SEVI 3013 Exam 1 QUESTIONS & ANSWERS 100% CORRECT!
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Course
SEVI 3013
Institution
SEVI 3013
Strategy - ANSWERSSet of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors
The way something is done - ANSWERSPurpose
Plan of action - ANSWERSGoal
Strategic Management - ANSWERSCombines analysis, formulation, and implementation in the quest...
SEVI 3013 Exam 1 QUESTIONS &
ANSWERS 100% CORRECT!
Strategy - ANSWERSSet of goal-directed actions a firm takes to gain and sustain
superior performance relative to competitors
The way something is done - ANSWERSPurpose
Plan of action - ANSWERSGoal
Strategic Management - ANSWERSCombines analysis, formulation, and
implementation in the quest for competitive advantage
, Tesla's Guiding Policy - ANSWERSCost competitive mass market vehicle, investments
in lithium ion battery production
Tesla's Coherent Actions - ANSWERSRamp up production to achieve economies of
scale, new factory in Shanghai, make some proprietary tech available to public
How to gain competitive advantage - ANSWERSProvide goods or services that
1. Consumers value more highly than competitors OR
2. Are similar but at a lower price
Why is it important for a firm to establish a unique strategic positioning? -
ANSWERSEnhances likelihood of competitive advantage
Unique Strategic Positioning - ANSWERSProvide value and effectively manage costs
Stakeholders - ANSWERSOrganizations, groups, and individuals that can affect or are
affected by a firm's actions
Internal stakeholders - ANSWERSEmployees, stockholders, board members
Stakeholder strategy - ANSWERSIntegrative approach to managing a diverse set of
stakeholders effectively in order to gain and sustain competitive advantage
Characteristics of stakeholders - ANSWERS1. POWER
2. LEGITIMACY
3. URGENCY
Pyramid of social responsibility - ANSWERS(Top to bottom)
Philanthropic
Ethical
Legal
Economic
Perceptual acuity - ANSWERSdetecting early warning signals, keeping pace with
changes in the external environment can sustain a competitive advantage
What is a SWOT analysis for - ANSWERSAnalyzing the firm (SW) and industry
conditions (OT)
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