Exam (elaborations)
Exam (elaborations) Strategic Management
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ENTAILS QUESTIONS AND ANSWERS
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Test Bank for Strategic Management ACompetitive Advantage Approach,
Concepts and Cases (Global Edition)
16th Edition By Fred David, Forest David
(All Chapters, 100% Original Verified, A+
Grade)
, Five parts of strategy - CORRECT ANSWERS-Arenas-which businesses is the firm
going to market/compete in? vehicles-how they get market entry (investment, loans,
partner), differentiation-high quality, low price,
Staging-sequencing and timing of investments,
Economic logic-how profits will be generated above the cost of capital
Competitive advantage - CORRECT ANSWERS-resources and capabilities that enable
an organization to overcome the competitive forces in an industry
Strategy analysis - CORRECT ANSWERS-Study of firms' external and internal
environments, and their fit with organizational vision and goals
Strategy formulation - CORRECT ANSWERS-Decisions made by firms regarding
investments, commitments, and other aspects of operations that create and sustain
competitive advantage.
Strategy implementation - CORRECT ANSWERS-Actions made by firms that carry out
the formulated strategy, including strategic controls, organizational design, and
leadership
Stakeholder - CORRECT ANSWERS-Individuals, groups, and organizations that have a
stake in the success of the organization, including owners, employees, customers,
suppliers, and the community at large.
Triple bottom line - CORRECT ANSWERS-Assessment of a firm's financial, social, and
environmental performance
Organizational vision - CORRECT ANSWERS-Organizational goals that evoke powerful
and compelling mental vision
Mission statement - CORRECT ANSWERS-A set of organizational goals that includes
the purpose of the organization, its scope of operations, and the basis of its competitive
advantage
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