BUSI 4609 Exam Questions Correctly Answered.
When is strategic competitiveness achieved? - CORRECT ANSWER when a firm successfully formulates and implements a value-creating strategy
What is strategy? - CORRECT ANSWER an integrated and coordinated set of commitments and actions designed to ...
BUSI 4609 Exam Questions Correctly
Answered.
When is strategic competitiveness achieved? - CORRECT ANSWER when a firm successfully formulates
and implements a value-creating strategy
What is strategy? - CORRECT ANSWER an integrated and coordinated set of commitments and actions
designed to exploit core competencies and gain a competitive advantage
What does a chosen strategy indicate? - CORRECT ANSWER what the firm will do as well as what the
firm will not do
When does a firm have a competitive advantage? - CORRECT ANSWER when it implements a strategy
that creates superior value for customers and that competitors are unable to duplicate or find it too
costly to try to imitate
What are above average returns? - CORRECT ANSWER returns in excess of what an investor expects to
earn from other investments with a similar amount of risk
What is risk? - CORRECT ANSWER an investor's uncertainty about the economic gains or losses that will
result from a particular investment
What are average returns? - CORRECT ANSWER returns equal to those an investor expects to earn from
other investments with a similar amount of risk
What is the strategic management process? - CORRECT ANSWER The full set of commitments, decisions,
and actions required for a firm to achieve strategic competitiveness and earn above-average returns.
What is hypercompetiton? - CORRECT ANSWER Competition that is excessive such that it creates
inherent instability and necessitates constant disruptive change for firms in the competitive landscape.
,What is a global economy? - CORRECT ANSWER One in which goods, services, people, skills, and ideas
move freely across geographic borders
What is globalization? - CORRECT ANSWER the increasing economic interdependence among countries
and their organizations as reflected in the flow of goods and services, financial capital, and knowledge
across country borders
Categories of technology-related trends and conditions - CORRECT ANSWER technology diffusion and
disruptive technologies, the information age, and increasing knowledge intensity
What is strategic flexibility? - CORRECT ANSWER a set of capabilities used to respond to various
demands and opportunities existing in a dynamic and uncertain competitive environment
I/O - CORRECT ANSWER Industrial organization
What is the (I/O) model of above-average returns? - CORRECT ANSWER 1. Study the external
environment, especially the industry environment.
2. Locate an industry with high potential for above average returns.
3. Identify the strategy called for by the attractive industry to earn above average returns.
4. Develop or acquire assets and skills needed to implement the strategy.
5. Use the firm's strengths (its developed or acquired assets and skills) to implement the strategy.
What are resources? - CORRECT ANSWER inputs into a firm's production process, such as capital
equipment, the skills of individual employees, patents, finances, and talented managers
What is a capability? - CORRECT ANSWER the capacity for a set of resources to perform a task or an
activity in an integrative manner
What are core competencies? - CORRECT ANSWER capabilities that serve as a source of competitive
advantage for a firm over its rivals
, What is the resource-based model of above-average returns? - CORRECT ANSWER 1. Identify the firm's
resources. Study its strengths and weaknesses compared with those of competitors.
2. Determine the firm's capabilities. What do the capabilities allow the firm to do better than its
competitors?
3. Determine the potential of the firm's resources and capabilities in terms of a competitive advantage.
4. Locate an attractive industry.
5. Select a strategy that best allows the firm to utilize its resources and capabilities relative to
opportunities in the external environment.
What is a vision? - CORRECT ANSWER a picture of what the firm wants to be and, in broad terms, what
it wants to ultimately achieve
What does a mission do? - CORRECT ANSWER specifies the businesses in which the firm intends to
compete and the customers it intends to serve
Who are stakeholders? - CORRECT ANSWER the individuals, groups, and organizations that can affect
the firm's vision and mission, are affected by the strategic outcomes achieved, and have enforceable
claims on the firm's performance.
Types of Stakeholders - CORRECT ANSWER capital market, product market, organizational
Who are capital market stakeholders? - CORRECT ANSWER shareholders and major suppliers of capital
(e.g., banks)
Who are product market stakeholders? - CORRECT ANSWER primary customers, suppliers, host
communities, unions
Who are organizational stakeholders? - CORRECT ANSWER employees, managers, nonmanagers
Who are strategic leaders? - CORRECT ANSWER people located in different areas and levels of the firm
using the strategic management process to select strategic actions that help the firm achieve its vision
and fulfill its mission
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