Business Strategy Exam Questions With Verified Answers.

Business Strategy Exam Questions With Verified Answers. The field of management that focuses on attaining competitive advantage by combining analysis, formulation, and implementation is known as ______. Multiple choice question. -management of foundational behavior -management of stakeholder impact -strategic management -human resources management - answerstrategic management Strategy is ______. Multiple choice question. -the set of actions a firm takes to achieve a competitive advantage -a decision based on internal situational analysis -a sustainable and dominant market share -a decision based on external situational analysis - answerthe set of actions a firm takes to achieve a competitive advantage A competitive advantage _____. Multiple choice question. -places a firm at a disadvantage in regards to its ROI -is assessed relative to other competitors in the industry -is based on the return of invested capital over a 15-year period -takes into consideration globalization and rival factor - answeris assessed relative to other competitors in the industry The overall purpose of a firm's strategy is to ______. Multiple choice question. -determine demand for new product ideas -perform better than other companies in the same industry -sell all existing inventory of a given product -generate significant interest from foreign investors - answerperform better than other companies in the same industry (have competitive advantage) Sustainable competitive advantage exists when a firm ______. Multiple choice question. -formulates and implements strategy -is self-regulated and self-motivated -maintains superior performance relative to its industry over a long period of time -starts up and competes for existing market share in the industry - answermaintains superior performance relative to its industry over a long period of time Which of the following elements comprise strategic management? (Check all that apply.) Multiple select question. -definition -implementation -realization -formulation -analysis - answerimplementation, formulation, analysis A(n) ______ occurs when a firm performs below the industry average or is outperformed by its competitors. Multiple choice question. -competitive parity -purchasing parity -competitive disadvantage -underperforming norm -negative advantage - answercompetitive disadvantage Burger Bomb is a new hamburger restaurant. In order to compete successfully against its many competitors, Burger Bomb has decided to focus on quality and an interesting, unique menu that uses locally sourced, organic ingredients. This is known as Burger Bomb's ______. Multiple choice question. -strategy -core values statement -vision -competitive parity - answerstrategy Competitive parity occurs when ______. Multiple choice question. -the performance of two or more firms is superior to the industry average -two or more firms achieve the same performance results -two or more firms enter into a strategic alliance -two or more firms rely on international outsourcing to remain competitive - answertwo or more firms achieve the same performance results In order to determine if Home Depot has a competitive advantage, we must compare Home Depot's performance to ______. Multiple choice question. -the performance of other firms in its industry -only non-US-based firms -its past financial performance -a firm in the technology industry - answerthe performance of other firms in its industry