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Strategic Management Exam 1 Questions with 100% Verified Correct Answers | Graded A+ $9.49   Add to cart

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Strategic Management Exam 1 Questions with 100% Verified Correct Answers | Graded A+

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  • Strategic Management
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  • Strategic Management

Strategic Management Exam 1 Questions with 100% Verified Correct Answers | Graded A+ strategic management: - an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage strategy: - blueprint for achieving success; understandin...

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  • September 13, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Strategic Management
  • Strategic Management
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JOSHCLAY
Strategic Management Exam 1

Questions with 100% Verified Correct

Answers | Graded A+


strategic management: - ✔✔an integrative management field that combines

analysis, formulation, and implementation in the quest for competitive

advantage

strategy: - ✔✔blueprint for achieving success; understanding how one firm

can be more successful than another

a good strategy consists of three elements: - ✔✔diagnosis, guiding policy,

set of coherent actions

competitive advantage: - ✔✔superior performance relative to other

competitors in the same industry or the industry average; 1)being different

2)creating value 3)what to do and what not to do 4)set of activities to stake

out a unique position 5)requires long-term commitments that are often not

easily reversible

, sustainable competitive advantage: - ✔✔outperforming competitors or the

industry average over a prolonged period of time

competitive disadvantage: - ✔✔underperformance relative to other

competitors in the same industry or the industry average

competitive parity: - ✔✔performance of two or more firms at the same level

what influences a firm's strategy? - ✔✔external environment, internal

factors, firm stakeholders, mission/strategic intent

industry effects: - ✔✔describe the underlying economic structure of the

industry and attribute firm performance to the industry in which the firm

competes

firm effects: - ✔✔attributes firm performance to the actions managers take

black swan events - ✔✔incidents that describe highly improbable but high-

impact events

stakeholders: - ✔✔organizations, groups, or individuals that can affect or

are affected by a firm's actions

internal stakeholders: - ✔✔stockholders, employees (executives,

managers, workers), and board members

external stakeholders: - ✔✔customers, suppliers, alliance partners,

creditors, unions, communities, media, and governments

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