Your BSG team should try to compete in the same geographic and target markets as the most successful teams currently operating. True or False True False Check all of the common shortcomings in company vision statements Check All That Apply Too reliant on superlatives Vague Too broad Forward looking Which two of the following are the key elements of a company's business model? Check All That Apply Customer Value Proposition Profit Formula Pricing Strategy Target Market Which of the following are choices that managers must make in crafting their company's strategy? Check All That Apply How to create products and services that will attract and please customers. How to operate each functional area of the business. How to compensate employees and attract top talent. How to position the company in the industry. A company's consists of the actions the company takes to use its resources and capabilities to create superior value for customers. Multiple Choice Strategy Goals Plans Objectives A company's strategy is most likely to be successful when it Multiple Choice resembles the strategy of an industry leading competitor. appeals only to to a very narrow, selective target customer base. O is based on doing what competitors can't or don't do. None of the above. Which of these is not one of the three tests listed by the book of a winning strategy? Multiple Choice Is the strategy helping the company achieve a sustainable competitive advantage? How well does the strategy fit the company's situation? Is the strategy producing good company performance? Does the strategy agree with my instincts? ezto.mheducation.com/ext/map/index.html?_con Conn Saved Help Save & Exit Which of these is not the role of the Board of Directors? Multiple Choice Hire frontline managers. Institute a compensation plan for top executives. Oversee the company's financial account and financial reporting practices. O Critique the company's direction 23 . strategy seeks to distinguish a company's product or services from competitors by adding innovative features or developing a reputation that appeals to a wide range of consumers. Multiple Choice O High Cost Provider Focused Differentiation Broad Differentiation Low Cost Provider strategy compete by attempting to have lower costs than Companies using a competitors. Multiple Choice Low Cost Provider Focused Differentiation O Broad Differentiation Low Priced Sales Mimicking a competitor's strategies by copying its products or marketing approach is Multiple Choice Usually successful in a competitive industry. One of the least effective strategies for achieving sustained profitability. Something Dr. Payne told us to do in class. The best approach for achieving competitive advantage in a competitive industry A company's strategy is most likely to be successful when it Multiple Choice appeals only to a very narrow, target selected customer base. resembles the strategy of an industry leading competitor. o captures consumer interest in ways that distinguish the company from competitors. None of the above As part of a company's business model, the company's describes the company plan for meeting the needs at a price that buyers consider a good value. Multiple Choice O Cost Strategy Profit Formula Target Niche Strategy Customer Value Proposition