UARK SEVI 3013 EXAM 1 COOPER Questions and Answers 2023 Complete
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UARK SEVI 3013 EXAM 1 COOPER Questions and Answers 2023 Complete
What is strategy?
A set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors; to achieve superior performance, companies compete for resources.
What 3 elements make up strategy?
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uark sevi 3013 exam 1 cooper questions and answers
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UARK SEVI 3013 EXAM 1 COOPER Questions and
Answers 2023 Complete
What is strategy?
A set of goal-directed actions a firm takes to gain and sustain superior performance
relative to competitors; to achieve superior performance, companies compete for
resources.
What 3 elements make up strategy?
(1) a DIAGNOSIS OF COMPETITIVE CHALLENGE
[this is accomplished through analysis of the firm's external and internal environments]
(2) a GUIDING POLICY to address the competitive challenge
[this is 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
[this is accomplished through strategy implementation]
What is the purpose of strategy?
It provides an integrative overview of the most important internal and external factors to
be taken into account by an organization. It is a general direction set for the company
and its various components to achieve a desired state in the future; strategy results
from the detailed strategic planning process. It is about delivering superior value, while
containing the cost to create it, or by offering similar value at a lower cost.
What is strategic management?
The integrative management field that combines analysis, formulation, and
implementation in the quest for competitive advantage.
What three management tasks are required to successfully create and implement
strategy?
ANALYSIS, FORMULATION, & IMPLEMENTATION
This then goes into the AFI Framework which is a model that links these three
interdependent tasks - all together, they help managers plan and implement a strategy
that can improve performance and result in competitive advantage.
Competitive Advantage
A firm that achieves superior performance relative to other competitors in the same
industry or the industry average; it is always relative, not absolute. It refers to the factors
that allow a company to produce goods or services [better, cheaper, more
responsive/efficient] than its competitors.
What must a firm do to create competitive advantage?
Provide goods or services that consumers value more highly than those of its
competitors, OR are similar to the competitors' at a lower price.
Sustainable Competitive Advantage
A firm able to outperform competitors for prolonged periods of time has a sustained
competitive advantage. [i.e. Apple over Samsung in the smartphone industry]
Competitive Disadvantage
Under-performance relative to other competitors in the same industry or industry
average.
Competitive Parity
, Describes 2+ firms that perform at the same level.
Stakeholders
Organizations, groups, and individuals that can affect or be affected by a firm's actions.
Internal Stakeholders
Employees (executives, managers, workers), Stockholders, Board Members
External Stakeholders
Customers, Suppliers, Alliance Partners, Creditors, Unions, Communities, Governments
(at various levels), and the Media
Stakeholders vs. Stockholders
Stockholders are always stakeholders in a corporation, but stakeholders are not always
stockholders. A stockholder owns part of a public company through shares of stock,
while a stakeholder has an interest in the performance of a company for reasons other
than stock performance or appreciation.
Why is managing stakeholders important?
There are a variety of reasons as to why effective stakeholder management can benefit
firm performance. Satisfied stakeholders are more cooperative & more likely to reveal
information that can further increase the firm's value creation or lower its costs.
Increased trust lowers the costs for firms' business transactions. Effective management
of the complex web of stakeholders can lead to greater organizational adaptability and
flexibility. The likelihood of negative outcomes can be reduced, creating more
predictable and stable returns. Firms can build strong reputations that are rewarded in
the marketplace by business partners, employees, and customers.
What is the purpose of stakeholder impact analysis? What steps make up this
process?
Firms must effectively balance the needs of various stakeholders and needs to ensure
that its primary stakeholders (the firm's shareholders & other investors) achieve their
objectives while recognizing and addressing the concerns of other stakeholders
(employees, suppliers, customers) in an ethical/fair manner. Stakeholder impact
analysis provides a decision tool with which strategic leaders can recognize, prioritize,
and address the needs of different stakeholders; enabling the firm to achieve
competitive advantage while acting as a good corporate citizen.
AFI Framework
Analysis, Formulation, and Implementation - this framework explains and predicts
differences in firm performance & helps leaders formulate and implement a strategy that
can result in superior performance.
Analysis - Strategic Leadership & the Strategy Process, External Analysis, Internal
Analysis, Competitive Advantage, Firm Performance, and Business Models.
Formulation - Business Strategy, Corporate Strategy, & Global Strategy
Implementation - Organizational Design and Corporate Governance & Business Ethics
This framework highlights the key strategy concepts and serves as a checklist for when
strategic management analysis is conducted.
What is meant by perceptual acuity? Why is this important?
It is the ability to sense what is coming "before the fog clears." The best CEOs are
compulsively tuned to the external environment and seem to have a 6th sense that
picks up anomalies and detects early warning signals that may represent key threats
and/or opportunities to their business models. An accurate perception of the
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