MNGT 4800 - Baker - Exam 1 questions
with verified answers graded A+
Strategic Management - correct answer ✔✔Combines analysis, formulation, and
implementation in the quest for competitive advantage.
Mastery of strategic management enables you to: - correct answer ✔✔-View a firm in its
entirety.
-Think like a general manager.
-Position your organization for superior performance.
Strategy - correct answer ✔✔A set of goal-directed actions a firm takes to gain and sustain
superior performance relative to competitors.
AFI strategy framework - correct answer ✔✔A model that links three interdependent strategic
management tasks—analyze, formulate, and implement—that, together, help managers plan
and implement a strategy that can improve performance and result in competitive advantage.
Business Model - correct answer ✔✔a plan that details how a company creates, delivers, and
generates revenues
Sustainable Competitive Advantage - correct answer ✔✔A firm that is able to outperform its
competitors or the industry average over a prolonged period.
EX) Apple
, Competitive Advantage - correct answer ✔✔Superior performance relative to other
competitors in the same industry or the industry average.
Competitive Disadvantage - correct answer ✔✔a firm that underperforms:
- Its rivals.
- The industry average.
Competitive Parity - correct answer ✔✔two or more firms that perform at the same level.
Strategic Business Unit (SBU) - correct answer ✔✔a division of the firm itself that can be
managed and operated somewhat independently from other divisions and may have a different
mission or objectives
co-opetition strategy - correct answer ✔✔the strategy of working with rivals on projects of
mutual benefit
Firm Effects - correct answer ✔✔firm performance attributed to the actions managers take
Industry Effects - correct answer ✔✔firm performance attributed to the structure of the
industry in which the firm competes
Internal Stakeholders - correct answer ✔✔employees, stockholders, board members
External Stakeholders - correct answer ✔✔customers, suppliers, alliance partners, creditors,
unions, communities, governments, media
Vision - correct answer ✔✔- Captures an organization's aspiration.
with verified answers graded A+
Strategic Management - correct answer ✔✔Combines analysis, formulation, and
implementation in the quest for competitive advantage.
Mastery of strategic management enables you to: - correct answer ✔✔-View a firm in its
entirety.
-Think like a general manager.
-Position your organization for superior performance.
Strategy - correct answer ✔✔A set of goal-directed actions a firm takes to gain and sustain
superior performance relative to competitors.
AFI strategy framework - correct answer ✔✔A model that links three interdependent strategic
management tasks—analyze, formulate, and implement—that, together, help managers plan
and implement a strategy that can improve performance and result in competitive advantage.
Business Model - correct answer ✔✔a plan that details how a company creates, delivers, and
generates revenues
Sustainable Competitive Advantage - correct answer ✔✔A firm that is able to outperform its
competitors or the industry average over a prolonged period.
EX) Apple
, Competitive Advantage - correct answer ✔✔Superior performance relative to other
competitors in the same industry or the industry average.
Competitive Disadvantage - correct answer ✔✔a firm that underperforms:
- Its rivals.
- The industry average.
Competitive Parity - correct answer ✔✔two or more firms that perform at the same level.
Strategic Business Unit (SBU) - correct answer ✔✔a division of the firm itself that can be
managed and operated somewhat independently from other divisions and may have a different
mission or objectives
co-opetition strategy - correct answer ✔✔the strategy of working with rivals on projects of
mutual benefit
Firm Effects - correct answer ✔✔firm performance attributed to the actions managers take
Industry Effects - correct answer ✔✔firm performance attributed to the structure of the
industry in which the firm competes
Internal Stakeholders - correct answer ✔✔employees, stockholders, board members
External Stakeholders - correct answer ✔✔customers, suppliers, alliance partners, creditors,
unions, communities, governments, media
Vision - correct answer ✔✔- Captures an organization's aspiration.
