BCOR 2304 Midterm Exam Study Guide
Strategic management - Answer️️ -is the integrative management field
that combines analysis, formulation, and implementation in the quest for
competitive advantage.
strategy - Answer️️ -is a set of goal-directed actions a firm takes to gain
and sustai...
Strategic management - Answer✔️✔️-is the integrative management field
that combines analysis, formulation, and implementation in the quest for
competitive advantage.
strategy - Answer✔️✔️-is a set of goal-directed actions a firm takes to gain
and sustain superior performance relive to competitors
Good Strategy - Answer✔️✔️-enables a firm to achieve superior
performance and sustainable competitive advantage relative to competitors
Three elements of good strategy - Answer✔️✔️-1. a diagnosis of the
competitive challenge
2. a guiding policy to address the competitive challenge
3. a set of coherent actions to implement the firm's guiding policy
Diagnosis of the competitive challenge - Answer✔️✔️-Accomplished
through ANALYSIS of firm's external and internal environments
A guiding policy to address the completive challenge - Answer✔️✔️-
Accomplished through strategy FORMULATION, resulting in the firm's
cooperate, business, and functional strategies
A set of coherent actions to implement the firm's guiding policy -
Answer✔️✔️-Accomplished through strategy IMPLEMENTATION
competative advantage - Answer✔️✔️-superior performance relative to
other competitors in the same industry or industry average
sustainable competitive advantage - Answer✔️✔️-outperforming
competitors or the industry average over a prolonged period of time
Competitve Disadvantage - Answer✔️✔️-underperformance relative to other
competitors in the same industry or the industry average
Competive parity - Answer✔️✔️-performance of two or more firms at the
same level
Value creation - Answer✔️✔️-Occurs when companies with a good strategy
are able to provide products or services to consumers at a price point they
can afford while keeping their costs in check, thus making a profit at the
same time. Both parties benefit from this trade as each captures a part of
the value created
stakeholders - Answer✔️✔️-organizations, groups, and individuals that can
affect or are affected by a firm's actions
Stakeholder Strategy - Answer✔️✔️-an integrative approach to managing a
diverse set of stakeholders effectively in order to gain and sustain
competitive advantage
Stakeholder Impact Analysis - Answer✔️✔️-a decision tool with which
managers can recognize, prioritize, and address the needs of different
stakeholders, enabling the firm to achieve competitive advantage while
acting as a good corporate citizen
A stakeholder has power over a company... - Answer✔️✔️-...when it can get
the company to do something that it would not otherwise do
A stakeholder has a legitimate claim... - Answer✔️✔️-...when it is perceived
to be legally valid or otherwise appropriate
A stakeholder has an urgent claim when - Answer✔️✔️-...it requires a
company's immediate attention and response
Stakeholder Impact Analysis - Answer✔️✔️-1. Who are our stakeholders?
2. What are our stakeholders' interests and claims?
3. What opportunities and threats do our stakeholders present?
4. What economic, legal, ethical, and philanthropic responsibilities do we
have to our stakeholders?
5. What should we do to effectively address the stakeholder concerns?
Corperate Social Responsibility (CSR) - Answer✔️✔️-a framework that helps
firms recognize and address the economic, legal, social, and philanthropic
expectations that society has of the business enterprise at a given point in
time.
Effectively managing the strategy process is the result of... - Answer✔️✔️-1.
Analysis (A)
3
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