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Exam (elaborations)

BSG Exam 1 With 100% Correct And Verified Answers

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  • BSG
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  • BSG

BSG Exam 1 With 100% Correct And Verified Answers

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  • October 16, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BSG
  • BSG
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Vendarsol
BSG Exam 1 With 100% Correct And
Verified Answers
Strategic Competitiveness - Correct Answer-When a firm successfully
formulates and implements a value-creating strategy.

Strategy - Correct Answer-An integrated and coordinated set of
commitment and actions designed to exploit core competencies and gain
a competitive advantage.

Competitive Advantage - Correct Answer-When a firm implements a
strategy that its competitors are unable to duplicate or find too costly to
try to imitate.

Risk - Correct Answer-An investor's uncertainty about the economic gains
or losses that will result from a particular event.

Average Returns - Correct Answer-Returns equal to those an investor
expects to earn from other investments with a similar amount of risk.

Above-average returns - Correct Answer-Returns in excess of what an
investor expects to earn from other investments with a similar amount.

Strategic Management Process - Correct Answer-A full set of
commitments, decisions, and actions required for a firm to achieve
strategic competitiveness.

Dominance of the External Environment - Correct Answer-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 - Correct Answer-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.


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, 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: - Correct
Answer-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: - Correct Answer-the returns on other
investments of similar risk..

The strategic management process is: - Correct Answer-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? - Correct Answer-Resources to implement
strategies are not highly mobile across firms.

Vision - Correct Answer-A picture of what the firm wants to be and in
broad terms, what it wants to ultimately achieve.

Mission - Correct Answer-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 - Correct Answer-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: - Correct Answer-1. How to
divide returns to keep stakeholders involved.
2. How to increase returns so everyone has more to
share?



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