WGU QGT1 Capstone Business Plan Latest
Update 2024 with complete solution
The field of management that focuses on attaining
competitive advantage by combining analysis,
formulation, and implementation is known as ______. - --
ANSWER---Strategic management
Strategy is ______. - --ANSWER---The set of actions a
firm takes to achieve a competitive advantage.
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.
Burger Bomb has been outperforming other burger
restaurants for a decade. This indicates that Burger Bomb
,has which of the following? - --ANSWER---Competitive
advantage
A competitive advantage that lasts for a long period of
time is said to be ______. - --ANSWER---Sustainable
What is the overall purpose of strategic management? - --
ANSWER---Gain competitive advantage
The Bright Bulb light bulb company produces a line of
LED bulbs that customers consider very similar to
competitors' LED bulbs. Which of the following
conditions must be true for Bright Bulb to have a
competitive advantage? - --ANSWER---The bulbs must
have a lower cost than competitors' bulbs.
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
______. - --ANSWER---Strategy
,Strategic positioning allows managers to ______. - --
ANSWER---Provide customers value while controlling
costs.
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.
Walmart and Nordstrom maintain very different strategic
profiles, one based on cost-leadership and the other based
on differentiation through superior customer service. This
is an example of ______. - --ANSWER---The trade-offs
required by strategic positioning.
When a firm implements a strategy that leads to superior
performance relative to other companies in the same
industry, it is said to have achieved ______. - --
ANSWER---A competitive advantage.
Which statement about strategies is true?
, A. Statements of desire typically address economic
fundamentals.
B. "We will be the best!" is an example of a strategy.
C. Vision and mission statements cannot lay the
foundation for good strategies.
D. A statement of desire on its own often leads to goal
conflict. - --ANSWER---A statement of desire often leads
to goal conflict.
Based on its long dominance as a coffeehouse chain,
Starbucks has ______. - --ANSWER---A sustainable
competitive advantage.
In which of the following situations can a firm providing
goods and services gain a competitive advantage? (Check
all that apply.)
A. Their offerings cost more to produce than competitors'
offerings.
B. Their offerings are similar to competitors' offerings at
higher prices.
Update 2024 with complete solution
The field of management that focuses on attaining
competitive advantage by combining analysis,
formulation, and implementation is known as ______. - --
ANSWER---Strategic management
Strategy is ______. - --ANSWER---The set of actions a
firm takes to achieve a competitive advantage.
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.
Burger Bomb has been outperforming other burger
restaurants for a decade. This indicates that Burger Bomb
,has which of the following? - --ANSWER---Competitive
advantage
A competitive advantage that lasts for a long period of
time is said to be ______. - --ANSWER---Sustainable
What is the overall purpose of strategic management? - --
ANSWER---Gain competitive advantage
The Bright Bulb light bulb company produces a line of
LED bulbs that customers consider very similar to
competitors' LED bulbs. Which of the following
conditions must be true for Bright Bulb to have a
competitive advantage? - --ANSWER---The bulbs must
have a lower cost than competitors' bulbs.
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
______. - --ANSWER---Strategy
,Strategic positioning allows managers to ______. - --
ANSWER---Provide customers value while controlling
costs.
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.
Walmart and Nordstrom maintain very different strategic
profiles, one based on cost-leadership and the other based
on differentiation through superior customer service. This
is an example of ______. - --ANSWER---The trade-offs
required by strategic positioning.
When a firm implements a strategy that leads to superior
performance relative to other companies in the same
industry, it is said to have achieved ______. - --
ANSWER---A competitive advantage.
Which statement about strategies is true?
, A. Statements of desire typically address economic
fundamentals.
B. "We will be the best!" is an example of a strategy.
C. Vision and mission statements cannot lay the
foundation for good strategies.
D. A statement of desire on its own often leads to goal
conflict. - --ANSWER---A statement of desire often leads
to goal conflict.
Based on its long dominance as a coffeehouse chain,
Starbucks has ______. - --ANSWER---A sustainable
competitive advantage.
In which of the following situations can a firm providing
goods and services gain a competitive advantage? (Check
all that apply.)
A. Their offerings cost more to produce than competitors'
offerings.
B. Their offerings are similar to competitors' offerings at
higher prices.
