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BCOR 2304 Midterm Questions and Correct Answers 2024/2025 | Graded A+
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BCOR 2304 Midterm Questions and Correct Answers 2024/2025 | Graded A+
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BCOR 2304 MidtermStrategic management - ANSis the integrative management field that combines analysis,
formulation, and implementation in the quest for competitive advantage.
strategy - ANSis a set of goal-directed actions a firm takes to gain and sustain superior
performance relive to competitors
Good Strategy - ANSenables a firm to achieve superior performance and sustainable
competitive advantage relative to competitors
Three elements of good strategy - ANS1. 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 - ANSAccomplished through ANALYSIS of firm's
external and internal environments
A guiding policy to address the completive challenge - ANSAccomplished 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 - ANSAccomplished through
strategy IMPLEMENTATION
competative advantage - ANSsuperior performance relative to other competitors in the same
industry or industry average
sustainable competitive advantage - ANSoutperforming competitors or the industry average
over a prolonged period of time
Competitve Disadvantage - ANSunderperformance relative to other competitors in the same
industry or the industry average
Competive parity - ANSperformance of two or more firms at the same level
Value creation - ANSOccurs 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 - ANSorganizations, groups, and individuals that can affect or are affected by a
firm's actions
, Stakeholder Strategy - ANSan integrative approach to managing a diverse set of stakeholders
effectively in order to gain and sustain competitive advantage
Stakeholder Impact Analysis - ANSa 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
Stakeholder attributes - ANSpower, legitimacy, urgency
A stakeholder has power over a company... - ANS...when it can get the company to do
something that it would not otherwise do
A stakeholder has a legitimate claim... - ANS...when it is perceived to be legally valid or
otherwise appropriate
A stakeholder has an urgent claim when - ANS...it requires a company's immediate attention
and response
Stakeholder Impact Analysis - ANS1. 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) - ANSa 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.
CSR components - ANSeconomic, legal, ethical, philanthropic
Effectively managing the strategy process is the result of... - ANS1. Analysis (A)
2. Formulation (F)
3. Implementation (I)
Strategic leadership and strategy process - ANSWhat roles do strategic leaders play? What are
the firm's vision, mission, and values? What is the firm's process for creating strategy and how
does strategy come about?
External Analysis - ANSWhat effects do forces in the external environment have on the firm's
potential to gain and sustain a competitive advantage? How should the firm deal with them?
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