes to A. stake out a unique market position and achieve superior profitability. 8. compete against rivals and establish a transitory competitive advantage. C. concentrate on improving the existing product offering irrespective of the changing and turbulent markets. D. develop a more appealing business model than rivals. E, identify its strategic vision, its strategic objectives, and its strategic intent. QUESTION 6 What is the best technique for revealing the different market or competitive position that rival firms occupy in the industry? A. strategic group mapping B. PESTEL analysis C. five forces framework D. the Value Net framework E. competitor analysis