Exam (elaborations)
Business Strategy Mid-Term: Ch. 1-6 questions with correct answers
- Course
- Institution
Business Strategy Mid-Term: Ch. 1-6 questions with correct answers
[Show more]
Content preview
Business Strategy Mid-Term: Ch. 1-6mission, objectives, external & internal analysis, strategic choice, strategy implementation, and
competitive advantage - correct answer ✔✔Strategic Management Process: components in order
Mission - correct answer ✔✔Defines the organization's purpose or reason for existence. Guides each
step of the process.
Objectives - correct answer ✔✔concrete and clear in action and/or target. Precise and measurable.
External Analysis - correct answer ✔✔identify environmental opportunities and threats (SWOT)
internal analysis - correct answer ✔✔identify internal strengths and weaknesses (VRIO)
Strategic choice - correct answer ✔✔to gain competitive advantage
Business Level strategy - correct answer ✔✔how to achieve competitive advantage in a particular
business.
cost leadership and product differentiation - correct answer ✔✔Examples of business level strategies (2)
corporate level strategy - correct answer ✔✔competitive advantage in multiple markets
diversification, global strategies,merger, strategic alliances, and vertical integration, - correct answer
✔✔Examples of corporate level strategies (5)
Organizational structure, management control systems, and compensation policies - correct answer
✔✔Strategy implementation: How strategies are executed (3)
, competitive advantage - correct answer ✔✔ability to create more economic value than competitors
relative, determined in relation to other companies, and customers demonstrate a preference for the
firm's offering. - correct answer ✔✔Competitive advantage characteristics (3)
strategy - correct answer ✔✔firms theory about how to gain competitive advantage
economic value - correct answer ✔✔the difference between the perceived benefits of the product or
service and the full economic cost of the product or service
nordstrom vs. wal- mart - correct answer ✔✔Example of economic value
EV = perceived benefits - total economic costs - correct answer ✔✔Economic value Formula is__
competitive disadvantage - correct answer ✔✔less economic value than competitors; negative
reputation
competitive parity - correct answer ✔✔similar economic value as competitors; firm's offerings are
average
CA results in high profit, profits attract competition, competition limits duration of the competitive
advantage, short term and imitable - correct answer ✔✔characteristics of temporary competitive
advantage (4)
traditional economic theory and perfect competition - correct answer ✔✔When do you obtain a
temporary competitive advantage?
external and internal factors that limit competition i.e. imitation - correct answer ✔✔sustained
competitive advantage characteristic
strategic management and imperfect competition - correct answer ✔✔When do you obtain a sustained
competitive advantage?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75860 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now