Strategic Management 4380 Exam 1 Actual Real Practice Exam Questions And Detailed Answers.
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Module
SCM 4380
Institution
SCM 4380
Competitive advantage - correct answer an advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices
is created when a firm provides something of value to customer...
Strategic Management 4380 Exam 1
Competitive advantage - correct answer an advantage over competitors gained by
offering greater customer value, either by having lower prices or providing more benefits that justify
higher prices
is created when a firm provides something of value to customers at lower cost & equal value, or...
Of greater value
sustainable competitive advantage - correct answer occurs when a firm implements
a value-creating strategy of which other companies are unable to duplicate the benefits or find it too
costly to imitate.
Business Strategy - correct answer A leadership plan that achieves a specific set of
goals or objectives
identifies how a division or strategic business unit will compete in its product or service domain
Distinguishing strategy from tactics: - correct answer -Strategy is the overall plan for
deploying resources to establish a favorable position
-Tactic is a scheme for a specific maneuver
Characteristics of strategic decisions: - correct answer -Important
-Involve a significant commitment of resources
-Not easily reversible
Strategy - correct answer •Positioning
Performing different activities from rivals
Performing similar activities in different ways
, •Requires trade-offs
•Requires "fit" among activities
Simple Consistency
Reinforcing
Optimization of effort
Simple consistency - correct answer
Reinforcing Fit - correct answer
Optimization of effort fit - correct answer cut out redundancies
Improve the manner in which internal business processes are executed so that a firm performs similar
activities better than its rivals
Operational Effectiveness
-Know how it's not strategy - correct answer How well you do the "activities"
specified in the strategic plan (quicker, efficient)
An example of an activity is flame broil vs flat grill
- Porter says you need to be different from your competitors to be successful not just be the best at
what you do.
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