strategic management is a(n) _____ field - Answer-Integrative Management
Strategic Management Combines ____ , _______, and _____ in the quest for competitive advantage. - Answer-Analysis, formulation, and implementation
A good strategy is based on three elements - Answer-1 - a diagnosis of th...
WPC 480 Midterm CH1 Exam Questions
and Answers
strategic management is a(n) _____ field - Answer-Integrative Management
Strategic Management Combines ____ , _______, and _____ in the quest for
competitive advantage. - Answer-Analysis, formulation, and implementation
A good strategy is based on three elements - Answer-1 - a diagnosis of the competitive
challenge (analysis)
2 - a guiding policy to address the competitive challenge (formulation)
3 - a set of coherent actions to implement the firm's guiding policy (implementation)
competitive advantage is _____ , not ______. - Answer-Relative, not absolute
to assess competitive advantage, benchmark: - Answer-- compare the firm to
competitors in the same industry
- compare the firm to the industry average
sustainable competitive advantage is when.... - Answer-a firm that is able to outperform
its competitors or the industry average over a prolonged period
competitive disadvantage is when.... - Answer-a firm underperforms
is ROIC of 15% superior? - Answer-depends on the industry
competitive parity is when - Answer-two or more firms perform at the same level
in order to gain competitive advantage, firms should... - Answer-provide goods or
services that consumers value more highly than those of competitors , or are similar to
the competitor at a lower price
the rewards of superior value creation are: - Answer-profitability and market share
strategic positioning is... - Answer-a unique position within an industry that allows the
firm to provide value to customers, while controlling costs
value creation minus costs equal - Answer-economic contribution
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