Strategic Management - Answer-an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage.
Strategy - Answer-The set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors.
Good ...
WPC 480 Ch1 Exam Questions and
Answers
Strategic Management - Answer-an integrative management field that combines
analysis, formulation, and implementation in the quest for competitive advantage.
Strategy - Answer-The set of goal-directed actions a firm takes to gain and sustain
superior performance relative to competitors.
Good Strategy - Answer-1. A diagnosis of the competitive challenge (accomplished
through strategy analysis of the firm's external and internal environments);
2. A guiding policy to address the competitive challenge (accomplished through strategy
formulation, resulting in the firm's corporate, business, and functional strategies);
3. A set of coherent actions to implement the firm's guiding policy (accomplished
through strategy implementation).
Competitive advantage - Answer-Superior performance relative to other competitors in
the same industry or the industry average.
Sustainable competitive advantage - Answer-Outperforming competitors or the industry
average over a prolonged period of time.
Competitive disadvantage - Answer-Underperforming relative to other competitors in the
same industry or the industry average.
Competitive parity - Answer-Performance of two or more firms at the same level.
Industry effects - Answer-Firm performance attributed to the structure of industry in
which the firm competes.
Firm effects - Answer-from performance attributed to the actions managers take.
Black swan events - Answer-incidents that describe highly improbable but high-impact
events.
Stakeholders - Answer-organizations, groups, and individuals that can affect or are
affected by a firm's actions.
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