(Chapters 1-6) On Strategic Management Exam 1 Test And Answers
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Strategic Competitiveness - CORRECT ANSWER-Achieved when a firm successfully
formulates and implements a value-creating strategy.
Strategy - CORRECT ANSWER-An integrated and coordinated set of commitments and
actions designed to exploit core competencies and gain a competitive advantage.
Comp...
(Chapters 1-6) On Strategic Management
Exam 1 Test And Answers
Strategic Competitiveness - CORRECT ANSWER-Achieved when a firm successfully
formulates and implements a value-creating strategy.
Strategy - CORRECT ANSWER-An integrated and coordinated set of commitments and
actions designed to exploit core competencies and gain a competitive advantage.
Competitive Advantages - CORRECT ANSWER-When a firm implements a strategy
that creates superior value for customers and competitors are unable to duplicate or find
too costly to try to imitate.
Above-average returns - CORRECT ANSWER-Returns in excess of what an investors
expects to earn from other investments with a similar amount of risk.
Risk - CORRECT ANSWER-An 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 similar amount of risk.
Strategic Management Process - CORRECT ANSWER-The full set of commitment,
decisions, and actions required for a firm to achieve strategic competitiveness and earn
above-average returns.
Global Economy - CORRECT ANSWER-Goods, services, people, skills, and ideas
move freely across geographic borders.
Strategic Flexibility - CORRECT ANSWER-A 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.
Capability - CORRECT ANSWER-The 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-A 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 film intends to
compete and the customers it intends to serve.
Stakeholders - CORRECT ANSWER-The 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 ares 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.
Profit Pool - CORRECT ANSWER-Entails the total profits earned in an industry at all
points along the value chain.
Industry Environment - CORRECT ANSWER-Set if factors that directly influences a firm
and its competitive actions and responses. (Threat of new entrants, power of suppliers,
power of buyers, threat of subs, intensity of rivalry.
Competitor Analysis - CORRECT ANSWER-How companies gather and interpret
information about their competitors.
Opportunity - CORRECT ANSWER-A condition in the general environment that, if
exploited effectively, helps a company reach strategic competitiveness.
Threat - CORRECT ANSWER-A condition in the general environment that may hinder a
company's efforts to achieve strategic competitiveness.
Demographic Segment - CORRECT ANSWER-Concerned with a population's size, age
structure, geographic distribution, ethnic mix, and income distribution.
Economic Environment - CORRECT ANSWER-Refers to the nature and direction of the
economy in which a firm competes or may compete
Political/Legal Environment - CORRECT ANSWER-The arena in which organizations
and interest groups compete for attention, resources, and a voice in overseeing the
body of laws and regulations guiding interactions among nations as well as between
firms and various local governmental agencies.
Sociocultural Environment - CORRECT ANSWER-Concerned with a society's attitudes
and cultural values.
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