MGRADES
Strategic Management- MBA UPDATED
ACTUAL Exam Questions and CORRECT
Answers
strategic competitiveness - CORRECT ANSWER - achieved when a firm formulates &
implements a value creating strategy
strategy - CORRECT ANSWER - integrated and coordinated set of commitments and
actions designed to exploit core competencies and gain a competitive advantage
strategic management process (SMP) - CORRECT ANSWER - set of commitments,
decisions, and actions required for a firm to achieve strategic competitveness and earn average
returns
competitive landscape (CL) - CORRECT ANSWER - pace of change is rapid, industry
boundaries blurring, financial capital is more scarce and markets are increasingly volatile
hypercompetition - CORRECT ANSWER - extremely intense rivalry among competing
firms
two primary drivers of competitive landscape - CORRECT ANSWER - global economy
and technology
global economy - CORRECT ANSWER - goods, services, and skills move freely across
geographic borders
technology diffusion - CORRECT ANSWER - perpetual innovation: new information
intense technologies are replacing older forms
disruptive technologies - CORRECT ANSWER - technologies that: destroy value of
existing tech and create new markets
, MGRADES
information age - CORRECT ANSWER - dramatic changes over last several years, major
tech developments effect how info is used
industrial organizational model of above average returns - CORRECT ANSWER - explain
the dominant influence of external environment on a firms strategic actions and performance
Five forces model (Michael Porter) - CORRECT ANSWER - determines the nature/level
of competition and profit potential in an industry. Includes suppliers, buyers, competitive rivalry,
product substitutes and potential entrants
resource based model of AAR - CORRECT ANSWER - a firms unique resources &
capabilities in combination are the basis for a firms strategy and AAR
core competency - CORRECT ANSWER - firms resources and capabilities that serve as
sources of competitive advantage over its rival
classifications of stakeholders - CORRECT ANSWER - capital market: expect returns,
product market: customers, suppliers, host communities, unions Organizational: the employees
strategic leaders - CORRECT ANSWER - people in different parts of the firm using the
strategic management process to help the firm reach its vision and mission
strategic management process - CORRECT ANSWER - rational approach used by firms to
achieve strategic competitiveness and earn above average returns
3 external environments - CORRECT ANSWER - general, industry, and competitor
general environment - CORRECT ANSWER - broader society dimensions that influence
an industry and firms within, 7 dimensions
Strategic Management- MBA UPDATED
ACTUAL Exam Questions and CORRECT
Answers
strategic competitiveness - CORRECT ANSWER - achieved when a firm formulates &
implements a value creating strategy
strategy - CORRECT ANSWER - integrated and coordinated set of commitments and
actions designed to exploit core competencies and gain a competitive advantage
strategic management process (SMP) - CORRECT ANSWER - set of commitments,
decisions, and actions required for a firm to achieve strategic competitveness and earn average
returns
competitive landscape (CL) - CORRECT ANSWER - pace of change is rapid, industry
boundaries blurring, financial capital is more scarce and markets are increasingly volatile
hypercompetition - CORRECT ANSWER - extremely intense rivalry among competing
firms
two primary drivers of competitive landscape - CORRECT ANSWER - global economy
and technology
global economy - CORRECT ANSWER - goods, services, and skills move freely across
geographic borders
technology diffusion - CORRECT ANSWER - perpetual innovation: new information
intense technologies are replacing older forms
disruptive technologies - CORRECT ANSWER - technologies that: destroy value of
existing tech and create new markets
, MGRADES
information age - CORRECT ANSWER - dramatic changes over last several years, major
tech developments effect how info is used
industrial organizational model of above average returns - CORRECT ANSWER - explain
the dominant influence of external environment on a firms strategic actions and performance
Five forces model (Michael Porter) - CORRECT ANSWER - determines the nature/level
of competition and profit potential in an industry. Includes suppliers, buyers, competitive rivalry,
product substitutes and potential entrants
resource based model of AAR - CORRECT ANSWER - a firms unique resources &
capabilities in combination are the basis for a firms strategy and AAR
core competency - CORRECT ANSWER - firms resources and capabilities that serve as
sources of competitive advantage over its rival
classifications of stakeholders - CORRECT ANSWER - capital market: expect returns,
product market: customers, suppliers, host communities, unions Organizational: the employees
strategic leaders - CORRECT ANSWER - people in different parts of the firm using the
strategic management process to help the firm reach its vision and mission
strategic management process - CORRECT ANSWER - rational approach used by firms to
achieve strategic competitiveness and earn above average returns
3 external environments - CORRECT ANSWER - general, industry, and competitor
general environment - CORRECT ANSWER - broader society dimensions that influence
an industry and firms within, 7 dimensions
