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  • 2 The Translation of Strategy Into Action Primarily Takes Place in A Firm

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    The document discusses how firms translate their strategies into actions through business models. It states that a firm's strategy is primarily implemented through its business model, which acts as a blueprint that transforms the strategy into initiatives and actions. An effective business model first develops this blueprint and then implements it through organizational structures, processes, culture and procedures. The document also provides examples of different business models, such as wholesale models where manufacturers set product prices but retailers set their own, and agency models where salespeople receive commissions.

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    The document discusses how firms translate their strategies into actions through business models. It states that a firm's strategy is primarily implemented through its business model, which acts as a blueprint that transforms the strategy into initiatives and actions. An effective business model first develops this blueprint and then implements it through organizational structures, processes, culture and procedures. The document also provides examples of different business models, such as wholesale models where manufacturers set product prices but retailers set their own, and agency models where salespeople receive commissions.

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    © All Rights Reserved
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    54 views2 pages

    2 The Translation of Strategy Into Action Primarily Takes Place in A Firm

    Uploaded by

    astrid
    The document discusses how firms translate their strategies into actions through business models. It states that a firm's strategy is primarily implemented through its business model, which acts as a blueprint that transforms the strategy into initiatives and actions. An effective business model first develops this blueprint and then implements it through organizational structures, processes, culture and procedures. The document also provides examples of different business models, such as wholesale models where manufacturers set product prices but retailers set their own, and agency models where salespeople receive commissions.

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    of 2

    The translation of strategy into action primarily takes place in a firm's

    A. mission statement.

    B. executive summary.

    C. business model.

    D. code of conduct.
    c
    During the process of formulating an effective business model, a firm's managers
    should first

    A. transform their strategy of how to compete into a blueprint of actions and initiatives.

    B. implement their strategy at corporate, strategic business unit, and functional levels.

    C. implement their blueprint of actions and initiatives through structures, processes,


    culture, and procedures.

    D. evaluate the firm's strategy already in effect and take corrective actions if necessary.
    a
    _____ is a business model in which the manufacturer sets a fixed price on a product,
    but the retailer is to free set its own price.

    A. Agency

    B. Freemium

    C. Bundling

    D. Wholesale
    d
    Best Cut Inc. sells cutlery by having salespeople set up appointments with potential
    customers and give them a sales pitch for the product. When a salesperson sells
    cutlery, he or she gets a predetermined percentage commission. This type of business
    model is called

    A. an agency.

    B. bundling.

    This study source was downloaded by 100000862809105 from CourseHero.com on 03-13-2023 10:38:10 GMT -05:00

    https://www.coursehero.com/file/70172786/2-The-translation-of-strategy-into-action-primarily-takes-place-in-a-firmdocx/
    C. wholesale.

    D. a freemium.
    a

    This study source was downloaded by 100000862809105 from CourseHero.com on 03-13-2023 10:38:10 GMT -05:00

    https://www.coursehero.com/file/70172786/2-The-translation-of-strategy-into-action-primarily-takes-place-in-a-firmdocx/
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