MAN 4720 Chapter 1 Latest Version Already Passed

MAN 4720 Chapter 1 Latest Version Already Passed Strategic Competitiveness achieved when a firm successfully formulates and implements a value-creating strategy Strategy an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain competitive advantage The chosen strategy tells us 2 things: What the firm WILL DO and WILL NOT do Give an example of how Alibaba is changing their environment Alibaba is coordinating with Apple Pay Competitive Advantage when a firm implements a strategy that creates superior value for customers and competitors are unable to duplicate or find too costly to try to imitate T/F: Some Competitive Advantages are permanent False, no completive advantage is permanent A competitive advantage will last for how long? Until another firm can acquire the skills to duplicate the benefits Above-Average Returns returns in excess of what an investor expects to earn from other investments with similar amount of risk Risk an investor's uncertainty about the economic gains or losses that will result from a particular investment In small new firms, returns are often measured in terms of ________ and _____. amount and speed of growth Average Returns returns equal to those an investor expects to earn from other investments with a similar amount of risk How does failure occur? when investors withdraw their investments from firms earning less- than-average returns Strategic Management Process The full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns. The first step of the strategic management process is: to analyze the firms external environment and internal organizations The "strategy" portion of the strategic management process is made up of two steps: strategy formulation and implementation What is one of the most significant challenges for firms right now? learning how to successfully compete in a globalized world Industrial Organization model suggests ______ is the primary determinant of a firm's actions external environment Resource-based model suggests that ________ is the primary determinant of a firm's actions the firm's unique resources and capabilities