Strategic Management Exam Questions with
Correct Verified Answers 2024 Update.
A good strategy consists of three elements. The second element is
accomplished through strategy formulation, resulting in the firm's
functional, business-level, and corporate-level strategies. This is also
called ______ - Answer- a guiding policy to address the competitive
challenge
Strategy - Answer- the set of goal-directed actions a firm takes to gain
and sustain superior performance relative to competitors
Competitive advantage - Answer- is assessed relative to other
competitors in the industry
Burger Bomb has been outperforming other burger restaurants for a
decade. This indicates that Burger Bomb has which of the following? -
Answer- a competitive advantage
Which of the following elements comprise strategic management?
(Check all that apply.) - Answer- AFI- Analysis, Formulation, and
Implementation
Sustainable competitive advantage exists when a firm ______ -
Answer- maintains superior performance relative to its industry over a
long period of time
, Strategic Management Exam Questions with
Correct Verified Answers 2024 Update.
A strategy is: - Answer- the set of actions a firm takes to achieve a
competitive advantage
A good strategy consists of three elements. The first element is
accomplished through analysis of the firm's external and internal
environments. We also call this ______. - Answer- a diagnosis of the
competitive advantage
If a firm has a 10% return on invested capital while the industry average
return on invested capital is 18%, the firm has a(n) __ - Answer-
competitive disadvantage
In order to determine if Home Depot has a competitive advantage, we
must compare Home Depot's performance to ______. - Answer- the
performance of other firms in its industry
Competitive parity occurs when ______ - Answer- two or more firms
achieve the same performance results
Correct Verified Answers 2024 Update.
A good strategy consists of three elements. The second element is
accomplished through strategy formulation, resulting in the firm's
functional, business-level, and corporate-level strategies. This is also
called ______ - Answer- a guiding policy to address the competitive
challenge
Strategy - Answer- the set of goal-directed actions a firm takes to gain
and sustain superior performance relative to competitors
Competitive advantage - Answer- is assessed relative to other
competitors in the industry
Burger Bomb has been outperforming other burger restaurants for a
decade. This indicates that Burger Bomb has which of the following? -
Answer- a competitive advantage
Which of the following elements comprise strategic management?
(Check all that apply.) - Answer- AFI- Analysis, Formulation, and
Implementation
Sustainable competitive advantage exists when a firm ______ -
Answer- maintains superior performance relative to its industry over a
long period of time
, Strategic Management Exam Questions with
Correct Verified Answers 2024 Update.
A strategy is: - Answer- the set of actions a firm takes to achieve a
competitive advantage
A good strategy consists of three elements. The first element is
accomplished through analysis of the firm's external and internal
environments. We also call this ______. - Answer- a diagnosis of the
competitive advantage
If a firm has a 10% return on invested capital while the industry average
return on invested capital is 18%, the firm has a(n) __ - Answer-
competitive disadvantage
In order to determine if Home Depot has a competitive advantage, we
must compare Home Depot's performance to ______. - Answer- the
performance of other firms in its industry
Competitive parity occurs when ______ - Answer- two or more firms
achieve the same performance results
