Amyanderson2342323
Strategy comes from a military background and the most basic idea…
Strategy comes from a military background and the most basic idea of strategy is the application of strength against weakness
Group of answer choices
True
False
2) A good business leader is responsibility for:
a) absorbing complexity and passing on to the organization simpler problem
b) demanding that budget targets are met
c) Knowing all aspects of his subordinate’s jobs
Group of answer choices
a
b
c
3: Dr. Rumelt would say that Bad Strategy is
a) Long on goals and short on policy or action
b) Assumes that goal setting is the end
c) Puts forward strategic objectives that are incoherent, impracticable
d) Uses high-sounding words and phrases to hide failings
e) all of the above
4) Goals and Good strategy are synonymous
Group of answer choices
True
False
5. The chapter we read from Michael Porter long and active life of a strategic thinker highlighted a view that strategic thinking is heavily based on:
a) The social/cultural environment of a company’s target market
b) The ability to transfer a military view of strategy to the business environment
c) The level and effectiveness of a company’s competitors
d) The intellectual capacity of senior management and a company’s board of directors
6) Porter’s 5 Competitive Forces would be best used to effectively describe:
a) Apple
b) General Motors
Group of answer choices
a
b
7) Why did you choose your answer for question 6?
8) From our readings and video lectures, we understand the detail included in a strategy and the timeframe for its implementation:
a) Should result in a 5 Year Strategic Plan
b) Should result in a 1 Year Rolling Strategic Plan
c) Should show a reduced level of detail due to the fact no one can predict the future
d) Should reflect the complexity and stability of the business environment and level and certainty of information
9) We saw from the Guiding Principles of Strategy Development that an effective strategy must answer:
What can we do best? Where can we be first? Based on SWOT and the advantages we have
Are we willing and able to commit to a given business with passion, products, services, resources?
Do we understand and have the ability to turn on the drivers of a given business?
This question is aimed at your understanding and application of the Business Viability Assessment. Feel free to refer to this concept and tool found in the book, lectures, ppts, and write least two paragraph, with examples, explaining how you would apply this to an idea for a new business involving a food truck selling frozen daiquiris.
10) A leader desiring to develop an effective strategy should:
a) Pursue a wide range of goals and directions in view of the potential for missing a highly profitable business effort if options are intentionally limited
b) Pursue a limited range of goals and directions based upon the understanding that limited resources call for making choices that will be to the exclusion of other options and that focus on a few, reachable goals is a fundamental truth of strategy development.
11) In “Good Strategy/Bad Strategy” the “Kernel” of strategy was described as containing 3 elements:
Diagnosis – Definition and explanation of the nature of the challenge faced
Guiding Policy – An overall approach to cope, address or overcome the obstacles in the Diagnosis.
Coherent Actions – Specific steps designed to carry out the Guiding Policy
Write paragraph on what you think about Dr. Rumelt’s description of the “Kernel” as the fundamental essence of a strategy. Please do not guess! You do not have to agree with the “kernel” concept, but it is valid, so think of what Dr. Rumelt is intending to say, and discuss about it.
12) In our reading from “Inspired. Logical. Strategy That Works.” we saw that goal setting is fundamental to strategy development.
Group of answer choices
True
False
13) Key to goal setting is:
a) A focus on a reduced number of meaningful goals
b) An exercise in defining clear, measurable, numerical, yes/no type objectives
c) Setting goals that are doable from available resources and people
d) Often aided by a focus on Big, Cheap and Now
e) All of the above
14) A SWOT analysis is fundamental to defining a company’s current situation. It is useful to think of Strengths and Weaknesses as elements external to the company since they are aspects of the business environment the company outside the company’s ability to control.
Group of answer choices
True
False
15) Idea generation is imperative to strategy formation because ideas represent the means to reach identified goals
Group of answer choices
True
False
16) From the Good Strategy/Bad Strategy readings, we see a business leadership skill:
a) Is the ability to absorb complexity and pressure and pass on clarity and manageable work to the team.
b) Is the ability to create Proximate Objectives
c) Both a and b
Group of answer choices
a
b
c
17) ABC Commercial Mortgage has lenders, approvers and back office file clerks. The company has missed volume targets in each of the last four quarters. Despite loan production and accurate and efficient paperwork, there is a backlog of deals due to the fact approvals take over 2 weeks to obtain.
Applying the concept of “Chain Link Systems”, to this company, what should management do to get the business “unstuck”. Give some examples in your paragraph
18) Blue Ocean strategy is:
a) A global effort to encourage companies to become ecologically sustainable
b) A way of thinking, that encourages coming up with ideas from a “let’s get all ideas on the table, there are no bad ideas” point of view
c) An effort to create business in an uncontested market
Group of answer choices
b
No answer text provided.
c
19) A Blue Ocean industry focuses on tweaking existing business lines to create incremental revenue from the utilization of largely existing resources and processes
Group of answer choices
True
False
20) One similarity shared by both Red Ocean and Blue Ocean strategy is the emphasis on beating the competition
Group of answer choices
True
False
21) Write paragraph explaining why an Amazon Echo, (a hands-free, voice-controlled device that uses Alexa to play music, control smart home devices, make calls, send and receive messages, provide information, read the news, set music alarms, read audiobooks from Audible, control Amazon Video, etc.) is an example of Blue Ocean Strategy
22) Writing logically is essential to proposing ideas and solutions effectively. Once a proposed idea or solution is made, the key to logical writing is answering the questions of:
Why?
How?
How do you know?
Who?
When?
What will happen?
The head of the business department at a large university recently attended a conference where several universities presented descriptions of their Entrepreneurial Business programs. She wanted to start a similar program at her school. Using the questions above, please briefly bullet point the rationale she would use to logically show why her idea is a good one. Without time for research, it is understood your answers for “How do you know?” and “What will happen?” will be limited to reasonable sounding guesses.
This question refers to Logical Proofing your ideas, a concept and tool repeated in this course often since the ability to analyze and defend your ideas/solutions is a huge benefit to your career progression! Think of this as a proposal in front of an audience, and convince them!
23) As we saw in the readings and lectures, strategists point out that strategy without action is worthless. Effective Action Steps call for:
a) A focus on actions a company can take with available resources
b) Clarity and coherence
c) Measurable results
d) All of the above
