J375 Midterm Questions with
verified solutions 2025
what is strategic management - answer an integrative
management field that combines analysis, formulation, and
implementation
why do we use strategic management - answer to gain and sustain
competitive advantage
strategy - answer a set of goal-directed actions a firm takes to gain
and sustain superior performance relative to competitors
firm's lifecycle - answer 1. vision
2. analysis
3. innovation
4. implementation
5. feedback/improvement
3 types of strategy - answer -corporate
-business
-functional
corporate strategy - answer -high level decisions about the
organization's approach
-an overall direction towards management of various business units
business strategy - answer -business unit or product level
-improve competitive position
, functional strategy - answer strategy that deals with marketing
plans, research, etc
what must firms compete for in order to achieve competitive
advantage? - answer resources/assets
3 common characteristics of all strategies - answer 1. they are
important
2. they involve significant resource commitment
3. they cannot be easily reversed
a good strategy - answer -analysis: diagnosis of the comp.
advantage
-formulation: guiding policy to address the comp. challenge
-implementation: set of actions to implement guiding policy
-feedback
stakeholder - answer an individual or group that is affected by the
consequences and outcomes of decisions
competitive advantage - answer when a firm is able to deliver the
same benefits as competitors but at a lower cost, or deliver superior
benefits to those of competing products
why use strategy - answer -a way to focus the firm (set the BHAG)
-improve coordination
-support decisions
BHAG - answer big hairy audacious goal
verified solutions 2025
what is strategic management - answer an integrative
management field that combines analysis, formulation, and
implementation
why do we use strategic management - answer to gain and sustain
competitive advantage
strategy - answer a set of goal-directed actions a firm takes to gain
and sustain superior performance relative to competitors
firm's lifecycle - answer 1. vision
2. analysis
3. innovation
4. implementation
5. feedback/improvement
3 types of strategy - answer -corporate
-business
-functional
corporate strategy - answer -high level decisions about the
organization's approach
-an overall direction towards management of various business units
business strategy - answer -business unit or product level
-improve competitive position
, functional strategy - answer strategy that deals with marketing
plans, research, etc
what must firms compete for in order to achieve competitive
advantage? - answer resources/assets
3 common characteristics of all strategies - answer 1. they are
important
2. they involve significant resource commitment
3. they cannot be easily reversed
a good strategy - answer -analysis: diagnosis of the comp.
advantage
-formulation: guiding policy to address the comp. challenge
-implementation: set of actions to implement guiding policy
-feedback
stakeholder - answer an individual or group that is affected by the
consequences and outcomes of decisions
competitive advantage - answer when a firm is able to deliver the
same benefits as competitors but at a lower cost, or deliver superior
benefits to those of competing products
why use strategy - answer -a way to focus the firm (set the BHAG)
-improve coordination
-support decisions
BHAG - answer big hairy audacious goal
