Purpose of Company Strategy Quiz

What is the purpose of a company having a creative, distinctive strategy according to the learning objectives?

• To ensure compliance with regulatory standards

• To set it apart from rivals

• To guarantee a fixed profit margin

• To simplify operational processes

Why is it important for a company to have a viable business model that outlines the company's customer value proposition and its profit formula?

• To reduce the cost of goods sold

• To increase employee satisfaction

• To outline the company's customer value proposition and its profit formula

• To facilitate easier accounting practices

What does a company's strategy tend to do over time?

• Remain static regardless of market conditions

• Evolve due to changing circumstances and management efforts

• Focus solely on short-term gains

• Decrease in importance as the company grows

How many tests of a winning strategy are identified in the learning objectives?

• Two

• Three

• Four

• Five

What does strategy involve according to the learning material?

• Choosing how to compete

• Selecting the best advertisement

• Deciding on the company logo

• Picking the office location

What is one of the aspects strategy helps to determine for a company?

• How to create products or services that attract and please customers

• How to choose the company's name

• How to select company uniforms

• How to plan company parties

Strategy helps a company decide on what aspect of its positioning?

• How to position the company in its industry

• How to position the company's advertisements

• How to position the company's social media accounts

• How to position the furniture in the company office

What does strategy help a company develop and deploy?

• Resources to build valuable competitive capabilities

• Plans for employee vacations

• Ideas for office decoration

• Social media strategies

Strategy determines how which functional pieces of the business will be operated?

• Research and development, supply chain activities, production, sales and marketing, distribution, finance, and human resources

• Office locations, cafeteria menus, parking lot sizes, and dress codes

• Company mascots, theme songs, and color schemes

• Employee benefits, team-building exercises, and work hours

What is the ultimate goal of strategy for a firm as mentioned in the learning material?

• To achieve the firm’s performance targets

• To have the most employees

• To expand to the most countries

• To create the most products