MGT 202 Exam 2 Questions with Correct
Answers
Competitive Advantage
An organization's ability to use resources so well that it performs better than the competition
Technology
Using technology to gain operating efficiencies, market exposure, and customer loyalty
Cost & Quality
Operating with greater efficiency & product or service quality
Knowledge & Speed
Doing better at innovation & speed of delivery to market for new ideas
Barries to Entry
Creating a market stronghold that is protected from entry by others
Financial Resources
Having better investments or loss absorption potential than competitors
sustainable competitive advantage
Competitive advantage that is durable & difficult or costly for others to copy or imitate
Strategy
A comprehensive action plan that identifies the long term direction for an organization and
that guides resource utilization to achieve sustainable competitive advantage
Strategic Intent
, All energies directed toward accomplishing a long term target/goal
3 Levels of strategy
Corporate, Business, and Functional
Strategic Management
the process of formulating and implementing strategies to accomplish long-term goals and
sustain competitive advantage
Strategic Analysis
To assess the organization, its environment, its competitive positioning, & its competitive
strategies
strategy formulation
Developing a new or revised strategy
strategy implementation
Using resources to put strategies into action, and then evaluating results so then the
implementation can be improved or the strategy changed
Mission
An organization describes its reason for existence in society
Stakeholders
Including customers, shareholders, employees, suppliers, creditors, community groups, future
generations, and others - who are directly affected by the organization & its accomplishments
Core values
are broad beliefs about what is or is not appropriate behavior
Answers
Competitive Advantage
An organization's ability to use resources so well that it performs better than the competition
Technology
Using technology to gain operating efficiencies, market exposure, and customer loyalty
Cost & Quality
Operating with greater efficiency & product or service quality
Knowledge & Speed
Doing better at innovation & speed of delivery to market for new ideas
Barries to Entry
Creating a market stronghold that is protected from entry by others
Financial Resources
Having better investments or loss absorption potential than competitors
sustainable competitive advantage
Competitive advantage that is durable & difficult or costly for others to copy or imitate
Strategy
A comprehensive action plan that identifies the long term direction for an organization and
that guides resource utilization to achieve sustainable competitive advantage
Strategic Intent
, All energies directed toward accomplishing a long term target/goal
3 Levels of strategy
Corporate, Business, and Functional
Strategic Management
the process of formulating and implementing strategies to accomplish long-term goals and
sustain competitive advantage
Strategic Analysis
To assess the organization, its environment, its competitive positioning, & its competitive
strategies
strategy formulation
Developing a new or revised strategy
strategy implementation
Using resources to put strategies into action, and then evaluating results so then the
implementation can be improved or the strategy changed
Mission
An organization describes its reason for existence in society
Stakeholders
Including customers, shareholders, employees, suppliers, creditors, community groups, future
generations, and others - who are directly affected by the organization & its accomplishments
Core values
are broad beliefs about what is or is not appropriate behavior
