MGCR 423 MIDTERM STUDY GUIDE
Strategic Competitiveness - Answers - Achieved when a firm successfully formulates
and implements a value creating strategy.
Strategy - Answers - Integrated and coordinated set of commitments and actions
designed to exploit core competencies and gain a competitive advantage.
Competitive Advantage - Answers - A strategy that creates superior value for customers
that its competitors cannot duplicate or find too costly to imitate.
Hypercompetition - Answers - Competition that is so intense it necessitates constant
disruptive change for firms.
Strategic Flexibility - Answers - A set of capabilities used to respond to various
demands and opportunities existing in a dynamic and uncertain competitive
environment.
Resources - Answers - Inputs in a firm's production process, such as capital equipment,
skills of individuals, patents, finances, managers.
Capabilities - Answers - Capacity for a set of resources to perform a task or an activity
in an integrative manner.
Core competencies - Answers - Capabilities that serve as a source of competitive
advantage.
Vision - Answers - A picture of what the firm wants to be and what it wants to ultimately
achieve.
Mission - Answers - The businesses in which the firm intends to compete and the
customers it intends to serve.
Stakeholders - Answers - Individuals, groups, and organizations that can affect the
firm's vision and mission, are affecte by the strategic outcomes achieved, and have
enforceable claims on the firm's performance.
Strategic Leaders - Answers - People located in different areas and levels of the firm
using the strategic management process to select strategic actions that help the firm
achieve its vision and fulfill its mission.
Organizational Culture - Answers - Complex sets of ideologies, symbols, and core
values that are shared throughout the firm and that influence how the firm conducts
business.
Strategic Competitiveness - Answers - Achieved when a firm successfully formulates
and implements a value creating strategy.
Strategy - Answers - Integrated and coordinated set of commitments and actions
designed to exploit core competencies and gain a competitive advantage.
Competitive Advantage - Answers - A strategy that creates superior value for customers
that its competitors cannot duplicate or find too costly to imitate.
Hypercompetition - Answers - Competition that is so intense it necessitates constant
disruptive change for firms.
Strategic Flexibility - Answers - A set of capabilities used to respond to various
demands and opportunities existing in a dynamic and uncertain competitive
environment.
Resources - Answers - Inputs in a firm's production process, such as capital equipment,
skills of individuals, patents, finances, managers.
Capabilities - Answers - Capacity for a set of resources to perform a task or an activity
in an integrative manner.
Core competencies - Answers - Capabilities that serve as a source of competitive
advantage.
Vision - Answers - A picture of what the firm wants to be and what it wants to ultimately
achieve.
Mission - Answers - The businesses in which the firm intends to compete and the
customers it intends to serve.
Stakeholders - Answers - Individuals, groups, and organizations that can affect the
firm's vision and mission, are affecte by the strategic outcomes achieved, and have
enforceable claims on the firm's performance.
Strategic Leaders - Answers - People located in different areas and levels of the firm
using the strategic management process to select strategic actions that help the firm
achieve its vision and fulfill its mission.
Organizational Culture - Answers - Complex sets of ideologies, symbols, and core
values that are shared throughout the firm and that influence how the firm conducts
business.
