) a DIAGNOSIS OF COMPETITIVE CHALLENGE[this is accomplished through analysis of the firm's external and internal environments]
(2) a GUIDING POLICY to address the competitive challenge[this is accomplished through strategy formulation, resulting in the firm's corporate, business, and functional st...
SEVI 3013 Exam 1(100% Correct)
1) a DIAGNOSIS OF COMPETITIVE CHALLENGE[this is accomplished through
analysis of the firm's external and internal environments]
(2) a GUIDING POLICY to address the competitive challenge[this is accomplished
through strategy formulation, resulting in the firm's corporate, business, and functional
strategies]
(3) a SET OF COHERENT ACTIONS to implement the firm's guiding policy[this is
accomplished through strategy implementation] - ANSWERSWhat 3 elements make up
strategy?
Competitive Advantage - ANSWERSA firm that achieves superior performance relative
to other competitors in the same industry or the industry average
(compare the firm to competitors in the same industry, compare firm to industry
average, and the current fiscal year to past years)
Competitive Disadvantage - ANSWERSUnder-performance relative to other competitors
in the same industry or industry average.
- ANSWERSWhat are factors that lead to a competitive disadvantage?
sustainable competitive advantage must be valuable, rare, imperfectly inimitable, and
non-substitutable - ANSWERSWhat actions can a firm take to gain competitive
advantage?
- ANSWERSHow does a company gain
Strategy - ANSWERSis a set of actionable goals a firm takes to gain and sustain
superior performance and edge out competitors.
He was going to lose money if he did not allow for local partnerships - ANSWERSThe
snoozy inn SWOT analysis exposed what threat to the owner?
FALSE - ANSWERSPhilanthropic responsibilities is at the base of the CSR pyramid:
true or false?
Strategic management - ANSWERS_______ is best described as an integrative
management field that combines analysis, formulation, and implementation
allowing management to hire employees before having a solid procedure -
ANSWERSWhich of the following isnt a building block of good strategy?
Profitability - ANSWERSvalue chain analysis helps use understand that will optimize
procedures for efficiency and ___________
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