MGT 449 Exam 1 || A+ Guaranteed.
Strategy correct answers A set of goal-directed actions a firm takes to gain and sustain superior
performance relative to competitors
Competitive Advantage correct answers A firm that achieves superior performance relative to
other competitors in the same industry or the industry average
Sustainable Competitive Advantage correct answers A firm that is able to outperform its
competitors or the industry average over a prolonged period of time
Competitor Disadvantage correct answers If a firm underperforms its rival or the industry
average
Competitive Parity correct answers Should two or more levels perform at the same level
Industry Effects correct answers Describe the underlying economic structure of the industry
Firm Effects correct answers Attribute firm performance to the actions managers take
Black Swan Events correct answers Eroeded the public's trust in business as an institution and
capitalism as an economic system
Stakeholders correct answers Organizations, groups, and individuals that can affect or be affected
by a firm's actions
Stakeholder Strategy correct answers An integrative approach to managing a diverse set of
stakeholders effectively in order to gain and sustain competitive advantage
, Stakeholder impact analysis correct answers Provides a decision tool with which managers can
recognize, prioritize, and address the needs of different stakeholders
Corporate Social Responsibility correct answers Helps firms recognize and address the
economic, legal, ethical, and philanthropic expectations that society has of the business
enterprise at a given point in time
AFI Strategy Framework correct answers This framework explains and predicts differences in
firm performance and helps managers formulate and implement a strategy that results in superior
performance
Strategic management Process correct answers The method put in place by strategic leaders to
conceive and implant a strategy
Strategic Leadership correct answers Pertains to executives' use of power and influence to direct
the activities of others when pursuing an organization's goals
Vision correct answers Such a statement about what an organization ultimately wants to
accomplish is
Mission correct answers Describes what an organization actually does - that is, the produces and
services it plans to provide, and the markets in which it will compete
Strategic Commitments correct answers Actions that are costly, long-term-oriented, and difficult
to reverse
Customer Oriented Vision correct answers A business in terms of providing solutions to customer
needs
Organized Values correct answers The ethical standards and norms that govern the behavior of
individuals within a firm or organization
Strategy correct answers A set of goal-directed actions a firm takes to gain and sustain superior
performance relative to competitors
Competitive Advantage correct answers A firm that achieves superior performance relative to
other competitors in the same industry or the industry average
Sustainable Competitive Advantage correct answers A firm that is able to outperform its
competitors or the industry average over a prolonged period of time
Competitor Disadvantage correct answers If a firm underperforms its rival or the industry
average
Competitive Parity correct answers Should two or more levels perform at the same level
Industry Effects correct answers Describe the underlying economic structure of the industry
Firm Effects correct answers Attribute firm performance to the actions managers take
Black Swan Events correct answers Eroeded the public's trust in business as an institution and
capitalism as an economic system
Stakeholders correct answers Organizations, groups, and individuals that can affect or be affected
by a firm's actions
Stakeholder Strategy correct answers An integrative approach to managing a diverse set of
stakeholders effectively in order to gain and sustain competitive advantage
, Stakeholder impact analysis correct answers Provides a decision tool with which managers can
recognize, prioritize, and address the needs of different stakeholders
Corporate Social Responsibility correct answers Helps firms recognize and address the
economic, legal, ethical, and philanthropic expectations that society has of the business
enterprise at a given point in time
AFI Strategy Framework correct answers This framework explains and predicts differences in
firm performance and helps managers formulate and implement a strategy that results in superior
performance
Strategic management Process correct answers The method put in place by strategic leaders to
conceive and implant a strategy
Strategic Leadership correct answers Pertains to executives' use of power and influence to direct
the activities of others when pursuing an organization's goals
Vision correct answers Such a statement about what an organization ultimately wants to
accomplish is
Mission correct answers Describes what an organization actually does - that is, the produces and
services it plans to provide, and the markets in which it will compete
Strategic Commitments correct answers Actions that are costly, long-term-oriented, and difficult
to reverse
Customer Oriented Vision correct answers A business in terms of providing solutions to customer
needs
Organized Values correct answers The ethical standards and norms that govern the behavior of
individuals within a firm or organization
