MBA 705 FINAL EXAM COMPLETE STUDY
GUIDE AND STRATEGIC MANAGEMENT
REVIEW 2026
◉ Competitive Advantage.
Answer: A situation where a company's strategy is successful and
difficult for competitors to duplicate.
◉ Generic Strategies.
Answer: Broad competitive approaches businesses use to compete
in the marketplace.
◉ Strategic Group.
Answer: A group of companies within an industry that use the same
or similar competitive strategy.
◉ Porter's Generic Strategies.
Answer: Framework explaining how businesses compete based on
cost and differentiation.
◉ Low-Cost Strategy.
,Answer: A company focuses on producing basic, no-frills products or
services for price-sensitive customers.
◉ Focus-Low-Cost Strategy.
Answer: Emphasizes low costs for a specific market niche.
◉ Differentiation Strategy.
Answer: Focuses on offering products or services that customers see
as unique.
◉ Focus-Differentiation Strategy.
Answer: Targets a narrow market niche with highly specialized or
unique products.
◉ Low-Cost-Differentiation Strategy.
Answer: Attempts to combine both low cost and differentiation.
◉ Five Ways to Pursue Low-Cost-Differentiation.
Answer: Commitment to Quality, Differentiation Based on Low Costs,
Process Innovation, Product Innovation, Value Innovation.
◉ Focus-Low-Cost/Differentiation Strategy.
Answer: Combines focus, low cost, and differentiation.
, ◉ Multiple Strategies.
Answer: A company uses more than one strategy at the same time
for different customer groups.
◉ Miles and Snow Strategy Framework.
Answer: Identifies four types of business strategies: Prospectors,
Defenders, Analyzers, Reactors.
◉ Prospectors.
Answer: Seek innovation and first-mover advantages.
◉ Defenders.
Answer: Seek stability and operate in predictable market segments.
◉ Analyzers.
Answer: A middle ground between prospectors and defenders.
◉ Reactors.
Answer: Lack a consistent strategy and usually perform poorly.
◉ Small Businesses.
GUIDE AND STRATEGIC MANAGEMENT
REVIEW 2026
◉ Competitive Advantage.
Answer: A situation where a company's strategy is successful and
difficult for competitors to duplicate.
◉ Generic Strategies.
Answer: Broad competitive approaches businesses use to compete
in the marketplace.
◉ Strategic Group.
Answer: A group of companies within an industry that use the same
or similar competitive strategy.
◉ Porter's Generic Strategies.
Answer: Framework explaining how businesses compete based on
cost and differentiation.
◉ Low-Cost Strategy.
,Answer: A company focuses on producing basic, no-frills products or
services for price-sensitive customers.
◉ Focus-Low-Cost Strategy.
Answer: Emphasizes low costs for a specific market niche.
◉ Differentiation Strategy.
Answer: Focuses on offering products or services that customers see
as unique.
◉ Focus-Differentiation Strategy.
Answer: Targets a narrow market niche with highly specialized or
unique products.
◉ Low-Cost-Differentiation Strategy.
Answer: Attempts to combine both low cost and differentiation.
◉ Five Ways to Pursue Low-Cost-Differentiation.
Answer: Commitment to Quality, Differentiation Based on Low Costs,
Process Innovation, Product Innovation, Value Innovation.
◉ Focus-Low-Cost/Differentiation Strategy.
Answer: Combines focus, low cost, and differentiation.
, ◉ Multiple Strategies.
Answer: A company uses more than one strategy at the same time
for different customer groups.
◉ Miles and Snow Strategy Framework.
Answer: Identifies four types of business strategies: Prospectors,
Defenders, Analyzers, Reactors.
◉ Prospectors.
Answer: Seek innovation and first-mover advantages.
◉ Defenders.
Answer: Seek stability and operate in predictable market segments.
◉ Analyzers.
Answer: A middle ground between prospectors and defenders.
◉ Reactors.
Answer: Lack a consistent strategy and usually perform poorly.
◉ Small Businesses.
