Globus Exam 1 2023 with 100% correct answers

strategic management integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage strategy the set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors good strategy enable a firm to achieve superior performance relative to its competitors. Consisted of 1) a diagnosis of the competitive challenge. 2) a guiding policy to address the competitive challenge. 3) a set of coherent actions to implement a firm's guiding policy competitive advantage superior performance relative to other competitors in the same industry or the industry average sustainable competitive advantage outperforming competitors or the industry average over a prolonged period of time competitive disadvantage under performance relative to other competitors in the same industry or the industry average competitive parity performance of two or more firms at the same level vision a statement about what an organization ultimately wants to accomplish; captures the company's aspirations mission Description of what an organization actually does—the products and services it plans to provide, and the markets in which it will compete. core values statement statement of principles to guide an organization as it works to achieve its vision and fulfill its mission, for both internal conduct and external interactions; it often includes explicit ethical considerations organizational core values ethical standards and norms that govern the behavior of individuals within a firm or organization Product-Oriented Vision Statements defines a business in terms of a good or service provided customer oriented vision statement defines a business in terms of providing solutions to customer needs AFI strategy framework A model that links three interdependent strategic management tasks—analyze, formulate, and implement—that, together, help managers plan and implement a strategy that can improve performance and result in competitive advantage. 1) explains and predicts differences in firm performance 2)helps managers formulate and implement a strategy that can result in superior performance