Globus Exam 1

strategic management integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage strategy the set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors good strategy enable a firm to achieve superior performance relative to its competitors. Consisted of 1) a diagnosis of the competitive challenge. 2) a guiding policy to address the competitive challenge. 3) a set of coherent actions to implement a firm's guiding policy competitive advantage superior performance relative to other competitors in the same industry or the industry average sustainable competitive advantage outperforming competitors or the industry average over a prolonged period of time competitive disadvantage under performance relative to other com