Exam (elaborations)
MGMT 680 TAMU Exam 1 Questions with correct Answers
- Course
- Institution
MGMT 680 TAMU Exam 1
[Show more]
Content preview
MGMT 680 TAMU Exam 1strategic competitiveness - answer achieved when a firm successfully formulates and
implements a value-creating strategy
strategy - answer integrated and coordinated set of commitments and actions designed
to exploit core competencies and gain a competitive advantage
competitive advantage - answer occurs when a firm implements a strategy that creates
superior value for customers and competitors that is unable to duplicate or too costly to
imitate, can be measured or proved
above average returns - answer returns in excess of what an investor expects to earn
form other investments with a similar amount of risk
risk - answer investor’s uncertainty about the economic gains or losses that will result
from a particular investment
average returns - answer returns equal to those an investor expects to earn from other
investments with a similar amount of risk
strategic management process - answer full set of commitment, decisions, and actions
required for a firm to achieve strategic competitiveness and earn above average returns
global economy - answer economy in which goods, services, people, skills, and ideas
move freely across borders
strategic flexibility - answer set of capabilities used to respond to various demands and
opportunities existing in a dynamic and uncertain competitive environment
resources - answer inputs into a firm's production process such as capital equipment,
skills of employees, patents, finances, and talented managers
capability - answer capacity for a set of resources to perform a task or an activity in an
integrative manner
core competencies - answer capabilities that serve as a source of competitive
advantage for a firm over rivals
vision - answer picture of what a firm wants to be and what it wants to achieve
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller jw638729. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now