MGT247 Exam-Questions With Correct Answers/ 100% pass/ Expert Verified
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Course
MGT247
Institution
MGT247
Strategic Management - an integrative management field that combines analysis,
formulation, and implementation in the quest for competitive advantage
Strategy - a set of goal-directed actions a firm takes to gain and sustain superior
performance relative to competitors
Competitive Advantage - s...
MGT247 Exam -Questions With Correct Answers/ 100% pass / Expert Verified Strategic Management - ✔✔an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage Strategy - ✔✔a set of goal -directed actions a firm takes to gain and sustain superior performan ce relative to competitors Competitive Advantage - ✔✔superior performance relative to other competitors in the same industry or the industry average Sustainable Competitive Advantage - ✔✔out-performing competitors or the industry average over a prolonged period 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 Stakeholders - ✔✔organizations, groups, and individuals that can affect or are affected by a firm's actions Stakeholder Strategy - ✔✔an integrative approach to managing a diverse set of stakeholders effectively to gain and sustain competitive advantage Corporate Social Responsibility (CSR) - ✔✔a 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 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; analysis, formulation, and implement ation
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