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BSG Exam 1|91 Answered Questions/100% Accurate!!
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BSG Exam 1|91 Answered Questions/100%Accurate!!
Strategic Competitiveness - -When a firm successfully formulates and
implements a value-creating strategy.
-Strategy - -An integrated and coordinated set of commitment and actions
designed to exploit core competencies and gain a competitive advantage.
-Competitive Advantage - -When a firm implements a strategy that its
competitors are unable to duplicate or find too costly to try to imitate.
-Risk - -An investor's uncertainty about the economic gains or losses that
will result from a particular event.
-Average Returns - -Returns equal to those an investor expects to earn from
other investments with a similar amount of risk.
-Above-average returns - -Returns in excess of what an investor expects to
earn from other investments with a similar amount.
-Strategic Management Process - -A full set of commitments, decisions, and
actions required for a firm to achieve strategic competitiveness.
-Dominance of the External Environment - -Industry in which a firm
competes has a stronger influence on the firm's performance that do the
choices managers make inside their organizations.
-4 Assumptions of the I/O Model - -External environment imposes pressures
and constraints that determine strategies leading to above average returns.
Most firms competing in an industry control similar strategically relevant
resources and pursue similar strategies.
Resources used to implement strategies are highly mobile across firms.
Organizational decision makers are assumed to be rational and committed to
acting in the firm's best interest (Profit-Maximizing)
-A sustained or sustainable competitive advantage requires that: - -other
companies not be able to duplicate the strategy.
-Investors in a company judge the adequacy of the returns on their
investment in relation to: - -the returns on other investments of similar risk..
-The strategic management process is: - -a dynamic process involving the
full set of commitments, decisions, and actions related to the firm.
, -Which of the following is NOT an assumption of the Industrial Organization,
or I/O, model? - -Resources to implement strategies are not highly mobile
across firms.
-Vision - -A picture of what the firm wants to be and in broad terms, what it
wants to ultimately achieve.
-Mission - -Specifies the business(es) in which the firm intends to compete
and the customers it intends to serve. More concrete than the firm's vision.
-Stakeholders - -Individuals/groups who can affect/are affected by, the
strategic outcomes achieved and who have enforceable claims on a firm's
performance.
-Two issues that affect the extent of stakeholder involvement in the firm: - -
1. How to divide returns to keep stakeholders involved.
2. How to increase returns so everyone has more to share?
-Which of the following is NOT an assumption of the resource-based model?
- -All firms possess the same strategically relevant resources.
-In contrast to the industrial organization model, in a resource-based model,
which of the following factors would be considered a key to organizational
success? - -loyal employees.
-The resource-based model of the firm argues that: - -resources that are
valuable, rare, costly to imitate, and non-substitutable form the basis of a
firm's core competencies.
-The I/O model and the resource-based view of the firm suggest conditions
that firms should study in order to: - -develop the most effective strategy.
-Strategic mission - -is a statement of a firm's unique purpose and scope of
operations.
-The interests of an organization's stakeholders often conflict, and the
organization must prioritize its stakeholders because it cannot satisfy them
all. The ________ is the most critical criterion in prioritizing stakeholders. - -
power of each stakeholder
-Resources - -Capital equipment
Skills of individual employees
Patents
Finances
Talented Managers
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