Review the statements below. Most are true. Identify the 510 statements that are false. List the question # that is false in the space below, in numerical order: 1._____ 2._____ 3._____ 4._____ 5._____ 6._____ 7._____ 8._____ 9._____ 10.____ Identify the 10 False Statements 1. Dont go through your business career as a turtle. T 2. Applying an RFM score to your customers will allow your company to more effectively segment and target customers and prospects based on value. 3. Michael Porter, known as the father of strategy says: the essence of strategy is choosing what not to do. 4. Class attendance is optional. T 5. After completing this course, students should be able to complete a strategic business analysis, use common strategic business analytic tools, understand a blue ocean strategy, understand the strategic process, and write a basic strategic plan. 6. As you thrive in your business career more and more of your responsibilities will shift to strategy. Less getting it done, and more on where are we going. 7. Value innovation is the foundation of Blue Ocean Strategy, this means creating a leap in value for buyers and your company, thereby opening new and uncontested market space. T 8. Understanding your customers functional and rational benefits is key to developing an effective business strategy. 9. Most companies cannot serve all segments at a superior level and therefore must choose which customer segments to target. 10. Blue Ocean Strategy is about creating uncontested demand. T 11. A competitive landscape map, or brand landscape map is a tool that quickly allows you to see to what degree you are in a red ocean. 12. Strategys Big Rocks: More customers, spending more, more often. T 13. Research and an understanding of the customer, category, competition, and company/brand should precede any discussion of a strategic plan. 14. Strategy addresses the What question (e.g., What are We Going to Do) 15. Smart strategy decisions always work back from the customer. 16. The Pareto Principle applied to strategy indicates that 80% of your profit will come from 80% of your customers. 17. Mike Maddock shared with us that the brain cant process fear and happiness concurrently and that happy people are grateful. 18. In Simon Sineks Golden Circle Ted Talk, he uses Tic Tok, Facebook, Google, and Tesla as examples of companies with a great Why. 19. It all starts with Reason for Being. 20. Reason for Being, Value Proposition, Brand Promise, and Simons Sineks Why all help a company understand where and how value is created, where differentiation occurs, and how to align the pieces and parts to a common purpose. 21. Red Ocean strategy focuses on the existing stream of customers, cost reduction, stealing market share, and differentiation; Blue Ocean Strategy focuses on creation of new customers. creativity and innovation. 22. Anthony Ulwicks Jobs to Be Done theory says you should make a checklist of top competitors advantages in a gap analysis in order to frame your strategy. 23. An important component of this course is the application of concepts to realistic strategic problems. 24. We can do that too as the enemy of strategy. 25. Companies will use a CDI/BDI analysis to leverage opportunity cost. 26. Two basic strategies: get new customers, grow current customer value. 27. Strategy is always a math problem. 28. A good place to begin a strategic engagement is with the answers to these three questions: What does Winning Look Like, Who Will We Win With, and How Will we Win. 29. A good place to begin your strategic discovery is to organize information into: What do we Know, What do we Suspect, and What do we Need to Know. 30. Strategy connects data/insights/ideas/analysis to programs/tactics/initiatives/budgets. 31. The 3 Rings Brand Audit provides you with an analysis tool that shows how your company/brand meets customer needs vs. how the competition meets/doesnt meet their needs. 32. The purpose of the Tamaracks case study was to help you understand how to work through a macro strategic decision by evaluating the pieces and parts. 33. In creating a Blue Ocean Strategy for your company, a good place to start would be a super clear understanding of the competitive landscape. Professor Patrick would recommend creating a competitive landscape map to see where your company is and opportunity areas available. 34. Using the Blue Ocean Strategy Four Actions Framework to identify category attributes to eliminate, reduce, raise, and create will help you develop a strategy that can identify uncontested market space. 35. The Four Action Framework provides you with an analytic tool to evaluate blue ocean opportunities within a category. 36. Two great strategy challenges: deciding what to do, deciding what not to do. 37. A SWOT analysis looks at both internal and external issues/opportunities. 38. A PEST analysis looks at external forces. 39. Companies trying to get to a smart strategy often face the complexity of too much information and too many options. 40. RBV and VRIO look at the internal forces facing a company. 41. The KANO model can be used to both understand what drives your business, but also what could drive excitement/engagement. 42. Krispy-Kreme selling packaged donuts in new distribution channels outside their own restaurants is an example of an off-brand distribution (Place) strategy. 43. The Blue Ocean Strategy Value Curve illustrates the point at which each incremental dollar of revenue generates and increasing amount of incremental margin. 44. Segmentation and Strategy are tools that help a marketer decide what not to spend $ on. 45. Differentiation captures how your reason why is different than competitors. 46. Kim and Mauborgnes thesis in Blue Ocean Strategy: By focusing on understanding what the customer wants, understanding what the current market is providing and what the current market is not providing will help you identify opportunities to reach beyond existing demand (Blue Oceans) 47. Business objectives are a strategy decision. 48. Jamie Beasons Ted Talk emphasizes the value of your prepared self vs. your improvised self. 49. If you understand your customers lifecycle and their customer lifetime value, you can develop more effective and efficient business strategies to grow customer value. 50. All customers are equal. 51. Blue Ocean Strategy refers to a market for a product where there is no competition or very little competition. This strategy revolves around searching for an opportunity in the competitive landscape in which very few firms operate and where there is no (or limited) pricing pressure. 52. Peter Drucker, the father of business, says the purpose of business is to create and keep a customer. Professor Patrick believes this is a good way to also think of the role of strategy. 53. If you become an entrepreneur, a consultant, a business executive, or reach the C-suite, you will use strategy to improve your business development, customer profitability, customer retention, resource allocation, talent recruitment, innovation, and overall corporate growth strategies. 54. The purpose of the Joe & Co. case study was to better understand the importance of Reason for Being and Reason Why. 55. Professor Patrick believes going after Rejectors is the biggest sucker bet in strategy. 56. Companies who target Millennials or Baby Boomers risk defining their customers targets too broad. 57. Alana Muller believes success in networking comes from a focus on connections, community, and belonging. 58. Aligning your business strategy, revenue model, marketing/sales strategy, operations strategy, and merchandise/product strategy to your Reason for Being could be described as a strategic plan. 59. McDonalds has trouble selling salads because they dont align with McDs Reason for Being 60. Selling hope can be a very effective strategy. 61. Hardware stores, and office supply stores cater to need driven purchases. 62. A common mistake the professor finds on all business plans is the customer target is too broad. 63. Companies that embark on a new strategy often go on a heros journey. 64. Martin Reeves in his Ted Talk stressed the importance of customizing a strategy to the situation or need. 65. JC Penny and Bed Bath and Beyond are examples of companies going through a red ocean death spiral. 66. Richard St. Johns 8 Secrets of Success: Passion, Hard Work, Focus, Push, Ideas, Improvement, Serve Others, and Persistence 67. The strategic process begins with information gathering, then moves through analysis to insights to conclusions and implications. This needs to be completed before and effective strategy and plan can be written. 68. More research = better analysis = smarter insights = sharper strategies 69. Lack of sources in your professional writing and presentations will undermine your credibility. 70. A hospital that advertises a no wait 24-hour emergency room is communicating a clear value proposition to those customers who dont want to wait. 71. Student groups who did the most effective job with their checkpoint presentations focused on what it means vs. what, talked to the audience vs. at the audience, were well rehearsed, brought new thinking & insights into the classroom, kept great eye contact, and involved the audience vs. talking to their slides/notes. 72. Student groups who did the least effective job with their checkpoint presentations focused on information vs. analysis, werent prepared, didnt share critical thinking, and focused on their notes vs. the audience. 73. The One Page Strategy Plan is designed to focus your strategy into a clear goals-strategy-tactics summary. 74. Quick Trip selling a low-price cup of coffee, Duncan Donuts selling a great tasting cup of coffee, and McDonalds selling a convenient cup of coffee can all be effective value propositions simultaneously in the same category. 75. The 3-Rings Brand Audit is an analysis tool that allows you to visually see where you your competition and where you have uncontested advantages in meeting the needs of your prospects/customers. 76. Customers who love you, but dont use you as much as your best customers are called Wannabees. 77. The Boston Consulting Groups BCG model says you should eliminate the dogs, milk the cash cows, and invest in the stars. 78. Coach, Fuji Water, Kate Spade, Chanel, and Prada are luxury brands cater to want driven purchases. 79. Whats Working, Whats Not, Whats Missing, Whats Needed is a great organizing approach to analysis after your discovery. 80. Simon Sineks Golden Circle Ted Talk asks you to prioritize Who you sell to, over What you are selling and How you do it. 81. If your Reason for Being isnt clear, and valued, you run the risk of falling into the black hole and being picked off by all other competitors with more clearly defined brands; Applebees is an example of a company currently at risk. 82. Customers who hate you and use you the most are called Hostages. 83. Broadening the strategy is a key fundamental in growing your customer base. 84. Opportunity Cost refers to understanding the tradeoff implications of time or money. 85. After completing this course, students should be able to complete an audit of the companys business strategy, capture strategic gaps, and identify a fact-based strategy and plan to move the companys business strategy to a better place. 86. Professor Patrick believes the secret of strategy is to migrate Wannabees into Enthusiasts 87. Preparation, depth of understanding, editing, rehearsal, and knowing the audience are all fundamentals of a successful strategy presentation. 88. Blue Ocean Strategys 3 Tiers of Noncustomers is an analytic tool to help you prioritize investment in your blue ocean strategy implementation. 89. You get out of this class what you put into it. 90. Seth Godins Ted Talk on Tribes helps explain how you can grow your customer base by effectively leveraging your enthusiasts. 91. Generally, the lowest grades in the class are earned by those students who dont contribute to the class discussion, dont contribute to their teams, dont complete their work on time, dont show up to class, and dont put enough time into each assignment. 92. When Olive Gardens advertises endless salads and bread sticks, they are implementing a strategy designed to enhance their value proposition. (using the Promotion P.) 93. It will be extremely difficult for you to achieve an A in this course if you are not rated by your team and classmates as a significant contributor. 94. One of the key takeaways from the UPS case study was the importance of pricing strategy and understanding the profit variations across different customer segments 95. You cant understand a companys strategic issues without understanding who the customer is; why they buy, whats happening in the category, and what the core business model (and issues) is and how they make money. T 96. The value in the value proposition is from the companys perspective. F 97. Professor Patricks recipe for High Performance Strategy: Reason for Being, Reason for Need, Reason for Revenues (or profit) T 98. If you go on Shark Tank, you will need to be prepared to answer questions on customer value, customer acquisition costs, and how you plan to grow customers. T 99. Kevin Talbots indicates in his Ted Talk: Hope is not a strategy. T 100. This course will teach you how to think strategically. T 101. Each thing I do, I rush through, so I can so something else (Dobbins) isnt the right approach to strategy. F 102. The natural tension you will feel in strategy projects throughout your career will be get it done vs. make it great. T 103. The purpose of the NASCAR case study was to understand how difficult it is for a company to simultaneously access new customer segments while retaining existing customer segments. T 104. The current Bud Light brand is going through the same old customer new customer issues that we discussed in the NASCAR case. T 105. Oldsmobile is an example of a 100+ year old brand that wasnt able to successfully complete their heros journey to a new (younger) customer base. T 106. The purpose of the Cowgirl Chocolates Case Study was to learn how a new entrepreneur works through a wide range of strategic challenges. T 107. Professor Patrick believes ideas are more powerful than items. 108. A successful strategy presentation, in class or in real life, is based on extensive research, understanding, preparation, and rehearsal. T 109. Malcolm Gladwell: We have, I think, a very rigid and limited definition of what an advantage is. We think of things as helpful that arent and think of other things as unhelpful that in reality leave us stronger and wiser. T 110. Professor Patrick believes connecting Vision to Strategy to Plan is a way to change the growth velocity of a company or brand. He calls this creating the delta. T 111. Simon Sineks Ted Talk on Millennials focuses on their effective use of technology and multitasking to be more effective in their careers. T 112. Patrick Winstons formula for f(K,P,T), Carol Dweks Growth Mindset philosophy, and Angela Duckworths formula for Grit (skill x effort = achievement) all indicate that your personal strategy of preparation, practice, knowledge, and commitment will lead you to growth and success. T 113. Professor Patricks success in Denmark could be directly tied to the strategic launch of the Danish McRib using real Danish pigs. T