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Badm 449 Exam 1 Questions & Detailed Answers 2024
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Badm 449 Exam 1 Questions & Detailed Answers 2024
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Badm 449 Exam 1 Questions & DetailedAnswers 2024
What is competitive advantage? - ANS superior performance relative to
competitors
What is sustainable competitive advantage? - ANS occurs when a firm implements
a value-creating strategy of which other companies are unable to duplicate the
benefits or find it too costly to imitate
What is strategy? - ANS goal-directed actions to gain and sustain competitive
advantage. Not necessarily a zero-sum game; includes win-win scenarios and co-
opetition
Co-opetition - ANS collaborative efforts among competitors for mutual gain
Trade-offs - ANS must be made for strategic positioning. examples: low cost vs.
upscale; or low cost vs. stuck in the middle
What are the similarities and differences in the three classic definitions of strategy
by Schelling, Chandler, and Quinn? - ANS Schelling's definition is focused on
competition. Chandler's definition is focused on internal factors. Quinn's definition
encompasses internal, external, and competition
,What four elements are involved in the strategic management process? - ANS 1.
Analysis
2. Formulation
3. Implementation
4. Feedback
What is our textbook's definition of strategy? - ANS the quest to create, capture,
and sustain competitive advantage
What should the firm seek in its activities? - ANS a set of activities to stake out a
unique position
What kind of commitments are needed for a firm to seek out its strategy? - ANS
long term commitments that are not easily reversible
What are the three key drivers of economic value? - ANS 1. Cost
2. Revenue
3. Risk
Industry vs. firm effects, which tend to be stronger? - ANS in performance, firm
effects are ~15% stronger than industry effects
Firm effects - ANS astute managers create superior performance by making
important trade-offs
, What is the key question for corporate strategy? - ANS Where to compete?
What is the key question for business strategy? - ANS How to compete?
What is the key question for functional strategy? - ANS How to implement?
Examples of corporate level strategy - ANS vertical integration, diversification,
strategic alliances, acquisitions, new ventures, restructuring
Examples of business level strategy - ANS cost leadership, differentiation, focus
Examples of functional level strategy - ANS manufacturing, materials management,
human resources, marketing, R&D, operations management
What evidence is there that technological change is indeed accelerating? - ANS 84
years for over half of US families to own a car
28 years for half to own a TV
19 years for half to own a PC
6 years for half to own an MP3 player
*As time goes on, the time it takes for more people to own new technology is
rapidly decreasing
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