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SEVI 3013 Exam 1 QUESTIONS & ANSWERS 100% CORRECT!

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  • SEVI 3013
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  • SEVI 3013

Strategy - ANSWERSSet of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors The way something is done - ANSWERSPurpose Plan of action - ANSWERSGoal Strategic Management - ANSWERSCombines analysis, formulation, and implementation in the quest...

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  • December 16, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • SEVI 3013
  • SEVI 3013
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papersmaster01
SEVI 3013 Exam 1 QUESTIONS &
ANSWERS 100% CORRECT!
Strategy - ANSWERSSet of goal-directed actions a firm takes to gain and sustain
superior performance relative to competitors

The way something is done - ANSWERSPurpose

Plan of action - ANSWERSGoal

Strategic Management - ANSWERSCombines analysis, formulation, and
implementation in the quest for competitive advantage

Strategic management directs organization toward overall ___ and ___ -
ANSWERSGoals , objectives

Strategic management includes MULTIPLE ___ in decision making -
ANSWERSStakeholders

Strategic management only incorporates short term perspectives. T/F -
ANSWERSFalse

Short and long term

Strategic management recognizes trade offs between what? - ANSWERSEfficiency and
effectiveness

Elements of good strategy - ANSWERS1. Analysis
2. Formulation
3. Implementation

Competitive advantage - ANSWERSAchieved when a firms performance exceeds that
of its competitors or the industry average

Competitive parity - ANSWERSAchieved when two or more firms perform at the same
level

Competitive Disadvantage - ANSWERSWhen a firm underperforms its rivals or the
industry average

Tesla's Competitive Challenge - ANSWERSAffordable vehicles

, Tesla's Guiding Policy - ANSWERSCost competitive mass market vehicle, investments
in lithium ion battery production

Tesla's Coherent Actions - ANSWERSRamp up production to achieve economies of
scale, new factory in Shanghai, make some proprietary tech available to public

How to gain competitive advantage - ANSWERSProvide goods or services that
1. Consumers value more highly than competitors OR
2. Are similar but at a lower price

Why is it important for a firm to establish a unique strategic positioning? -
ANSWERSEnhances likelihood of competitive advantage

Unique Strategic Positioning - ANSWERSProvide value and effectively manage costs

Stakeholders - ANSWERSOrganizations, groups, and individuals that can affect or are
affected by a firm's actions

Internal stakeholders - ANSWERSEmployees, stockholders, board members

External stakeholders - ANSWERSCustomers, suppliers, alliance partners, creditors,
unions, communities, government, media

Stakeholder strategy - ANSWERSIntegrative approach to managing a diverse set of
stakeholders effectively in order to gain and sustain competitive advantage

Characteristics of stakeholders - ANSWERS1. POWER
2. LEGITIMACY
3. URGENCY

Pyramid of social responsibility - ANSWERS(Top to bottom)
Philanthropic
Ethical
Legal
Economic

Perceptual acuity - ANSWERSdetecting early warning signals, keeping pace with
changes in the external environment can sustain a competitive advantage

SWOT analysis - ANSWERSStrengths
Weaknesses
Opportunities
Threats

What is a SWOT analysis for - ANSWERSAnalyzing the firm (SW) and industry
conditions (OT)

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