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MGMT 680 TAMU Exam 1 Questions with correct Answers
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MGMT 680 TAMU Exam 1
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MGMT 680 TAMU Exam 1strategic competitiveness - answer achieved when a firm successfully formulates and
implements a value-creating strategy
strategy - answer integrated and coordinated set of commitments and actions designed
to exploit core competencies and gain a competitive advantage
competitive advantage - answer occurs when a firm implements a strategy that creates
superior value for customers and competitors that is unable to duplicate or too costly to
imitate, can be measured or proved
above average returns - answer returns in excess of what an investor expects to earn
form other investments with a similar amount of risk
risk - answer investor’s uncertainty about the economic gains or losses that will result
from a particular investment
average returns - answer returns equal to those an investor expects to earn from other
investments with a similar amount of risk
strategic management process - answer full set of commitment, decisions, and actions
required for a firm to achieve strategic competitiveness and earn above average returns
global economy - answer economy in which goods, services, people, skills, and ideas
move freely across borders
strategic flexibility - answer set of capabilities used to respond to various demands and
opportunities existing in a dynamic and uncertain competitive environment
resources - answer inputs into a firm's production process such as capital equipment,
skills of employees, patents, finances, and talented managers
capability - answer capacity for a set of resources to perform a task or an activity in an
integrative manner
core competencies - answer capabilities that serve as a source of competitive
advantage for a firm over rivals
vision - answer picture of what a firm wants to be and what it wants to achieve
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