UARK SEVI 3013 EXAM 1 Questions and answers 2025.

UARK .SEVI .3013 .EXAM .1

1. What .is .strategy? A .set .of .goal-directed .actions .a .firm .takes .to .gain .and
.sustain .superior .performance .relative .to .competitors; .to

.achieve .superior .performance, .companies .compete

.for .resources.



2. What .3 .elements .make .up .strate- (1) a .DIAGNOSIS .OF .COMPETITIVE .CHALLENGE
.gy? [this .is .accomplished .through .analysis .of .the .firm's
.ex- .ternal .and .internal .environments]

(2) a .GUIDING .POLICY .to .address .the .competitive .chal-
.lenge

[this .is .accomplished .through .strategy .formulation, .re-
.sulting .in .the .firm's .corporate, .business, .and

.functional .strategies]

(3) a .SET .OF .COHERENT .ACTIONS .to .implement .the .firm's
.guiding .policy

[this . is . accomplished . through . strategy . implementation]

3. What .is .the .purpose .of .strategy? . . It .provides .an .integrative .overview .of .the .most .important
internal .and .external .factors .to .be .taken .into
.account .by .an .organization. .It .is .a .general .direction

.set .for .the .company .and .its .various .components .to

.achieve .a .de-

sired .state .in .the .future; .strategy .results .from .the .detailed
.strategic .planning .process. .It .is .about .delivering

.superior .value, .while .containing .the .cost .to .create .it, .or

.by .ottering .similar .value .at .a .lower .cost.



4. What .is .strategic .management? . . The .integrative .management .field .that .combines .analy-
sis, .formulation, .and .implementation .in .the .quest
.for .competitive .advantage.



5. ANALYSIS, . FORMULATION, . & . IMPLEMENTATION
This .then .goes .into .the .AFI .Framework .which .is .a .model

, UARK .SEVI .3013 .EXAM .1

What .three .management .tasks .are . that .links .these .three .interdependent .tasks .- .all
.together,

required .to .successfully .create .and .they .help .managers .plan .and .implement .a .strategy .that
implement .strategy? can .improve .performance .and .result .in .competitive .ad-
. vantage.



6. Competitive . Advantage A .firm .that .achieves .superior .performance .relative .to
other .competitors .in .the .same .industry .or .the .industry
.average; .it .is .always .relative, .not .absolute. .It .refers .to .the

.factors .that .allow .a .company .to .produce .goods .or .ser-

.vices .[better, .cheaper, .more .responsive/eflcient] .than .its

.competitors.



7. What .must .a .firm .do .to .create Provide .goods .or .services .that .consumers .value .more
.competitive .advantage? .highly .than .those .of .its .competitors, .OR .are .similar .to .the

.competitors' .at .a .lower .price.



8. Sustainable .Competitive .Advan- A .firm .able .to .outperform .competitors .for .prolonged
.tage .periods .of .time .has .a .sustained .competitive .advantage.

. [i.e. .Apple .over .Samsung .in .the .smartphone .industry]



9. Competitive . Disadvantage Under-performance .relative .to .other .competitors .in .the
same .industry .or .industry .average.

10. Competitive . Parity Describes .2+ .firms .that .perform .at .the .same .level.

11. Stakeholders Organizations, .groups, .and .individuals .that .can .attect .or
.be .attected .by .a .firm's .actions.



12. Internal . Stakeholders Employees . (executives, . managers, . workers), . Stockhold-
ers, .Board .Members

13. External . Stakeholders Customers, .Suppliers, .Alliance .Partners, .Creditors,
Unions, .Communities, .Governments .(at .various .levels),

, UARK .SEVI .3013 .EXAM .1

. and .the .Media