Strategic Management Quiz 1 Exam
Questions With Verified Answers.
Strategic management: - answer✔✔an integrative management field that combines analysis,
formulation, and implementation in the quest for competitive advantage
strategy: - answer✔✔blueprint for achieving success; understanding how one firm can be more
successful than another
a good strategy consists of three elements: - answer✔✔diagnosis, guiding policy, set of coherent
actions
competitive advantage: - answer✔✔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: - answer✔✔outperforming competitors or the industry
average over a prolonged period of time
competitive disadvantage: - answer✔✔underperformance relative to other competitors in the
same industry or the industry average
competitive parity: - answer✔✔performance of two or more firms at the same level
what influences a firm's strategy? - answer✔✔external environment, internal factors, firm
stakeholders, mission/strategic intent
industry effects: - answer✔✔describe the underlying economic structure of the industry and
attribute firm performance to the industry in which the firm competes
firm effects: - answer✔✔attributes firm performance to the actions managers take
black swan events - answer✔✔incidents that describe highly improbable but high-impact events
stakeholders: - answer✔✔organizations, groups, or individuals that can affect or are affected by
a firm's actions
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