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BA 676 Strategic Management Exam one questions with correct answers With Complete Solution
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BA 676 Strategic Management Exam one questions with correct answers With Complete Solution
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BA676
Strategic
Management
Exam
one
3
ways
absolute
cost
advantage
arises
-
✔✔
-1)
superior
production
operations
and
processes
due
to
accumulated
experience,
patents,
or
trade
secrets;
(2)
control
of
particular
inputs
required
for
production,
such
as
labor ,
materials,
equipment,
or
management
skills,
that
are
limited
in
supply;
and
(3)
access
to
cheaper
funds
because
existing
companies
represent
lower
risks
than
new
entrants.
4
main
strategies
that
that
managers
compare
and
contrast.
-
✔✔
-1.
Business-Level
2.
Functional-Level
3.
Global
4.
Corporate-level
4
primary
macroeconomic
forces
are
the
growth
rate
of
the
-
✔✔
-economy ,
interest
rates,
currency
exchange
rates,
and
inflation
(or
deflation)
rates.
5
stages
of
the
industry
life
cycle
-
✔✔
-1.
Embryonic
2.
Growth
3.
Shakeout
4.
Mature
5.
Decline
A
business
model
is
managers'
conception
of
how
-
✔✔
-the
set
of
strategies
their
company
pursues
work
together
as
a
congruent
whole,
enabling
the
company
to
gain
a
competitive
advantage
A
business
unit
is
a
-
✔✔
-self-contained
division
with
its
own
functions
(for
example,
finance,
purchasing,
production,
and
marketing
departments)
that
provides
a
product
or
service
for
a
particular
market.
A
company
has
a
sustained
competitive
advantage
when
its
strategies
-
✔✔
-enable
it
to
maintain
above-average
profitability
and
profit
growth
for
a
number
of
years.
A
company
is
said
to
have
a
competitive
advantage
over
its
rivals
when
its
-
✔✔
-profitability
and
profit
growth
are
greater
than
the
average
of
other
companies
competing
for
the
same
set
of
customers. A
consolidated
industry
-
✔✔
-is
dominated
by
a
small
number
of
large
companies
(an
oligopoly)
A
fragmented
industry
consists
of
a
-
✔✔
-large
number
of
small
or
medium-sized
companies,
none
of
which
is
in
a
position
to
determine
industry
price.
a
functional
manager's
sphere
of
responsibility
is
generally
confined
to
-
✔✔
-one
organizational
activity ,
whereas
general
managers
oversee
the
operation
of
an
entire
company
or
division.
absolute
cost
advantage
relative
to
potential
entrants,
meaning
that
-
✔✔
-entrants
cannot
expect
to
match
the
established
companies'
lower
cost
structure.
Advanced
factors
of
production
are
-
✔✔
-as
process
knowledge
(capabilities),
organizational
architecture,
and
intellectual
property .
For
example,
Coca-Cola
has
been
very
successful
over
a
prolonged
period
in
the
carbonated
beverage
business.
Coca-Cola's
factors
of
production
include
not
just
labor ,
land,
management,
plants,
and
equipment,
but
also
the
process
knowledge
about
how
to
develop,
produce,
and
sell
carbonated
beverages.
An
industry
can
be
defined
as
a
-
✔✔
-group
of
companies
offering
products
or
services
that
are
close
substitutes
for
each
other—that
is,
products
or
services
that
satisfy
the
same
basic
customer
needs
Availability
error ,
another
common
bias,
arises
from
our
predisposition
to
-
✔✔
-estimate
the
probability
of
an
outcome
based
on
how
easy
the
outcome
is
to
imagine.
For
example,
more
people
seem
to
fear
a
plane
crash
than
a
car
accident,
yet
statistically
one
is
far
more
likely
to
be
killed
in
a
car
Barriers
to
inimitable
-
✔✔
-1.
Path
dependency
2.
Causal
ambiguity
3.
Social
complexity
4.
Organizational
inertia
Basic
factors
of
production
are
-
✔✔
-land,
labor ,
managers,
property ,
and
equipment
Business-level
strategies
-
✔✔
-encompass
the
business's
overall
competitive
theme,
the
way
it
positions
itself
in
the
marketplace
to
gain
a
competitive
advantage,
and
the
different
positioning
strategies
that
can
be
used
in
different
industry
settings
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