SEVI 3013 EXAM BUNDLE QUETIONS & ANSWERS 100% CORRECT!

Strategic management 3 steps - ANSWERSanalysis, decisions, actions Strategy - ANSWERSthe ideas, decisions, and actions that enable a firm to succeed Strategy characteristics - ANSWERSit is about choices and is focused on the future Strategic management 3 steps key activities performed - ANS...

Strategic Competitiveness - ANSWERSFirms achieve this by formulating and implementing a value creating strategy Strategy - ANSWERSAn integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage Competitive Advantage - ANSWERSA...

What is Strategy? - ANSWERSis an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain competitive advantage An effective strategy enables what? - ANSWERSenables firm to exploit competencies in a way that differentiates itself from competitors ...

strategic competitiveness - ANSWERSachieved when a firm successfully formulates and implements a value-creating strategy strategy - ANSWERSan integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage competitor analysis - A...

Strategic Action - ANSWERSa market-based move that involves a significant commitment of organizational resources and is difficult to implement and reverse Tactical action - ANSWERSa market-based move that is taken to fine-tune a strategy; it involves fewer resources and is relatively easy to impl...

who you define as your competition also depends on - ANSWERSyour industry boundary What is an Industry? - ANSWERS- Set of firms that produce similar products. - Industry boundaries can change rapidly, typically not always as result, off innovation. - industries not always well defined When ...

Corporate governance - ANSWERSthe set of mechanisms used to manage the relationships among stakeholders and to determine and control the strategic direction and performance of organizations how is corporate governance used to monitor and control managers' decisions? - ANSWERSit includes oversi...

What is strategy and what are its characteristics? - ANSWERS What are the three steps of strategic management? What key activities are performed at each step of the process? - ANSWERS- Analysis: Strategic goals (vision, mission, objectives) - Decisions: Formulation - Actions: Implementation of ...

Strategy - ANSWERSIs a set of goal-directed actions a firm takes to gain a sustain superior performance relative to competitors. Why is Strategy Important? - ANSWERSEffective Strategy enables a firm to exploit core competencies in a way that differentiates itself from competitors - enabling the f...

What is Business Model? - ANSWERSDescribes what a firm does to create, deliver, and capture value for its stakeholders How is Business Model Related to Strategy? - ANSWERSA company's business model is a part of its business' overall strategy. It is a component in how the company plans to ac...

General Environment - ANSWERSComposed of dimensions in the broader society that influence an industry and the firms within it Dimensions of the General Environment - ANSWERS1. Demographic 2. Economic 3. Political/legal 4. Sociocultural 5. Technological 6. Global 7. Sustainable physical envi...

Strategy - ANSWERSSet of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors The way something is done - ANSWERSPurpose Plan of action - ANSWERSGoal Strategic Management - ANSWERSCombines analysis, formulation, and implementation in the quest ...

Understand the Build-Borrow-Buy framework and be able to discuss its implications for decisions on acquiring resources and capabilities - ANSWERSa conceptual model that aids strategic leaders in deciding whether to pursue internal development (build), enter a contractual arrangement or strategic all...

A firm's ability to manufacture unique products in small quantities at low cost is known as - ANSWERSmass customization Which of the following are pitfalls of using a focus strategy? - ANSWERSNew competitors may enter lucrative niche markets. Cost advantages for the focus segment may become e...