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BCOR 2304 Exam Questions And Answers | 2025 Guaranteed Pass
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BCOR 2304 Exam Questions And Answers | 2025 Guaranteed Pass
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BCOR 2304 Exam Questions AndAnswers | 2025 Guaranteed Pass
Strategic Management CORRECT ANSWERS integrative management field that
combines analysis, formulation, and implementation in the quest for competitive
advantage
Strategy CORRECT ANSWERS Goal directed actions firms take to gain & sustain
better performance relative to competition
-AFI Framework
AFI Framework CORRECT ANSWERS Shows & predicts differences in firms
performance
-Helps inform decisions
-3 parts: Analysis, formulation, implementation
Analysis CORRECT ANSWERS ______ of firm's external & internal environment
-Diagnosis of competitive challenge
-1st part to AFI framework
Formulation CORRECT ANSWERS Strategic _______ of firm's corporation, business, &
functional aspects
-Guiding policy of competitive challenge
-2nd part to AFI framework
Implentation CORRECT ANSWERS -Set of coherent actions
-3rd part to AFI framework
competitive advantage (CA) CORRECT ANSWERS Having superior performance
relative to competition/industry average
-strategic position-->CA
Sustainable CA CORRECT ANSWERS Maintaining a CA over a long period of time
Competitive Disadvantage CORRECT ANSWERS underperformance relative to other
competitors in the same industry or the industry average
Competitive Parity CORRECT ANSWERS a firm's achievement of similarity, or being
"on par," with competitors with respect to low cost, differentiation, or other strategic
product characteristic.
Strategic Position CORRECT ANSWERS Unique position in industry allowing a firm to
provide value to customers, while controlling costs
-Leads to CA
, -require trade-offs
Bad Strategies CORRECT ANSWERS 1) Grand statements
2) Failure to face competitive challenge
3) Operational effectiveness, competitive benchmarking, etc. as tactical tools
Vision CORRECT ANSWERS what do we ultimately want to accomplish?
-should motivate all employees, w/ room for individual/team contributions
Mission CORRECT ANSWERS How do we accomplish our goals?
-Describes what products/services a firm provides, and the market it competes in
-needs to be backed up by strategic commitments
Values CORRECT ANSWERS What commitments do we make/guard rails do we put in
place?
-Core ____ statement
core value statement CORRECT ANSWERS Provides framework for employees to
understand company culture
-Bedrock principles that provides moral compass
-underlays vision statement & provides stability to strategy by outlining guardrails
Strategic Management Process CORRECT ANSWERS lays out foundation for
sustainable CA
-3 approaches: strategic planning, scenario planning, planned emergence
Strategic planning CORRECT ANSWERS Process in which executives attempt to
program future success
-top down & data driven
-assumes we can predict future based on past (works well if environment doesn't
change)
scenario planning CORRECT ANSWERS Asking "what if" questions to derive different
responses
-Top-down & flexible
-Occurs at corporate and business level
planned emergence CORRECT ANSWERS organizational structure and systems allow
bottom-up strategic initiatives to emerge and be evaluated and coordinated by top
management
-executives set intended strategy; can be changed
Realized Strategy CORRECT ANSWERS combo of intended and emergent strategy
Emergent Strat CORRECT ANSWERS Un-planned strategic initiative derived from
bottom up
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