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Business Strategy Mid-Term: Ch. 1-6 questions with correct answers
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Business Strategy Mid-Term: Ch. 1-6 questions with correct answers
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Business Strategy Mid-Term: Ch. 1-6mission, objectives, external & internal analysis, strategic choice, strategy implementation, and
competitive advantage - correct answer ✔✔Strategic Management Process: components in order
Mission - correct answer ✔✔Defines the organization's purpose or reason for existence. Guides each
step of the process.
Objectives - correct answer ✔✔concrete and clear in action and/or target. Precise and measurable.
External Analysis - correct answer ✔✔identify environmental opportunities and threats (SWOT)
internal analysis - correct answer ✔✔identify internal strengths and weaknesses (VRIO)
Strategic choice - correct answer ✔✔to gain competitive advantage
Business Level strategy - correct answer ✔✔how to achieve competitive advantage in a particular
business.
cost leadership and product differentiation - correct answer ✔✔Examples of business level strategies (2)
corporate level strategy - correct answer ✔✔competitive advantage in multiple markets
diversification, global strategies,merger, strategic alliances, and vertical integration, - correct answer
✔✔Examples of corporate level strategies (5)
Organizational structure, management control systems, and compensation policies - correct answer
✔✔Strategy implementation: How strategies are executed (3)
, competitive advantage - correct answer ✔✔ability to create more economic value than competitors
relative, determined in relation to other companies, and customers demonstrate a preference for the
firm's offering. - correct answer ✔✔Competitive advantage characteristics (3)
strategy - correct answer ✔✔firms theory about how to gain competitive advantage
economic value - correct answer ✔✔the difference between the perceived benefits of the product or
service and the full economic cost of the product or service
nordstrom vs. wal- mart - correct answer ✔✔Example of economic value
EV = perceived benefits - total economic costs - correct answer ✔✔Economic value Formula is__
competitive disadvantage - correct answer ✔✔less economic value than competitors; negative
reputation
competitive parity - correct answer ✔✔similar economic value as competitors; firm's offerings are
average
CA results in high profit, profits attract competition, competition limits duration of the competitive
advantage, short term and imitable - correct answer ✔✔characteristics of temporary competitive
advantage (4)
traditional economic theory and perfect competition - correct answer ✔✔When do you obtain a
temporary competitive advantage?
external and internal factors that limit competition i.e. imitation - correct answer ✔✔sustained
competitive advantage characteristic
strategic management and imperfect competition - correct answer ✔✔When do you obtain a sustained
competitive advantage?
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