According to McKinsey & Company, Strategy Is Only One of Seven

question 76

Multiple Choice

According to McKinsey & Company, strategy is only one of seven elements in successful business practice. The first three elements are considered the "hardware" of success, and include

• A) skills.
• B) systems.
• C) shared values.
• D) staff.
• E) style.

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Definitions:

Break-Even Point

The juncture where a business's total expenses match its total income, resulting in neither a profit nor a loss.

Firm's Output

The total quantity of goods or services produced by a company over a specific period.

Shutdown Point

The level of production and price point at which a company's revenue just covers its variable costs, below which the firm would cease operations to minimize losses.

Firm's Output

The total quantity of goods or services produced by a company within a specific time period.