Strategic Competitiveness - CORRECT ANSWER-Achieved when a firm successfully
formulates and implements a value creating strategy.
Strategy - CORRECT ANSWER-Integrated and coordinated set of commitments and
actions designed to exploit core competencies and gain a competitive advantage.
Competi...
BUS-485: Chapters 1-6 Questions And
Answers
Strategic Competitiveness - CORRECT ANSWER-Achieved when a firm successfully
formulates and implements a value creating strategy.
Strategy - CORRECT ANSWER-Integrated and coordinated set of commitments and
actions designed to exploit core competencies and gain a competitive advantage.
Competitive Advantage - CORRECT ANSWER-When a firm implements a strategy that
creates superior value for customers and that competitors are unable to duplicate or find
it too costly to try to imitate.
Above-Average Returns - CORRECT ANSWER-Returns in excess of what an investor
expects to earn from other investments with a similar amount of risk.
Risk - CORRECT ANSWER-Investor's uncertainty about the economic gains or losses
that will result from a particular investment.
Average Returns - CORRECT ANSWER-Returns equal to those an investor expects to
earn from other investments with a similar amount of risk.
Strategic Management Process - CORRECT ANSWER-Full set of commitments,
decisions, and actions required for a firm to achieve strategic competitiveness and earn
above-average returns.
Hypercompetition - CORRECT ANSWER-Describes competition that is excessive such
that it creates inherent instability and necessitates constant disruptive change for firms
in the competitive landscape.
Global Economy - CORRECT ANSWER-One in which goods, services, people, skills,
and ideas move freely across geographic borders.
Strategic Flexibility - CORRECT ANSWER-Set of capabilities used to respond to
various demands and opportunities existing in a dynamic and uncertain competitive
environment.
Resources - CORRECT ANSWER-Inputs into a firm's production process, such as
capital equipment, the skills of individual employees, patents, finances, and talented
managers.
, Capability - CORRECT ANSWER-Capacity for a set of resources to perform a task or
an activity in an integrative manner.
Core Competencies - CORRECT ANSWER-Capabilities that serve as a source of
competitive advantage for a firm over its rivals.
Vision - CORRECT ANSWER-Picture of what the firm wants to be and, in broad terms,
what it wants to ultimately achieve.
Mission - CORRECT ANSWER-Specifies the businesses in which the firm intends to
compete and the customers it intends to serve.
Stakeholders - CORRECT ANSWER-Individuals, groups, and organizations that can
affect the firm's vision and mission, are affected by the strategic outcomes achieved,
and have enforceable claims on the firm's performance.
Strategic Leaders - CORRECT ANSWER-People located in different areas and levels of
the firm using the strategic management process to select strategic actions that help the
firm achieve its vision and fulfill its mission.
Organizational Culture - CORRECT ANSWER-Complex set of ideologies, symbols, and
core values that are shared throughout the firm and that influence how the firm conducts
business.
General Environment - CORRECT ANSWER-Composed of dimensions in the broader
society that influence an industry and firms within it.
Industry Environment - CORRECT ANSWER-Set of factors that directly influences firm
and its competitive actions and responses: the threat of new entrants, the power of
suppliers, the power of buyers, the threat of product substitutes, and the intensity of
rivalry among competing firms.
Competitor Analysis - CORRECT ANSWER-How companies gather and interpret
information about competitors.
Opportunity - CORRECT ANSWER-Condition in general environment that, if exploited
effectively, helps company reach strategic competitiveness.
Threat - CORRECT ANSWER-Condition in general environment that may hinder
company's efforts to achieve strategic competitiveness.
Demographic Segment - CORRECT ANSWER-Concerned with population's size, age
structure, geographic distribution, ethnic mix, and income distribution.
Economic Environment - CORRECT ANSWER-Nature and direction of economy in
which a firm competes or may compete.
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