Exam (elaborations)
J375 Midterm Questions with verified solutions 2025
- Course
- Institution
J375 Midterm Questions with verified solutions 2025
[Show more]
Content preview
J375 Midterm Questions withverified solutions 2025
what is strategic management - answer an integrative
management field that combines analysis, formulation, and
implementation
why do we use strategic management - answer to gain and sustain
competitive advantage
strategy - answer a set of goal-directed actions a firm takes to gain
and sustain superior performance relative to competitors
firm's lifecycle - answer 1. vision
2. analysis
3. innovation
4. implementation
5. feedback/improvement
3 types of strategy - answer -corporate
-business
-functional
corporate strategy - answer -high level decisions about the
organization's approach
-an overall direction towards management of various business units
business strategy - answer -business unit or product level
-improve competitive position
, functional strategy - answer strategy that deals with marketing
plans, research, etc
what must firms compete for in order to achieve competitive
advantage? - answer resources/assets
3 common characteristics of all strategies - answer 1. they are
important
2. they involve significant resource commitment
3. they cannot be easily reversed
a good strategy - answer -analysis: diagnosis of the comp.
advantage
-formulation: guiding policy to address the comp. challenge
-implementation: set of actions to implement guiding policy
-feedback
stakeholder - answer an individual or group that is affected by the
consequences and outcomes of decisions
competitive advantage - answer when a firm is able to deliver the
same benefits as competitors but at a lower cost, or deliver superior
benefits to those of competing products
why use strategy - answer -a way to focus the firm (set the BHAG)
-improve coordination
-support decisions
BHAG - answer big hairy audacious goal
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 BRAINBOOSTERS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75057 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now