BUS 4385 Exam 1 QUESTIONS AND ANSWERS(A+ graded 100% verified latest update)

BUS 4385 Exam 1 QUESTIONS AND ANSWERS(A+ graded 100% verified latest update)Strategic Competitiveness correct answer: achieved when a firm successfully formulates and implements a value creating strategy strategy correct answer: an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage competitive advantage correct answer: a strategy that creates superior value for customers and that competitors are unable to duplicate or find it too costly to try to eliminate above-average returns correct answer: returns in excess of what an investor expects to earn from other investments with a similar amount of risk risk correct answer: an investors uncertainty about the economic gains or losses that will result from a particular investment average returns correct answer: returns equal to those an investor expects to earn from other investments with a similar amount of risk strategic management process correct answer: the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns. hypercompetition correct answer: describes competition that is excessive such that it creates inherent instability and necessitates constant disruptive change for firms in the competitive landscape the global economy correct answer: one in which goods, services people, skills, and ideas move freely across geographic borders Strategic flexibility correct answer: a set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment Resources correct answer: inputs into a firm's production process, such as capital equipment, the skills of individual employees, patents, finances, and talented managers. Capability correct answer: capacity for a set of resources to perform a task or an activity in an integrative manner Core competencies correct answer: capabilities that serve as a source of competitive advantage for a firm over its rivals Vision correct answer: a picture of what the firm wants to be and, n broad terms, what it wants to ultimately achieve - short and concise, easy to remember - Be the world's best quick service restaurant Mission correct answer: specifies the businesses in which the firm intends to compete and the customers it intends to serve - more concrete - inspiring and relevant Stakeholders correct answer: the individuals, groups, and organizations that can affect the firm's vision and mission, are affected by the strategic outcomes achieved, and have enforceable claims in the firms performance. Strategic leaders correct answer: 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 correct answer: refers to the complex set of ideologies, symbols, and core values that are shared throughout the firm and that influence how the firm conducts business General environment correct answer: composed of dimensions in the broader society that influence an industry and the firms within it. industry environment correct answer: set of factors that directly influences a firm and its competitive actions and responses: the threat of new entrants, the power of suppliers, the power of buyers, and threat of product substitutes, and the intensity of rivalry among competing firms competitor analysis correct answer: how companies gather and interpret information about their competitors opportunity correct answer: a condition in the general environment that, if exploited effectively, helps a company reach strategic competitiveness threat correct answer: condition in the general environment that may hinder a company's efforts to achieve strategic competitiveness scanning correct answer: identifies early signals of environmental changes and trends monitoring correct answer: detects the meaning through ongoing observations of environmental changes and trends forecasting correct answer: develops projections of anticipated outcomes based on monitored changes and trends assessing correct answer: determines the timing anf importance of environmental changes and trends for firm's strategies and their management demographic segment correct answer: concerned with a population's size, age structure, geographic distribution, ethnic mix, and income distribution economic environment correct answer: refers to the nature and direction of the economy in which a firm competes or may compete political/legal segment correct answer: the arena in which organizations and interest groups compete for attention, resources, and a voice in overseeing the body of laws and regulations guiding interactions among nations as well as between firms and various local governmental agencies socioculture segment correct answer: concerned with a society's attitudes and cultural values technological segment correct answer: includes the institutions and activities involved in creating new knowledge and translating that knowledge into new outputs, products, processes, and materials global segment correct answer: includes relevant new global markets, existing markets that are changing, important international political events, and critical cultural and institutional characteristics of global markets sustainable physical environment segment correct answer: refers to potential and actual changes in the physical environment and business practices that are intended to positively respond to those changes with the intent of creating a sustainable environment industry correct answer: group of firms producing products that are close substitutes strategic group correct answer: a set of firms emphasizing similar strategic dimensions and using a similar strategy competitor intelligence correct answer: set of data and information the firm gathers to better understand and anticipate competitors' objectives, strategies, assumptions, and capabilities complementors correct answer: companies or networks of companies that sell complementary products or services that are compatible with the focal firm's good or service. global mind-set correct answer: the ability to analyze, understand, and manage an internal organization in ways that are not dependent on the assumptions of a single country, culture, or context value correct answer: measured by a product's performance characteristics and by its attributes for which customers are willing to pay tangible resources correct answer: assets that can be observed and quantified intangible resources correct answer: assets that are rooted deeply in the firm's history, accumulate over time, and are relatively difficult for competitors to analyze and imitate valuable capabilities correct answer: allow the firm to exploit opportunities or neutralize threats in its external environment rare capabilities correct answer: capabilities that few, if any, competitors possess costly-to-imitate capabilities correct answer: capabilities that other firms cannot easily develop nonsubstitutable capabilities correct answer: capabilities that do not have strategic equivalents value chain activities correct answer: tasks the firm completes in order to produce products and then sell, distribute and service those products in ways that create value for customer support function correct answer: include the activities or tasks the firms completes in order to support the work being done to produce, sell, distribute, and service the products the firm is producing outsourcing correct answer: the purchase