Business Strategy Final Review Exam With Complete Solutions 2024.
Define business strategy including the importance of a competitive advantage Answer - •Business Strategy: a company's dynamic plan to gain and sustain a competitive advantage in the marketplace. •Based on theories its leaders have about: -how to succeed in a particular market -predicting what markets are attractive -how to offer unique value -how to provide unique value that won't be easily imitated •Competitive Advantage: when a firm can consistently generate above-average profits through a strategy competitors are unable to imitate, or find too costly to imitate. -provides unique value to customers in appropriate markets -develops resources and capabilities to deliver unique value better than competitors -sustain the unique advantage by preventing imitation •Above-Average Profits: profit returns in excess of what an investor expects from other investments with a similar amount of risk Define the four choices that are critical to strategy formulation and the strategic management process Answer - 1. where do we compete? 2. how do we provide unique value? 3. what resources/capabilities do we utilize? 4. how do we sustain our unique value?
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