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Strategic Management Exam Questions With Correct Answers

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©THEBRIGHT EXAM SOLUTIONS 11/05/2024 12:06 PM Strategic Management Exam Questions With Correct Answers What is competitive advantage? - answera firm that formulates and implements a strategy that leads to superior performance relative to other competitors in the same industry or the industry ...

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  • November 12, 2024
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  • Strategic Management
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©THEBRIGHT EXAM SOLUTIONS

11/05/2024 12:06 PM



Strategic Management Exam Questions With
Correct Answers

What is competitive advantage? - answer✔a firm that formulates and implements a strategy that leads
to superior performance relative to other competitors in the same industry or the industry average

What are the levels of strategy formulation? - answer✔corporate, business, functional

What is the difference between corporate and business strategies? - answer✔Corporate strategy is
formulated at headquarters and business strategy occurs within strategic business units

Mission statements - answer✔describes what the organization actually does --the products and services
it plans to provide and the markets in which it plans to compete

Strategy as planned emergence - answer✔describes any unplanned strategic initiative undertaken by
mid-level employees of their own volition

Mintzberg's Planning Framework - answer✔Design intended strategy; when unpredictable events occur
unrealized strategies; bottom-up emergent strategy; realized strategy

PESTEL Framework - answer✔Allows firm to look at external environment: political, economic, socio-
cultural, technological, ecological, legal; factors are interdependent

Economic factors - answer✔- growth rates

- interest rates

- levels of employment

- price stability

- currency exchange rates

socio-cultural factors - answer✔society's cultural norms, values, and cultures; ex) ppl become more
health conscience

technological factors - answer✔capture the application of knowledge to create new processes and
products

ecological factors - answer✔concern broad environmental issues such as natural environment, global
warming, and sustainable economic growth

, ©THEBRIGHT EXAM SOLUTIONS

11/05/2024 12:06 PM

legal factors - answer✔outcomes of the political processes manifested in laws, mandates, regulations,
and court decisions

Industry - answer✔group of companies offering similar products or services

structure-conduct-performance (SCP) model - answer✔theoretical framework, developed in industrial-
organization economics, explains differences in industry performance; underlying industry structure
determines firm conduct

fragmented industry structures - answer✔small firms trying to generate low profitability

consolidated industry structures - answer✔dominated by a few firms which are highly profitable

Four main industry types - answer✔1) perfect competition

2) monopolistic competition

3) oligopoly

4) monopoly

Perfect competition - answer✔many small firms, commodity product, easy entry, little or no ability for a
firm to raise its prices

monopolistically competitive - answer✔many firms, differentiated product, some obstacles to entry,
basis for raising prices is pretty unique product while retaining customers

Oligopoly - answer✔"few sellers"; few (large) firms, differentiated products, high barriers to entry, some
degree of pricing power



- firms are interdependent

- analyzed using game theory

Monopoly - answer✔only one firm supplying the market; many barriers to entry, considerable pricing
power

the 5 forces model - answer✔1) threat of entry

2) power of suppliers

3) power of buyers

4) threat of substitutes

5) rivalry among existing competitors

Threat of entry - answer✔barriers/obstacles that determine how easily a firm can enter an industry

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