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GSM Test 1 Questions & Answers 2024/2025
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GSM Test 1 Questions & Answers 2024/2025 What are the elements of a good strategy? - ANSWERS-Analysis: Diagnosis of the competitive challenge. Both internal and external environments -Formulation: Guiding Policy to address the competitive challenge resulting in the firm's corporate, busines...

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  • September 26, 2024
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  • 2024/2025
  • Exam (elaborations)
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GSM Test 1 Questions & Answers
2024/2025

What are the elements of a good strategy? - ANSWERS-Analysis: Diagnosis of the competitive challenge.
Both internal and external environments



-Formulation: Guiding Policy to address the competitive challenge resulting in the firm's corporate,
business, and functional strategies



-Implementation: A set of coherent actions to implement the firm's guiding policy. Accomplished
through strategy implementation.



How is competitive advantage different from competitive parity? - ANSWERSCompetitive advantage is
superior performance relative to other competition in the same industry. Competitive parity is the
performance of two or more firms at the same level.



How can a firm gain and sustain competitive advantage? - ANSWERSStake out a unique position within
an industry to provide value to customers, while controlling costs. The greater the difference between
value and cost, the more likely it will gain a competitive advantage. Performing differing activities or
performing the same activities different than your rivals.



What are some of the sources of a firm's competitive advantage? - ANSWERSBrand popularity

High volume production

Access to Capital

Corporate Reputation

Strong research and innovation

Strategic Assets

Barriers to Entry

Superior Product

Speed and Time

, Exclusive Distribution Rights

Flexibility

Low Pricing



Why is it important for firms in the same industry to choose distinct strategic positions? - ANSWERSSo
the firm can provide value to their customers while controlling costs. Even if two firms compete in the
same industry, both can win if they have a distinct and well-executed competitive strategy. You can
provide value to customers in different ways (lower prices or better service or better selection).



Discuss the major hallmarks described in Chapter 1 of what strategy is NOT. - ANSWERS-Grandiose
Statements("our strategy is to win" "we will be number 1")

-Failure to Face A Competitive Challenge (Blockbuster), managers must know whether they are making
progress in addressing the challenge

-Operational Effectiveness, competitive benchmarking, or other tactical tools. These support competitive
strategy, but are not sufficient to sustain it



What are the factors that determine firm performance? - ANSWERSIndustry Effects and Firm Effects



What is the relationship between firm effects and industry effects? - ANSWERS-Industry Effects: Describe
the underlying economic structure of the industry. Determined by elements common to all industries.
Ex: Entry and exit barriers, number and size of companies, types of products and services offered

-Firm Effects: Firm performance is attributed to managerial actions

-20% depends on industry effects

-55% depends on the firm's strategy



Provide examples of a firm's internal and external stakeholders. - ANSWERSInternal: stockholders,
employees, board members

External: customers, suppliers, alliance partners, creditors, unions, communities, media, and
governments



How can effective stakeholder management benefit firm performance? - ANSWERS1. Cooperation and
information availability

2. Lowered costs

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